1. (a) There is a Teacher Development and Retention Fund.
2. (b) The purpose of the Fund is to provide support to eligible individuals who are interested in pursuing a career in the teaching profession and who ultimately pledge to fulfill a service obligation as a teacher employed full-time in a high-needs school, grade level, or content area in which there is a shortage of teachers.
3. (c) The Commission shall administer the Fund.

4. (d)

   1. (1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
   2. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

5. (e) The Fund consists of:

   1. (1) Money appropriated in the State budget to the Fund;
   2. (2) Interest earnings of the Fund; and
   3. (3) Any other money from any other source accepted for the benefit of the Fund.

6. (f)

   1. (1) The Fund shall be used to administer the Program and provide support to recipients under the Program.
   2. (2) The Fund may be used for administrative expenses for the Program.

7. (g)

   1. (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
   2. (2) Any interest earnings of the Fund shall be credited to the Fund.
8. (h) Expenditures from the Fund may be made only in accordance with the State budget.

Added by Acts 2023, c. 627, § 2, eff. July 1, 2023. Amended by Acts 2024, c. 185, § 1, eff. July 1, 2024; Acts 2024, c. 186, § 1, eff. July 1, 2024.