(1) There is hereby created, in the office of the state treasurer, a fund to be known as the public school transportation fund, to which shall be credited such moneys as may be appropriated by the general assembly for the purposes of this article, excluding moneys appropriated as a lump sum for reimbursement for pupil transportation in a school district subject to a court-ordered desegregation order, and which shall be held by the state treasurer and paid out as provided in this article. Any unexpended or unencumbered moneys remaining in the fund at the end of any budget year shall remain in the fund and shall not be transferred to the state general fund or any other fund. (2) For the 2006-07 budget year and each budget year thereafter, the net amount recovered by the department of education during the applicable budget year pursuant to section 22-51-105 as overpayments made to school districts, the state charter school institute, and facility schools shall be transferred to the state treasurer for deposit in the public school transportation fund. Such amount shall be available for appropriation to the department in the budget year in which the transfers are made or in subsequent budget years. (3) Any appropriation made from the public school transportation fund from moneys deposited in the fund pursuant to subsection (2) of this section shall not be included in the calculation of total state funding for all categorical programs as defined in section 22-55-102 (19).
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