Sec. 2. (a) The governing body of each school corporation shall establish an education fund for the payment of expenses that are allocated to student instruction and learning under IC 20-42.5.
(b) The governing body of a charter school that receives a distribution of revenue received from a tax levy under IC 20-46-8-11.2 or IC 20-46-8-12 shall establish an education fund for the payment of expenses that are allocated to student instruction and learning under IC 20-42.5.