Establishes an Advisory Board with respect to administration of Trust funds.
Permits the Director of the Trust to use Trust funds to: (1) supplement Federal funds for Federal education programs; (2) serve as a venture capital fund for American nonprofit educational and public service institutions by utilizing new telecommunications and information technologies; (3) invest in use of advanced telecommunications and information to deliver public information and education to all Americans; (4) enable schools, universities, libraries, museums, and other specified bodies to take advantage of information technologies; (5) use innovative technologies to reach nontraditional learners, including individuals with disabilities; and (6) further the teaching of mathematics and science.
Allows the Director of the Trust to award contracts and grants to nonprofit public institutions (with or without private partners) for innovative and experimental ideas and techniques to enhance learning and achieve specified related goals.
Directs the Director to invest funds of the Trust in U.S. interest bearing or U.S.-guaranteed obligations.