(1) Beginning with the 2009-10 school year, the department, subject to available appropriations, shall award an annual stipend of one thousand six hundred dollars to any teacher or principal who is employed in a school district, a program operated by a board of cooperative services, acharter school authorized by a school district pursuant to part 1 of article 30.5 of this title, or a charter school authorized by the state charter school institute pursuant to part 5 of article 30.5 of this title, and who holds a certification from the national board for professional teaching or principal standards. For any stipends that are awarded, the department shall allocate the stipend moneys to the school district that employs the teacher or principal who is to receive the stipend, and the school district shall then make payment directly to the eligible teacher or principal. A school district may, at its discretion, withhold any required employer retirement and medicare contributions associated with the stipend pursuant to this section from the one thousand six hundred dollar stipend amount. For any stipends that are awarded, the stipend shall be:

(a) Payable on May 1, 2009, and each May 1 thereafter;

(b) Prorated for less than full-time employment;

(c) Considered regular salary under section 24-51-101 (42)(a), C.R.S.; and

(d) In addition to, and not in lieu of, any existing compensation being awarded at the local level to a teacher or principal who holds a certification from the national board for professional teaching or principal standards.

(2) Beginning with the 2009-10 school year, subject to available appropriations, an additional annual stipend of three thousand two hundred dollars shall be awarded to any teacher or principal who meets the criteria set forth in subsection (1) of this section and who is employed as of May 1 in a given school year in a low-performing, high-needs school. Subject to available appropriations, a teacher or principal shall continue to receive the additional stipend award pursuant to this subsection (2) if he or she remains employed in a school that was previously a low-performing, high-needs school but improved sufficiently to implement an improvement or performance plan pursuant to section 22-11-210. The additional stipend for such teachers and principals shall be subject to the same restrictions and requirements as set forth in subsection (1) of this section.

(3) (a) On or before August 30, 2011, the department shall contract with an outside source to conduct two studies concerning the effectiveness of any annual stipends awarded to teachers pursuant to this section.

(b) The first study shall evaluate the effect of national board certification on student achievement, using longitudinal growth as a measurement. The results of the study shall describe, at a minimum, any differential effectiveness correlated to school characteristics, including but not limited to:

(I) Title I of the federal "Elementary and Secondary Education Act of 1965", 20 U.S.C. sec. 6301 et seq., eligibility;

(II) School size; and

(III) The proportion of students who attend the school for whom English is a second language.

(c) The second study shall evaluate the effectiveness of any stipends awarded on encouraging teachers to obtain national board certification and encouraging teachers to teach in low-performing schools, the effect of the national board certification on teacher retention, and the effect of having national board certified teachers on the culture of the school.

(d) On or before January 30, 2012, the department shall submit a report containing the findings of the study to the education committees of the house of representatives and the senate, or any successor committees, the governor, and the commissioner of education.

(4) If insufficient funding is available to award a stipend pursuant to subsection (1) of this section to all teachers and principals who hold a certification from the national board for professional teaching or principal standards, stipends shall be awarded only to those teachers and principals who meet the criteria of subsection (1) of this section and who are employed in a low-performing, high-needs school.