(1) There is hereby created in the state treasury the Idaho digital learning academy fund. The fund shall consist of appropriations, fees, grants, gifts or moneys from any other source. The state treasurer shall invest all idle moneys in the fund and interest earned on such investments shall be retained by the fund.
(2)  On or before the first Monday in July, there will be held at the time and place determined by the Idaho digital learning academy board, a budget meeting and public hearing upon the proposed budget of the Idaho digital learning academy. Notice of the budget meeting and public hearing shall be posted at least ten (10) full days prior to the date of the meeting in at least one (1) conspicuous place to be determined by the Idaho digital learning academy board of directors. The place, hour and day of the hearing shall be specified in the notice, as well as the place where such budget may be examined prior to the hearing. On or before the first Monday in July a budget for the Idaho digital learning academy shall be agreed upon and approved by the majority of the Idaho digital learning academy board of directors.