(1) The Kentucky STEM Initiative fund is hereby created to support the STEM Initiative described in KRS 164.0286 and 164.0287, as directed by the STEM Initiative Steering Committee established in KRS 164.0286(4).
(2) The fund may receive state appropriations, grants, gifts, federal funds, or any other public or private funds.
(3) Fund amounts not expended or obligated at the end of a fiscal year shall not lapse but shall be carried forward to the next fiscal year to be used solely to support the purposes for which the funds were appropriated. Any interest earnings of the fund shall become a part of the fund and shall not lapse.
(4) The Department of Education and the Council on Postsecondary Education may expend available funds from other sources on the STEM Initiative.