Citations Affected:
IC 4-4-34.
Synopsis: State student assistance commission funding. Provides
appropriations for state student assistance commission programs from
securitized payments received under the tobacco master settlement
agreement.
Effective: July 1, 2003.
January 15, 2003, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning
education finance and to make an appropriation.
investments shall be deposited in the fund.
Sec. 6. The treasurer of state shall invest the money in the fund
not currently needed to meet the obligations of the fund in the same
manner as other public money may be invested.
Sec. 7. Money in the fund at the end of a state fiscal year does
not revert to the state general fund.
Sec. 8. The authority shall make the following distributions for
deposit in the fund on the schedule approved by the budget agency:
(1) Ten million one hundred eight thousand two hundred
eighty dollars ($10,108,280) in the state fiscal year beginning
July 1, 2003, and ending June 30, 2004.
(2) Twenty-four million eight hundred ninety-one thousand
seven hundred twenty dollars ($24,891,720) in the state fiscal
year beginning July 1, 2004, and ending June 30, 2005.
Sec. 9. If the authority has insufficient money to make the total
amount of transfers required by law for any fiscal year, the
authority shall make transfers for that fiscal year as directed by
the budget agency after review by the budget committee.
Sec. 10. The following amounts are appropriated from money
distributed under section 8 of this chapter to the fund, in addition
to any other amount appropriated, for use by the state student
assistance commission for the following specified periods and
specified purposes:
(1) The following for the total operating expenses of the
higher education award program:
(A) Two million five hundred seventy-two thousand eight
hundred ninety dollars ($2,572,890) in the state fiscal year
beginning July 1, 2003, and ending June 30, 2004.
(B) Thirteen million four hundred fifty thousand three
hundred eighty-one dollars ($13,450,381) in the state fiscal
year beginning July 1, 2004, and ending June 30, 2005.
(2) The following for the total operating expenses of the
freedom of choice grants:
(A) Five hundred thirty-nine thousand nine hundred
seventy-six dollars ($539,976) in the state fiscal year
beginning July 1, 2003, and ending June 30, 2004.
(B) Two million thirty-nine thousand nine hundred
seventy-six dollars ($2,039,976) in the state fiscal year
beginning July 1, 2004, and ending June 30, 2005.
(3) The following for the total operating expenses of the
twenty-first century scholar awards:
(A) Six million two hundred seventy-nine thousand four
hundred twenty-three dollars ($6,279,423) in the state
fiscal year beginning July 1, 2003, and ending June 30,
2004.
(B) Eight million six hundred eighty-five thousand three
hundred seventy-two dollars ($8,685,372) in the state fiscal
year beginning July 1, 2004, and ending June 30, 2005.
(4) The following for the total operating expenses for
statutory fee remissions:
(A) Seven hundred fifteen thousand nine hundred
ninety-one dollars ($715,991) in the state fiscal year
beginning July 1, 2003, and ending June 30, 2004.
(B) Seven hundred fifteen thousand nine hundred
ninety-one dollars ($715,991) in the state fiscal year
beginning July 1, 2004, and ending June 30, 2005.
Sec. 11. This chapter expires July 1, 2005.