SECTIONS 69999.6-69999.8 - California Statutes

EDUCATION CODE

SECTION 69999.6-69999.8

69999.6. (a) In enacting this article, it is the intent of the
Legislature to accomplish both of the following:
(1) Provide explicit authority to the board to continue to
administer accounts for, and make awards to, persons who qualified
for awards under the provisions of the Governor's Scholarship
Programs as those provisions existed on January 1, 2003, prior to the
repeal of former Article 20 (commencing with Section 69995).
(2) Provide for the management and disbursement of funds
previously set aside for the scholarship programs authorized by
former Article 20 (commencing with Section 69995).
(b) The board may manage and disburse the funds previously set
aside for the scholarship programs authorized by former Article 20
(commencing with Section 69995).
(c) If a person has earned an award under the Governor's
Scholarship Programs on or before January 1, 2003, but has not
claimed the award on or before June 30, 2004, he or she still may
claim the award by a date that is five years from the first June 30
that fell after he or she took the qualifying test. An award shall
not be made by the Scholarshare Investment Board after that date.
(d) The board may adopt rules and regulations for the
implementation of this article.

69999.7. (a) Notwithstanding any other provision of law, not later
than 30 days after enactment of the Budget Act of 2004, the
Scholarshare Investment Board shall transfer from the Golden State
Scholarshare Trust to the General Fund the lesser of (1) fifty
million dollars ($50,000,000) or (2) the balance resulting from
unclaimed awards in the Golden State Scholarshare Trust that exceeds
five million dollars ($5,000,000) as of the close of business on the
business day preceding the transfer.
(b) The amount remaining in the Golden State Scholarshare Trust
after the transfer required by subdivision (a) shall be available as
a reserve for funding claims for these awards. If claims for these
awards exceed four million dollars ($4,000,000) of the reserve
established by this act in the Golden State Scholarshare Trust, the
Scholarshare Investment Board shall notify the Controller of the
amount of any shortfall of funds for the payment of claims, and the
Controller shall transfer an amount of money equal to the shortfall
from the General Fund to the Golden State Scholarshare Trust.

69999.8. As used in this article:
(a) "Board" means the Scholarshare Investment Board established
pursuant to subparagraph (B) of paragraph (2) of subdivision (a) of
Section 69984.
(b) "Former Article 20" means former Article 20 (commencing with
Section 69995) of Chapter 2 of Part 42 of the Education Code, as it
read on January 1, 2003.