(1) (a) The department is authorized to seek and accept gifts, grants, and donations from private or public sources for the purposes of implementing section 22-7-611. All private and public funds received through gifts, grants, or donations shall be transmitted to the state treasurer, who shall credit the same to the closing the achievement gap cash fund, which fund is hereby created and referred to in this section as the "fund". The moneys in the fund shall be continuously appropriated to the department.
(b) Repealed.
(2) All interest and income derived from the investment and deposit of moneys in the fund shall remain in the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund.
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