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SF 795

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

  1.1                          A bill for an act 
  1.2             relating to education; providing for a Minnesota 
  1.3             undergraduate college and university scholarship trust 
  1.4             fund and program; appropriating money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [MINNESOTA UNDERGRADUATE COLLEGE AND UNIVERSITY 
  1.7   TUITION SCHOLARSHIP TRUST FUND.] 
  1.8      Subdivision 1.  [ESTABLISHMENT.] A fund called the 
  1.9   Minnesota undergraduate college and university tuition 
  1.10  scholarship trust fund is established in the state treasury for 
  1.11  the purpose of investing money for tuition scholarships to 
  1.12  post-secondary students under section 2. 
  1.13     Subd. 2.  [ASSETS.] The assets of the Minnesota 
  1.14  undergraduate college and university tuition scholarship trust 
  1.15  fund shall consist of money appropriated to the fund, nonstate 
  1.16  money, and income arising from the invested assets of the fund.  
  1.17  Each dollar of state money must be matched with at least $1 of 
  1.18  nonstate money.  All income from the fund is appropriated for 
  1.19  the purpose of tuition scholarships under section 2. 
  1.20     Subd. 3.  [MANAGEMENT.] The Minnesota undergraduate college 
  1.21  and university tuition scholarship trust fund shall be invested 
  1.22  by the state board subject to the provisions of Minnesota 
  1.23  Statutes, section 11A.24. 
  1.24     Subd. 4.  [DISTRIBUTION OF INCOME.] The state board shall 
  1.25  annually transfer 50 percent of the income from the fund to the 
  2.1   board of regents of the University of Minnesota and 50 percent 
  2.2   to the board of trustees of the Minnesota state colleges and 
  2.3   universities for distribution to eligible students under section 
  2.4   2.  Each board shall allocate its money to each of its campuses 
  2.5   in proportion to the number of full-time undergraduate students 
  2.6   enrolled on each campus.  Income transferred which is not spent 
  2.7   does not cancel but is available for scholarships in the 
  2.8   following fiscal year. 
  2.9      Subd. 5.  [EXPIRATION.] The trust fund shall expire on July 
  2.10  1, 1999.  Fifty percent of the unobligated balance in the trust 
  2.11  fund on July 1, 1999, shall be appropriated to the board of 
  2.12  regents and 50 percent to the board of trustees. 
  2.13     Sec. 2.  [MINNESOTA UNDERGRADUATE COLLEGE AND UNIVERSITY 
  2.14  TUITION SCHOLARSHIP TRUST PROGRAM.] 
  2.15     Subdivision 1.  [ESTABLISHMENT.] A Minnesota undergraduate 
  2.16  college and university tuition scholarship trust program is 
  2.17  established to provide scholarships for the costs of tuition and 
  2.18  fees to undergraduate students attending Minnesota public 
  2.19  colleges and universities. 
  2.20     Subd. 2.  [ELIGIBILITY.] To be eligible to receive a 
  2.21  scholarship, a student must: 
  2.22     (1) be a resident of the state of Minnesota; 
  2.23     (2) be enrolled full time in an undergraduate degree, 
  2.24  diploma, or certificate program at a Minnesota public college or 
  2.25  university; and 
  2.26     (3) demonstrate academic merit, financial need as defined 
  2.27  in Minnesota Statutes, section 136A.101, subdivision 5, or both. 
  2.28     Subd. 3.  [EFFECT ON STATE GRANTS.] Tuition scholarships 
  2.29  awarded under this section must not be considered in determining 
  2.30  a student's financial need as provided in Minnesota Statutes, 
  2.31  section 136A.101, subdivision 5. 
  2.32     Subd. 4.  [EXPIRATION.] The tuition scholarship trust 
  2.33  program shall expire on July 1, 1999. 
  2.34     Sec. 3.  [APPROPRIATION.] 
  2.35     For every dollar of nonstate money deposited in the fund 
  2.36  under section 1, an equal amount is appropriated from the 
  3.1   general fund in fiscal years 1998 and 1999 to the state board of 
  3.2   investment.