Introduced Version






HOUSE BILL No. 1504

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DIGEST OF INTRODUCED BILL



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.





Adams T




    January 15, 2003, read first time and referred to Committee on Ways and Means.







Introduced

First Regular Session 113th General Assembly (2003)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1504



    A BILL FOR AN ACT to amend the Indiana Code concerning education finance and to make an appropriation.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 4-4-34; (03)IN1504.1.1. -->     SECTION 1. IC 4-4-34 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]:
     Chapter 34. Energize Indiana Student Assistance Fund
    Sec. 1. As used in this chapter, "authority" refers to an authority, separate from the state, established to securitize payments received under the master settlement agreement (as defined in IC 24-3-3-6 ).
    Sec. 2. As used by this chapter, "fund" refers to the fund established by section 3 of this chapter.
    Sec. 3. The energize Indiana student assistance fund is established to provide the necessary money for projects and programs that will energize higher education academic achievement in Indiana.
    Sec. 4. The fund shall be administered by the budget agency.
    Sec. 5. The expenses of administering the fund shall be paid from money in the fund. Interest that accrues from these

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.