(1) There is created in the General Fund a restricted account known as the "School Readiness Restricted Account."
(2) The School Readiness Restricted Account consists of:
(a) money appropriated by the Legislature;
(b) all income and interest derived from the deposit and investment of money in the account;
(c) federal grants; and
(d) private donations.
(3) Subject to legislative appropriations, money in the restricted account may be used:
(a) to award a grant under Section 35A-15-301 or 35A-15-302;
(b) to contract with an evaluator;
(c) to fund the participation of eligible students in a high quality school readiness program through a results-based contract; and
(d) for administration costs and to monitor the programs described in this part.
(4) Money for awards under Subsection (3)(a) shall be allocated in the following order to:
(a) pay results-based contracts;
(b) grant awards under Section 35A-15-302; and
(c) if any allocated funds remain, grant awards under Section 35A-15-301.