Children's Classroom Trust Fund Act

[AI summary unavailable — showing source text] Children's Classroom Trust Fund Act - Designates a portion of the Federal budget surplus to establish and fund the Children's Classroom Trust Fund. Directs the Secretary of Education to make direct awards from the Trust Fund, based on average daily attendance, to enable local educational agencies ( LEAs) to support programs or activities appropriate for kindergarten through grade 12 students. Requires failing LEAs to use such awards, as well as funds provided for disadvantaged students under title I the Elementary and Secondary Education Act of 1965, only for specified authorized uses directly related to improving elementary school and secondary school students' academic performance. Requires plans and reports by failing LEAs. Allows failing LEAs that meet State performance-based accreditation or categorization standards for two consecutive fiscal years to: (1) cease being subject to special requirements under this Act; and (2) receive bonus awards, which may be used for rewards and professional development opportunities for teachers and principals who improved student performance.…