Report Title:

Education; Trust Fund

Description:

Creates a trust fund to fund scholarships as a requirement of the State's participation in the federal Gaining Early Awareness and Readiness for Undergraduate Program.

HOUSE OF REPRESENTATIVES

H.B. NO.

1893

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO EDUCATION.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Chapter 304, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"304- GEAR UP Hawai`i scholarship trust fund; established. (a) The Hawaii P-20 council shall establish a trust fund to be known as the "GEAR UP Hawai`i scholarship trust fund". The members of the Hawai`i P-20 council shall be the trustees of the fund.

(b) The council shall use the trust fund to fund scholarships as a requirement of the State's participation in the federal Gaining Early Awareness and Readiness for Undergraduate Program ("GEAR UP"), and in conformance with all applicable federal laws and regulations governing the program.

(c) The trust fund principal shall consist of moneys received from the GEAR UP grant for scholarship purposes, legislative appropriations, and any moneys or assets contributed to the trust fund from any other public or private source.

(d) Notwithstanding any other provision of the law to the contrary, income and investment return on the trust fund principal shall accrue to the trust fund for use as provided by authorization of the trustees for the purposes provided in subsection (b). The council may also use the trust fund principal for the purpose provided in subsection (b). Except as otherwise provided by law, no income or investment return or principal may be used for administrative expenses.

(e) Allocations from the trust fund may be made only for the purpose of covering direct scholarship costs, administrative costs of the trust, and administrative costs for scholarship distribution.

(f) GEAR UP scholarships shall be distributed in accordance with all applicable federal laws. The trustees may determine additional eligibility requirements for the GEAR UP scholarship by rules without regard to the public notice and hearing requirements of chapter 91."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2004.

INTRODUCED BY:

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