§ 10-511 — Early Childhood Care and Education Fund.

(a) There is established the Early Childhood Care and Education Fund. Said fund may contain any moneys required or permitted by law to be deposited in the fund and shall receive and hold all payments and deposits for contributions intended for said fund, as well as gifts, bequests, endowments or federal, state or local grants and any other funds from any public or private source and all earnings until disbursed in accordance with the provisions of this section. (b) The amounts on deposit in said fund shall not constitute property of the state and said fund shall not be construed to be a department, institution or agency of the state. Amounts on deposit in said fund shall not be commingled with state funds and the state shall have no claim to or against, or any interest in, such deposits. Any contract entered into by or any obligation of said fund shall not constitute a debt or obligation of the state and the state shall have no obligation to any person on account of said fund and all amounts obligated to be paid from said fund shall be limited to amounts available for such obligation on deposit in said fund. Said fund shall continue in existence as long as it holds any deposits or has any obligations and until its existence is terminated by law. (c) The Treasurer shall invest the amounts on deposit in said fund in a manner reasonable and appropriate to achieve the objectives of said fund, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within said fund, liquidity, the projected disbursements and expenditures and the expected payments, deposits, contributions and gifts to be received. The Treasurer shall not require said fund to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of said fund shall be continuously invested and reinvested in a manner consistent with the objectives of said fund until disbursed by the Comptroller in accordance with the provisions of this section. (d) The Treasurer, on behalf of said fund and for purposes of said fund, may: (1) Receive and invest moneys in said fund in any instruments, obligations, securities or property in accordance with this section; (2) Enter into one or more contractual agreements, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing and consulting services for said fund and pay for such services from the assets of said fund; (3) Procure insurance in connection with said fund's property, assets, activities or deposits to said fund; (4) Apply for and accept gifts, grants or donations from public or private sources to enable said fund to carry out its objectives; (5) Adopt regulations in accordance with chapter 54 for purposes of this section; (6) Sue and be sued; (7) Establish one or more accounts within said fund; and (8) Take any other action necessary to carry out the purposes of this section and incidental to the duties imposed on the Treasurer pursuant to this section. (e) The amounts on deposit in said fund shall be used for the purposes of supporting early childhood education in, and child care needs of, the state and shall not be expended for any other purpose.

Legislative History

(P.A. 23-204, S. 338; P.A. 24-91, S. 1.) History: P.A. 23-204 effective June 12, 2023; P.A. 24-91 renamed fund and substantially revised section re purpose and use of, and Treasurer's duties re, fund, effective June 4, 2024.