1.  There is hereby created as a special revenue fund, the Fund for School Improvement to be administered by the Superintendent of Public Instruction. The Superintendent may accept gifts and grants from any source for deposit in the Fund. All legislative appropriations, gifts and grants made to the Fund become a part of the principal of the Fund which may only be reduced pursuant to subsection 3 or by specific legislative action.

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2.  The interest and income earned from the money in the Fund must be used by the Superintendent to carry out programs of school improvement identified by the Legislature. No such expenditure may be made unless authorized by the Legislature or by the Interim Finance Committee if the Legislature is not in session.

3.  The State Board of Examiners may, upon making a determination that any portion of the principal of the money in the Fund is necessary to meet existing or future obligations of the State, recommend to the Interim Finance Committee, or the Senate Committee on Finance and the Assembly Committee on Ways and Means when the Legislature is in session, that the amount so needed be transferred from the Fund to the State General Fund. Upon approval of the appropriate committee or committees, the money may be so transferred.