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.