(1) There is created in the state treasury the fourth-year innovation pilot program
fund. The fund consists of money appropriated or transferred to the fund by the general
assembly on behalf of eligible graduates.
(2) The state treasurer shall credit all interest and income derived from the deposit
and investment of money in the fund to the fund.
(3) The department shall notify the state treasurer of the amount of any forfeited
state funding for eligible graduates remaining in the fund at the end of the fiscal
year. The state treasurer shall transfer the amount of any forfeited state funding remaining
in the fund at the end of a fiscal year to the general fund. Other than forfeited state funding transferred to the general fund pursuant to this
subsection (3), money in the fund at the end of the fiscal year remains in the fund
and is not transferred to the general fund until the repeal of this part 13 pursuant
to section 23-3.3-1307.
(4) Money in the fund is continuously appropriated to the department for disbursements
of state funding on behalf of eligible graduates.
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