(a) The public education fund is established. The fund consists of appropriations for
(1) distribution to school districts, to the state boarding school, and for centralized correspondence study under this chapter; and
(2) transportation of pupils under AS 14.09.010.
(b) Money appropriated to the fund may be expended without further appropriation. Money appropriated to the fund does not lapse. The money in the fund may be expended only in aid of public schools and for centralized correspondence study programs under this chapter and for transportation of pupils under AS 14.09.010. Interest earned on money held in the fund before expenditure may be appropriated to the fund by the legislature.
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