(1) The department is authorized to seek, accept, and expend gifts, grants, and donations for the implementation of section 22-9-105.5; except that the department may not accept a gift, grant, or donation that is subject to conditions that are inconsistent with this or any law of the state. The department shall transmit all moneys received to the state treasurer, who shall credit the same to the great teachers and leaders fund, which fund is hereby created and referred to in this section as the "fund". Moneys in the fund are continuously appropriated to the department for the direct and indirect costs associated with implementing section 22-9-105.5.

(2) Any moneys in the fund not expended for the purposes of section 22-9-105.5 may be invested by the state treasurer, as provided by law. All interest and income derived from the investment and deposit of moneys in the fund shall be credited to 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.

(3) The general assembly hereby finds and declares that, for the purposes of section 17 of article IX of the state constitution, the implementation of the state council for educator effectiveness is a program for accountable education reform and may therefore receive funding from the state education fund created in section 17 (4) of article IX of the state constitution.

(4) Nothing in this section shall be interpreted to require the department to solicit gifts, grants, or donations for the fund.