Florida Senate - 2018                                    SB 1526
       
       
        
       By Senator Gibson
       
       
       
       
       
       6-01547-18                                            20181526__
    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. 1009.894, 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 specified
   12         funds to be invested; requiring certain funds to
   13         remain in the trust fund; providing that the interest
   14         the trust fund earns will be used to provide
   15         scholarships to certain students; providing for annual
   16         disbursement of the interest; requiring the State
   17         Board of Education and Board of Governors of the State
   18         University System to adopt rules and regulations,
   19         respectively; providing an effective date.
   20          
   21  Be It Enacted by the Legislature of the State of Florida:
   22  
   23         Section 1. Section 1009.894, Florida Statutes, is created
   24  to read:
   25         1009.894 Historically Black Colleges and Universities
   26  Matching Endowment Scholarship Program.—
   27         (1) There is established the Historically Black Colleges
   28  and Universities Matching Endowment Scholarship Program to be
   29  administered by the Department of Education. The program shall
   30  provide funds to participating historically black colleges and
   31  universities in the state to provide scholarships to students
   32  enrolled at the schools.
   33         (2) The Legislature shall appropriate $2 million to be
   34  transferred to the Historically Black Colleges and Universities
   35  Matching Endowment Scholarship Trust Fund for the program. No
   36  later than June 30, 2019, each historically black college and
   37  university in the state that wishes to participate in the
   38  program shall provide $500,000 in matching funds. All funds
   39  transferred to the trust fund for the program shall be invested
   40  in accordance with the provisions of chapter 215.
   41  Notwithstanding the provisions of s. 216.301 and pursuant to s.
   42  216.351, the appropriated funds and all matching funds shall
   43  remain in the trust fund and the interest from such funds shall
   44  be used for scholarships for students enrolled at participating
   45  colleges and universities.
   46         (3) Annually, the interest accumulated in the trust fund
   47  for the program shall be equally allocated by the Department of
   48  Education to each participating college and university to award
   49  scholarships to students enrolled at the school. Scholarships
   50  shall be awarded on a first-come, first-served basis at each
   51  participating college and university.
   52         (4) The State Board of Education shall adopt rules and the
   53  Board of Governors of State University System shall adopt
   54  regulations to administer this section.
   55         Section 2. This act shall take effect July 1, 2018.