22.1-212.5:1 - Public Charter School Fund established.
§ 22.1-212.5:1. Public Charter School Fund established.
There is hereby created in the state treasury a special nonreverting fund tobe known as the Public Charter School Fund, hereafter referred to as "theFund." The Fund shall be established on the books of the Comptroller. Anygifts, grants, bequests, or donations from public or private sources shall bepaid into the state treasury and credited to the Fund. Interest earned onmoneys in the Fund shall remain in the Fund and be credited to the Fund. Anymoneys remaining in the Fund, including interest thereon, at the end of eachfiscal year shall not revert to the general fund but shall remain in theFund. Moneys in the Fund shall be used solely for the purposes ofestablishing or supporting public charter schools in the Commonwealth thatstimulate the development of alternative public education programs.Expenditures and disbursements from the Fund shall be made by the StateTreasurer on warrants issued by the Comptroller upon written request signedby the Superintendent of Public Instruction. The Board of Education shallestablish criteria for making distributions from the Fund to a public charterschool requesting moneys from the Fund and may issue guidelines governing theFund as it deems necessary and appropriate.
(2007, c. 118.)