2018 Maryland Code
Education
Division II - Elementary and Secondary Education
Title 5 - Financing
Subtitle 2 - State and Federal Aid to Education
§ 5-219. Commission on Innovation and Excellence in Education Fund
(a) "Fund" defined. -- In this section, "Fund" means the Commission on Innovation and Excellence in Education Fund.
(b) Established. -- There is a Commission on Innovation and Excellence in Education Fund.
(c) Purpose. -- The purpose of the Fund is to assist in providing adequate funding for early childhood education and primary and secondary education to provide a world-class education to students so they are prepared for college and a career in the global economy of the 21st century, based on the final recommendations of the Commission on Innovation and Excellence in Education.
(d) Administration. -- The Department shall administer the Fund.
(e) Status; accounting. --
(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f) Composition. -- The Fund consists of:
(1) Revenue distributed to the Fund under § 2-605.1 of the Tax - General Article;
(2) Money appropriated in the State budget for the Fund; and
(3) Any other money from any other source accepted for the benefit of the Fund.
(g) Uses. -- The Fund may be used only to assist in providing adequate funding for early childhood education and primary and secondary education through revised education funding formulas based on the final recommendations of the Commission on Innovation and Excellence in Education.
(h) Investments; earnings. --
(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2) Any interest earnings of the Fund shall be credited to the Fund.
(i) Expenditures. -- Expenditures from the Fund may be made only in accordance with the State budget.
