Senate Bill 644 (2023) — Historically Black Colleges and Universities Matching Endowment Scholarship Program
SB 644
Florida Bills
Florida Senate - 2023 SB By Senator Rodriguez 40-01394-23 2023644__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled
An act relating to the Historically Black Colleges and Universities Matching Endowment Scholarship Program; 3 creating s. 1009.898, F.S.; establishing the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education; providing the purpose of the program; 7 requiring a historically black college or university to provide a certain amount of funds by a specified date to participate in the program; requiring program funds to remain in the trust fund; providing that the interest will be used to provide scholarships to certain students; providing for annual disbursement of the interest; requiring the State Board of Education to adopt rules; providing an effective date. 15
Be It Enacted by the Legislature of the State of Florida: 17
Section
Section 1009.898, Florida Statutes, is created to read: 20 1009.898 Historically Black Colleges and Universities Matching Endowment Scholarship Program.— 22
(1) There is established the Historically Black Colleges and Universities Matching Endowment Scholarship Program to be administered by the Department of Education. The program shall distribute funds to participating historically black colleges and universities in the state to provide scholarships to students enrolled at the schools. 28
(2) No later than June 30, 2024, each historically black Florida Senate - 2023 SB 644 40-01394-23 2023644__ CODING: Words stricken are deletions; words underlined are additions. college and university in this state that wishes to participate in the program shall provide $500,000 in funds to the department. The department shall deposit such funds into the State Student Financial Assistance Trust Fund. All funds transferred to the trust fund for the program shall be invested in accordance with
chapter 215. Notwithstanding s. 216.301 and pursuant to s. 216.351, the program funds shall remain in the trust fund and the interest from such funds shall be used for scholarships for students enrolled at participating colleges and universities. 39
(3) Annually, the interest accumulated in the trust fund for the program shall be equally allocated by the department to each participating college and university to award scholarships. 42 Each participating college and university shall award scholarships to enrolled students with unmet financial need. 44
(4) The State Board of Education shall adopt rules necessary to administer this section. 46