(1) There is created the School Readiness Board within the department composed of: (a) the executive director or the executive director's designee; (b) one member appointed by the State Board of Education; (c) one member appointed by the chair of the State Charter School Board; (d) two members who have research experience in the area of early childhood development, with: (i) one member who is not a legislator and is appointed by the speaker of the House of Representatives; and (ii) one member who represents the Utah Data Research Center appointed by the executive director; (e) one member, who is not a legislator and is appointed by the president of the Senate, who: (i) has expertise in results-based contracts; or (ii) represents a financial institution that has experience managing a portfolio that meets the requirements of the Community Reinvestment Act, 12 U.S.C. Sec. 2901 et seq.; (f) one member, appointed by the executive director, who has expertise in early childhood education; (g) one member, appointed by the state superintendent, who has expertise in early childhood education; (h) one member, appointed by the governor, who represents a nonprofit corporation that focuses on early childhood education; and (i) one member, appointed by the executive director, who owns and operates a licensed child care center located in the state.

(a) the executive director or the executive director's designee;

(b) one member appointed by the State Board of Education;

(c) one member appointed by the chair of the State Charter School Board;

(d) two members who have research experience in the area of early childhood development, with: (i) one member who is not a legislator and is appointed by the speaker of the House of Representatives; and (ii) one member who represents the Utah Data Research Center appointed by the executive director;

(i) one member who is not a legislator and is appointed by the speaker of the House of Representatives; and

(ii) one member who represents the Utah Data Research Center appointed by the executive director;

(e) one member, who is not a legislator and is appointed by the president of the Senate, who: (i) has expertise in results-based contracts; or (ii) represents a financial institution that has experience managing a portfolio that meets the requirements of the Community Reinvestment Act, 12 U.S.C. Sec. 2901 et seq.;

(i) has expertise in results-based contracts; or

(ii) represents a financial institution that has experience managing a portfolio that meets the requirements of the Community Reinvestment Act, 12 U.S.C. Sec. 2901 et seq.;

(f) one member, appointed by the executive director, who has expertise in early childhood education;

(g) one member, appointed by the state superintendent, who has expertise in early childhood education;

(h) one member, appointed by the governor, who represents a nonprofit corporation that focuses on early childhood education; and

(i) one member, appointed by the executive director, who owns and operates a licensed child care center located in the state.

(2) (a) A member described in Subsection (1)(b), (c), (d), (e), (f), (g), or (h) shall serve for a term of two years. (b) If a vacancy occurs for a member described in Subsection (1)(b), (c), (d), (e), (f), (g), or (h), the individual appointing the member shall appoint a replacement to serve the remainder of the member's term.

(a) A member described in Subsection (1)(b), (c), (d), (e), (f), (g), or (h) shall serve for a term of two years.

(b) If a vacancy occurs for a member described in Subsection (1)(b), (c), (d), (e), (f), (g), or (h), the individual appointing the member shall appoint a replacement to serve the remainder of the member's term.

(3) (a) A member may not receive compensation or benefits for the member's service. (b) A member may serve more than one term.

(a) A member may not receive compensation or benefits for the member's service.

(b) A member may serve more than one term.

(4) The department shall provide staff support to the board.

(5) (a) The board members shall elect a chair of the board from the board's membership. (b) The board shall meet upon the call of the chair or a majority of the board members.

(a) The board members shall elect a chair of the board from the board's membership.

(b) The board shall meet upon the call of the chair or a majority of the board members.

(6) In allocating funding received under this chapter, the board shall: (a) give first priority to repayment of an investor who is a party to a results-based contract under the Laws of Utah, 2014, Chapter 304, Section 10; and (b) determine prioritization of funding for the remaining programs described in this chapter.

(a) give first priority to repayment of an investor who is a party to a results-based contract under the Laws of Utah, 2014, Chapter 304, Section 10; and

(b) determine prioritization of funding for the remaining programs described in this chapter.