There is hereby created in the department of education the principal development scholarship program. Subject to available appropriations, the scholarship program shall award stipends to assist persons employed as principals in offsetting the costs incurred in obtaining on-going professional development. The state board shall award stipends on a need basis, based on the criteria specified in section 22-9.5-103. The scholarships shall be paid from any moneys available in the principal development scholarship fund created in section 22-9.5-104.
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