US Laws, Codes, Statutes & Cases

§18C-7-8. PROMISE scholarship supplemental fund recreated, and promulgation of rules.

(a) The Legislature recognizes that the PROMISE scholarship program may lead to an increased number of individuals attending the state institutions of higher education, and therefore, it may contribute to increases in expenses greater than the additional tuition income generated by increased enrollment. Therefore, there is hereby created a special revenue fund in the state treasury which shall be designated and known as the "PROMISE scholarship supplemental fund." The fund shall consist of all appropriations to the fund and all interest earned from the investment of the fund and any gifts, grants or contributions received by the fund. The board shall expend the moneys in this fund to implement the provisions of this article and may only expend the moneys for state institutions of higher education.
(b) The board shall promulgate rules for administering the fund in accordance with article three-a, chapter twenty-nine-a of this code. The rules shall include the following:
(1) Provisions for distributing the moneys from the fund to state institutions of higher education: Provided, That the funds shall be divided among the state institutions of higher education in a reasonable manner to reflect the actual distribution of PROMISE scholarship students among the institutions; and
(2) A procedure for submitting a budget request to the governor: Provided, That nothing in this article shall require any appropriation by the Legislature.