Florida Senate - 2022 SB 1868 By Senator Gibson 6-01815-22 20221868__ 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. 1009.896, 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 that 12 specified funds be invested; requiring that certain 13 funds remain in the trust fund; requiring that the 14 interest the trust fund earns 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 1009.896, Florida Statutes, is created 25 to read: 26 1009.896 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 this 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 this 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 must be invested in accordance with chapter 215. Notwithstanding 45 s. 216.301 and pursuant to s. 216.351, the appropriated funds 46 and all matching funds must remain in the trust fund, and the 47 interest from such funds must be used for scholarships for 48 students enrolled at participating colleges and 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 the State University System shall adopt 62 regulations to administer this section. 63 Section 2. This act shall take effect July 1, 2022.