(1) The state board of education is authorized to accept, use, and administer all moneys and properties granted or made available to the state or any agency thereof for an educational purpose, except those moneys and properties granted or made available for such purpose to another such agency specifically designated.
(2) If it is necessary to execute a formal agreement with a federal agency or officer as a condition precedent to receiving federal moneys or property pursuant to subsection (1) of this section, the state board is authorized to execute such an agreement, with the approval of the attorney general, provided such agreement shall not be inconsistent with law.
(3) The state treasurer is authorized to receive any moneys accepted pursuant to the provisions of subsection (1) of this section as official custodian thereof, and he shall disburse said moneys upon the order of the state board.
(4) By July 1, 2005, and by July 1 of each year thereafter, the state board shall submit a report to the education committees of the senate and house of representatives, or any successor committees, detailing the total amount of federal funds received by the state board in the prior fiscal year, accounting how the funds were used, specifying the federal law or regulation that governs the use of the federal funds, if any, and providing information regarding any flexibility the state board has in using the federal funds.
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