The student achievement council fund for innovation and quality is hereby established in the custody of the state treasurer. The student achievement council shall deposit in the fund all moneys received under RCW 28B.120.030
. Moneys in the fund may be spent only for the purposes of RCW 28B.120.010
. Disbursements from the fund shall be on the authorization of the student achievement council. The fund is subject to the allotment procedure provided under chapter 43.88
RCW, but no appropriation is required for disbursements.