257.51 Career academy fund — grant program.

300 words·~1 min read·/ia/chapter-257-financing-school-programs/257-51

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A career academy fund is created and established as a separate and distinct fund in the state treasury under the control of the department of education.

2. a. In addition to moneys deposited in the career academy fund pursuant to section 423F.2, the department of education may accept gifts, grants, bequests, and other private contributions, as well as state or federal funds, and shall deposit the moneys in the fund to be used for purposes of this section. Moneys in the fund are appropriated to the department of education and shall be used for the purposes of this section.

b. Notwithstanding section 8.33, moneys in the fund that remain unencumbered or unobligated at the close of the fiscal year shall not revert but shall remain available for expenditure for the purposes of this section in succeeding fiscal years. Notwithstanding section 12C.7, subsection 2, interest earned on moneys in the career academy fund shall be credited to the fund.

3. The department of education shall adopt rules to establish and administer a career academy grant program to provide for the allocation of money in the fund in the form of competitive grants, not to exceed one million dollars per grant, to school corporations for career academy infrastructure, career academy equipment, or both, in accordance with the goals of this section and to further the goals of the establishment and operation of career academies under section 256.137. The rules adopted by the department of education shall specify the eligibility of applicants and eligible items for grant funding.

Priority for grants shall first be given to applications to establish new career academies that are organized as regional centers pursuant to chapter 256, subchapter VII, part 2. Subsequent priority shall be given to applications for expanding existing career academies.

Referred to in §423F.2