Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 256
                        Barcode 611036
                            CHAMBER ACTION
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       05/02/2006 02:06 PM         .                    
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11  Senator King moved the following amendment:
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13         Senate Amendment 
14         On page 32, lines 10-20, delete those lines
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16  and insert:  
17         (i)(e)  Must obligate, in the same fiscal year in which
18  the contribution was received, An eligible nonprofit
19  scholarship-funding organization that receives an eligible
20  contribution must spend 100 percent of the eligible
21  contribution to provide annual or partial-year scholarships;
22  however, up to 25 percent of the total contribution may be
23  carried forward for expenditure in the following same state
24  fiscal year in which the contribution was received. A
25  scholarship-funding organization must, before granting a
26  scholarship for an academic year, document each scholarship
27  student's eligibility for that academic year. A
28  scholarship-funding organization may not grant multi-year
29  scholarships in one approval process. No portion of eligible
30  contributions may be used for administrative expenses. All
31  interest accrued from contributions must be used for
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    12:31 PM   04/24/06                            s0256c2b-08-b02


    Florida Senate - 2006                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 256
                        Barcode 611036
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    12:31 PM   04/24/06                            s0256c2b-08-b02