Florida Senate - 2018                             CS for SB 1526
       
       
        
       By the Committee on Appropriations; and Senator Gibson
       
       
       
       
       
       576-03569-18                                          20181526c1
    1                        A bill to be entitled                      
    2         An act relating to the Historically Black Colleges and
    3         Universities Matching Endowment Scholarship Program;
    4         creating s. 1009.894, F.S.; establishing the
    5         Historically Black Colleges and Universities Matching
    6         Endowment Scholarship Program within the Department of
    7         Education; providing the purpose of the program;
    8         authorizing the Legislature to appropriate funds for
    9         the program; requiring a historically black college or
   10         university to provide a certain amount of matching
   11         funds to participate in the program; requiring
   12         specified funds to be invested; requiring certain
   13         funds to remain in the trust fund; providing that the
   14         interest the trust fund earns will be used to provide
   15         scholarships to certain students; providing for annual
   16         disbursement of the interest, by a specified date;
   17         requiring the State Board of Education and Board of
   18         Governors of the State University System to adopt
   19         rules and regulations, respectively; providing an
   20         effective date.
   21          
   22  Be It Enacted by the Legislature of the State of Florida:
   23  
   24         Section 1. Section 1009.894, Florida Statutes, is created
   25  to read:
   26         1009.894 Historically Black Colleges and Universities
   27  Matching Endowment Scholarship Program.—
   28         (1) There is established the Historically Black Colleges
   29  and Universities Matching Endowment Scholarship Program to be
   30  administered by the Department of Education. The program shall
   31  provide funds to participating historically black colleges and
   32  universities in the state to provide scholarships to students
   33  enrolled at the schools.
   34         (2)(a) The Legislature may appropriate funds to be
   35  transferred to the Historically Black Colleges and Universities
   36  Matching Endowment Scholarship Trust Fund for the program.
   37         (b) Contingent upon a legislative appropriation, each
   38  Historically Black College and University in the state which
   39  wishes to participate in the program must provide matching funds
   40  equal to one-fourth of the legislative appropriation to the
   41  Historically Black Colleges and Universities Matching Endowment
   42  Scholarship Trust Fund.
   43         (c) All funds transferred to the trust fund for the program
   44  shall be invested in accordance with chapter 215.
   45  Notwithstanding s. 216.301 and pursuant to s. 216.351, the
   46  appropriated funds and all matching funds shall remain in the
   47  trust fund and the interest from such funds shall be used for
   48  scholarships for students enrolled at participating colleges and
   49  universities.
   50         (3) Annually, by July 1, the department shall allocate
   51  equally the interest accumulated in the trust fund to each
   52  participating college and university to award scholarships to
   53  students enrolled at the school who:
   54         (a) Meet the general requirements, including residency
   55  requirements, for student eligibility under s. 1009.40, except
   56  as otherwise provided in this section;
   57         (b) Are enrolled as a full-time undergraduate student;
   58         (c) Demonstrate unmet financial need; and
   59         (d) Meet any additional eligibility requirements
   60  established by the institutions.
   61         (4) The State Board of Education shall adopt rules and the
   62  Board of Governors of State University System shall adopt
   63  regulations to administer this section.
   64         Section 2. This act shall take effect July 1, 2018.