§4072. Science, Technology, Engineering, and Mathematics Education Fund

            A. The Science, Technology, Engineering, and Mathematics (STEM) Education Fund is hereby created in the state treasury for the purpose of conducting student-focused, project-based, programs and competitions in STEM subjects, including robotics, coding, and design-build test projects, in grades prekindergarten through college level.

            B.(1) The source of monies deposited into the fund shall be legislative appropriations. Monies in the fund shall be subject to appropriation by the legislature and shall be available exclusively for programs and initiatives prescribed by the Louisiana Science, Technology, Engineering, and Mathematics Advisory Council.

            (2) The treasurer is hereby authorized to establish a separate account within the fund for the deposit of grants and donations received by the Louisiana Science, Technology, Engineering, and Mathematics Advisory Council. If the terms and conditions of the grant or donation or the agreements pertaining thereto require that the monies not be deposited into the treasury, the grant or donation may nevertheless be deposited into the fund. Monies in this separate account shall not be subject to legislative appropriation but shall be used by the council only to further their mission.

            C. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Such monies shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of these monies shall be credited to the fund, after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana, relative to the Bond Security and Redemption Fund.

            D. The council shall adopt a resolution stating which members or officers are authorized to withdraw money from the fund and the separate account in the fund, which resolution shall be submitted to the state treasury. Monies in the fund and the separate account shall only be used by the council to further their mission.

            Acts 2017, No. 392, §1, eff. June 23, 2017.

NOTE: See Acts 2017, No. 392, §3, that provides that the Act does not supercede the powers of the State Board of Elementary and Secondary Education, the Board of Regents, or the postsecondary education management boards as prescribed by law.