Florida Senate - 2019                                     SB 456
       By Senator Gibson
       6-00562-19                                             2019456__
    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. 1009.895, F.S.; establishing the
    5         Historically Black Colleges and Universities Matching
    6         Endowment Scholarship Program within the Department of
    7         Education; providing for funding of the program;
    8         providing the purpose of the program; requiring that
    9         historically black colleges or universities provide a
   10         certain amount of matching funds by a specified date
   11         as a condition of participation in the program;
   12         requiring that certain funds remain in the trust fund;
   13         providing that any interest accruing to the funds be
   14         used to provide scholarships to certain students;
   15         providing for annual disbursement of the interest;
   16         requiring the State Board of Education and the Board
   17         of Governors to adopt rules and regulations,
   18         respectively; providing for an appropriation;
   19         providing an effective date.
   21  Be It Enacted by the Legislature of the State of Florida:
   23         Section 1. Section 1009.895, Florida Statutes, is created
   24  to read:
   25         1009.895Historically 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, to be funded by the
   30  Historically Black Colleges and Universities Matching Endowment
   31  Scholarship Trust Fund, established under s. 20.151.
   32         (2) The program shall provide funds to participating
   33  historically black colleges and universities in this state to
   34  provide scholarships to enrolled students. No later than June
   35  30, 2020, each historically black college and university in the
   36  state which intends to participate in the program shall provide
   37  $500,000 in matching funds for funds received through the
   38  program.
   39         (3) Funds transferred to the Historically Black Colleges
   40  and Universities Matching Endowment Scholarship Trust Fund must
   41  be invested in accordance with chapter 215. Notwithstanding s.
   42  216.301 and pursuant to s. 216.351, the appropriated funds and
   43  all matching funds shall remain in the trust fund, and only the
   44  interest from such funds may be used for scholarships for
   45  students enrolled at participating colleges and universities.
   46         (4)Annually, the department shall allocate the interest
   47  accumulated in the Historically Black Colleges and Universities
   48  Matching Endowment Scholarship Trust Fund during the previous
   49  calendar year equally among the participating colleges and
   50  universities to award scholarships. Each participating college
   51  and university shall award such scholarships to enrolled
   52  students with unmet financial need, as it determines such need.
   53         (5)The State Board of Education shall adopt rules, and the
   54  Board of Governors shall adopt regulations, to administer this
   55  section.
   56         Section 2. For the 2019-2020 fiscal year, the sum of $2
   57  million in nonrecurring funds is appropriated from the General
   58  Revenue Fund to the Department of Education for the purpose of
   59  funding the Historically Black Colleges and Universities
   60  Matching Endowment Scholarship Trust Fund.
   61         Section 3. This act shall take effect July 1, 2019.