Section 16-46D-7 Move on When Ready Fund.

(a) The Move on When Ready Fund is created within the State Treasury. The Executive Director of the Alabama Commission on Higher Education shall administer the fund. The executive director shall use the fund to pay eligible institutions the lesser of the following amounts for each participating eligible student enrolled therein, less a records fee of two hundred dollars ($200) for the administration costs of the local board of education: (1) The actual cost of tuition, materials, and fees directly related to the courses taken by the eligible student at the institution; or (2) The amount that the participating eligible student would have earned if he or she had been in equivalent instructional programs through the local board of education, calculated pursuant to subsection (b). (b) The total allotment of funds to the local board of education in which a participating student is enrolled at an eligible institution shall be calculated as otherwise provided in this title, provided that during the student’s second year in the program, the calculation shall include an ensuing reduction equivalent to the amount paid from the fund to the eligible institution pursuant to this section. (c) The records fee contained in subsection (a) may be increased at the sole discretion of the state board by up to four percent annually. (d) Any monies appropriated to the fund shall be budgeted and allotted pursuant to the Budget Management Act in accordance with Article 4 of Chapter 4 of Title 41 and only in the amounts provided by the Legislature in the general appropriations act or other appropriations act.