Florida Senate - 2020                                     SB 876
       
       
        
       By Senator Gibson
       
       
       
       
       
       6-00993A-20                                            2020876__
    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 the purpose of the program;
    8         providing for an appropriation; requiring a
    9         historically black college or university to provide a
   10         certain amount of matching funds by a specified date
   11         to participate in the program; requiring certain funds
   12         to remain in the trust fund; providing that the
   13         interest will be used to provide scholarships to
   14         certain students; providing for annual disbursement of
   15         the interest; requiring the State Board of Education
   16         to adopt rules; providing an effective date.
   17          
   18  Be It Enacted by the Legislature of the State of Florida:
   19  
   20         Section 1. Section 1009.895, Florida Statutes, is created
   21  to read:
   22         1009.895 Historically Black Colleges and Universities
   23  Matching Endowment Scholarship Program.—
   24         (1) There is established the Historically Black Colleges
   25  and Universities Matching Endowment Scholarship Program to be
   26  administered by the Department of Education. The program shall
   27  provide funds to participating historically black colleges and
   28  universities in this state to provide scholarships to students
   29  enrolled at these schools.
   30         (2) The Legislature shall appropriate $2 million to be
   31  transferred to the State Student Financial Assistance Trust Fund
   32  for the program. No later than June 30, 2021, each historically
   33  black college and university in this state which wishes to
   34  participate in the program shall provide $500,000 in matching
   35  funds to the department. The department shall deposit such
   36  matching funds into the trust fund. All funds transferred to the
   37  trust fund for the program shall be invested in accordance with
   38  the provisions of chapter 215. Notwithstanding the provisions of
   39  s. 216.301 and pursuant to s. 216.351, the appropriated funds
   40  and all matching funds shall remain in the trust fund and the
   41  interest from such funds shall be used for scholarships for
   42  students enrolled at participating colleges and universities.
   43         (3) Annually, the interest accumulated in the trust fund
   44  for the program shall be equally allocated by the department to
   45  each participating college and university to award scholarships.
   46  Each participating college and university shall award
   47  scholarships to enrolled students with unmet financial need.
   48         (4) The State Board of Education shall adopt rules
   49  necessary to administer this section.
   50         Section 2. This act shall take effect July 1, 2020.