(a) There is created an education freedom scholarship program to be administered by the department.
(b) Subject to appropriations and other available funds, the program must provide a scholarship to an eligible student who applies for the 2025-2026 school year or any subsequent school year, subject to the limitations of this part.
(c) The state treasurer shall invest appropriations for the program and other available program funds pursuant to title 9, chapter 4, part 6. The state treasurer shall account for such funds in one (1) or more separate accounts in accordance with this section or other applicable law. Interest accruing on investments and deposits of the account must be returned to the account and remain part of the account. Any unencumbered moneys and any unexpended balance remaining in the account at the end of a fiscal year must not revert to the general fund, but must be carried forward until expended in accordance with this section. The money deposited in the account and the interest accruing on the deposited money must be used to provide scholarships to eligible students.