(a) There is established a fund in the State Treasury for the public schools of this state which shall be known as the Renewing Alabama’s Investment in Student Excellence (RAISE) Fund. The fund shall be used to provide additional funding for public schools for the purpose of addressing the educational needs of the student population and improving student outcomes as provided in this article. The fund shall be comprised of all funds appropriated from the Education Trust Fund or allocated by the Legislature from other funds for the purposes of this article. The Legislature shall appropriate or allocate to this fund amounts sufficient to sustain the operation of the RAISE Act. All funds allocated to the RAISE Fund shall remain in the fund and not revert or be expended for any other purpose other than those set out in this article. (b) The fund shall be administered and distributed in accordance with this article and the provisions of the annual Education Trust Fund appropriations act. The additional funding appropriated pursuant to this article is subject to and shall be allocated only in accordance with funding as provided by the Legislature in the annual Education Trust Fund appropriations act or other legislative act and shall be budgeted and allotted in accordance with Article 4 of Chapter 4 of Title 41 and Chapter 19 of Title 41. Any monetary interest that accrues to the RAISE Fund shall be retained in the fund from year to year and shall be subject only to this article. (c) Any LEA as defined in this article shall be eligible to receive an allocation from the RAISE Fund, subject to the following conditions: (1) The LEA provides the data required in Section 16-13-363. (2) The LEA provides the accountability plan and reports required in Section 16-13-365. (3) The LEA ensures that all funds received from the RAISE Fund are used to serve the student groups that generated the funds under Section 16-13-364. (4) The LEA submits the unified application, including data and accountability reports through the unified application for the 2028-2029 school year and thereafter, as required in Section 16-13-368.
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