388.1627e Educator fellowship private provider fund.
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388.1627e Educator fellowship private provider fund.
Sec. 27e.
(1)The educator fellowship private provider fund is created within the department of treasury for the purpose of improving the educator workforce through recruitment efforts for students attending private educator preparation programs.
(2)The state treasurer may receive money or other assets from any source for deposit into the educator fellowship private provider fund. The state treasurer shall direct the investment of the educator fellowship private provider fund. The state treasurer shall credit to the educator fellowship private provider fund interest and earnings from educator fellowship private provider fund investments.
(3)Money in the educator fellowship private provider fund at the close of the fiscal year remains in the educator fellowship private provider fund and does not lapse to the general fund or state school aid fund.
(4)The department of treasury is the administrator of the educator fellowship private provider fund for auditing purposes.
(5)The department of treasury shall expend money from the educator fellowship private provider fund, upon appropriation, for the purposes described in section 27a(10) for students admitted to private educator preparation programs.
(6)For the fiscal year ending September 30, 2022 only, $45,000,000.00 from the general fund is deposited into the educator fellowship private programs fund.
History: Add. 2022, Act 144 , Imd. Eff. July 14, 2022