(1) The Educator Advancement Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the Educator Advancement Fund shall be credited to the Educator Advancement Fund.
(2) Moneys in the Educator Advancement Fund are continuously appropriated to the Department of Education for the Educator Advancement Council created by ORS 342.940.
(3) The Department of Education, on behalf of the State of Oregon, may solicit and accept gifts, grants or donations from public and private sources for the Educator Advancement Council. Moneys received under this subsection shall be deposited into the Educator Advancement Fund.