(1) There is hereby established a "Teachers' National Certification Incentive Trust Fund" in the State Treasury for the purposes of: (a) Funding stipends for teache rs to prepare for certification by the National Board for Professional Teaching Standards; (b) Reimbursing a portion of the certification fee to each teacher who is awarded national board certification; (c) Reimbursing local boards of education or the Depa rtment of Education for persons who serve as substitute teachers for national board certification candidates; and (d) Funding stipends for national board certified teachers who serve as mentors to other teachers within the school district or the Kentucky Tech system. (2) Appropriations by the General Assembly in each biennial budget for the purpose of supporting national board certification shall be credited to the fund and invested until needed. All money credited to the fund, including interest earned on money in the fund, shall be retained in the fund for reinvestment and used for the purposes of this section. Funds appropriated to the fund shall not lapse at the end of a fiscal year or a biennium. (3) The Education Professional Standards Board shall prom ulgate administrative regulations that establish the procedures for the administration of the funds as described in this section and the requirements for participating teachers, local boards of education, and the Department of Education. The board shall allocate only those funds to teachers, school districts, or the department for the purposes in this section for which other sources of funds are not being received. The board may limit the number of participants accepted in any given enrollment or applicatio n period due to the lack of available funds. (4) Money in the fund shall be distributed to local boards of education, the Department of Education, and teachers by the Education Professional Standards Board in compliance with the administrative regulations promulgated by the board.
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