Florida Senate - 2018              PROPOSED COMMITTEE SUBSTITUTE
       Bill No. SB 1526
       
       
       
       
       
                               Ì4407360Î440736                          
       
       576-03264-18                                                    
       Proposed Committee Substitute by the Committee on Appropriations
       (Appropriations Subcommittee on Higher Education)
    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; requiring the State
   17         Board of Education and Board of Governors of the State
   18         University System to adopt rules and regulations,
   19         respectively; providing an effective date.
   20          
   21  Be It Enacted by the Legislature of the State of Florida:
   22  
   23         Section 1. Section 1009.894, Florida Statutes, is created
   24  to read:
   25         1009.894 Historically Black Colleges and Universities
   26  Matching Endowment Scholarship Program.—
   27         (1) There is established the Historically Black Colleges
   28  and Universities Matching Endowment Scholarship Program to be
   29  administered by the Department of Education. The program shall
   30  provide funds to participating historically black colleges and
   31  universities in the state to provide scholarships to students
   32  enrolled at the schools.
   33         (2)(a) The Legislature may appropriate funds to be
   34  transferred to the Historically Black Colleges and Universities
   35  Matching Endowment Scholarship Trust Fund for the program.
   36         (b) Contingent upon a legislative appropriation, each
   37  Historically Black College and University in the state which
   38  wishes to participate in the program must provide matching funds
   39  equal to one-fourth of the legislative appropriation to the
   40  Historically Black Colleges and Universities Matching Endowment
   41  Scholarship Trust Fund.
   42         (c) All funds transferred to the trust fund for the program
   43  shall be invested in accordance with chapter 215.
   44  Notwithstanding s. 216.301 and pursuant to s. 216.351, the
   45  appropriated funds and all matching funds shall remain in the
   46  trust fund and the interest from such funds shall be used for
   47  scholarships for students enrolled at participating colleges and
   48  universities.
   49         (3) Annually, by July 1, the department shall allocate
   50  equally the interest accumulated in the trust fund to each
   51  participating college and university to award scholarships to
   52  students enrolled at the school who:
   53         (a) Meet the general requirements, including residency
   54  requirements, for student eligibility under s. 1009.40, except
   55  as otherwise provided in this section;
   56         (b) Are enrolled as a full-time undergraduate student;
   57         (c) Demonstrate unmet financial need; and
   58         (d) Meet any additional eligibility requirements
   59  established by the institutions.
   60         (4) The State Board of Education shall adopt rules and the
   61  Board of Governors of State University System shall adopt
   62  regulations to administer this section.
   63         Section 2. This act shall take effect July 1, 2018.