The School Board shall establish a School Technology Fund. The fund consists of monies received by the School Corporation for a specific purpose or purposes, by gift, endowment, or pursuant to any Federal statute, which was held in a separate fund, is no longer needed, and no local tax funds are involved. However, no such funds shall be accepted unless the terms of the gift, endowment or payment and their acceptance are so stated that the School Board is not divested of any authority which they now have or may be granted by law. Funds so received for specific purposes and any earnings from them may be disbursed without appropriation. Any money saved by the School Corporation as a result of universal service discounts provided to the School Corporation under the Federal Telecommunications Act of 1996 must be transferred to the School Technology Fund. Property taxes levied for a Capital Projects Fund shall not be transferred to the School Technology Fund.

Money in the fund may not be used to purchase software programs to be used exclusively for administrative purposes. However, if a particular software program is to be used for administrative purposes and other authorized purposes, a pro rata portion of the cost of the software program may be paid from the fund.

I.C. 21-2-11-6
I.C. 21-2-11-6.5
I.C. 21-2-18