- There is created in the state treasury the hospitality secondary education fund, consisting of any moneys that may be appropriated to the fund by the general assembly. The moneys in the fund are subject to annual appropriation by the general assembly to the department for the direct and indirect costs associated with implementing this part 2. The state treasurer may invest any moneys in the fund not expended for the purpose of this part 2 as provided by law. The state treasurer shall credit all interest and income derived from the investment and deposit of moneys in the fund to the fund.
- The department may expend up to two percent of the moneys annually appropriated from the fund to offset the costs incurred in implementing this part 2.
- Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year remain in the fund and shall not be credited or transferred to the general fund or another fund.
Source: L. 2014: Entire part added, (SB 14-015), ch. 329, p. 1460, § 1, effective June 5.