§ 16-7.1-8 - Student equity investment fund.
SECTION 16-7.1-8
§ 16-7.1-8 Student equity investment fund.– The general assembly recognizes the need to improve fourth grade performancesin mathematics, reading, and writing. Therefore, the general assemblyestablishes the Student Equity Investment Fund to target students identified asthose requiring additional educational services. The general assembly shallannually appropriate some sum and distribute it based on each district'sproportion of resident children eligible for USDA reimbursable school mealsrelative to the total number of eligible students statewide. For the purposesof this section, the date as of eligibility for USDA reimbursable meals shallbe determined by the June report of the reference year as defined in §16-7-16. These resources shall be used to close student performance gaps inaccordance with the district's strategic plan pursuant to § 16-7.1-2.Beginning in FY 2003, the commissioner of elementary and secondary educationmay require a district to use up to five percent (5%) of the funds allocated bythis section to increase student and school performance. The five percent (5%)set aside funds shall only be spent with the prior approval of the commissionerof elementary and secondary education.