Florida Senate - 2023                                     SB 644
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       40-01394-23                                            2023644__
    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. 1009.898, 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         requiring a historically black college or university
    9         to provide a certain amount of funds by a specified
   10         date to participate in the program; requiring program
   11         funds to remain in the trust fund; providing that the
   12         interest will be used to provide scholarships to
   13         certain students; providing for annual disbursement of
   14         the interest; requiring the State Board of Education
   15         to adopt rules; providing an effective date.
   16          
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Section 1009.898, Florida Statutes, is created
   20  to read:
   21         1009.898 Historically Black Colleges and Universities
   22  Matching Endowment Scholarship Program.—
   23         (1) There is established the Historically Black Colleges
   24  and Universities Matching Endowment Scholarship Program to be
   25  administered by the Department of Education. The program shall
   26  distribute funds to participating historically black colleges
   27  and universities in the state to provide scholarships to
   28  students enrolled at the schools.
   29         (2) No later than June 30, 2024, each historically black
   30  college and university in this state that wishes to participate
   31  in the program shall provide $500,000 in funds to the
   32  department. The department shall deposit such funds into the
   33  State Student Financial Assistance Trust Fund. All funds
   34  transferred to the trust fund for the program shall be invested
   35  in accordance with chapter 215. Notwithstanding s. 216.301 and
   36  pursuant to s. 216.351, the program funds shall remain in the
   37  trust fund and the interest from such funds shall be used for
   38  scholarships for students enrolled at participating colleges and
   39  universities.
   40         (3) Annually, the interest accumulated in the trust fund
   41  for the program shall be equally allocated by the department to
   42  each participating college and university to award scholarships.
   43  Each participating college and university shall award
   44  scholarships to enrolled students with unmet financial need.
   45         (4) The State Board of Education shall adopt rules
   46  necessary to administer this section.
   47         Section 2. This act shall take effect July 1, 2023.