Sec. 10a-163a. Teacher incentive loan program and academic scholarship loan program funds. - Connecticut Statutes

      Sec. 10a-163a. Teacher incentive loan program and academic scholarship loan program funds. The Board of Governors of Higher Education is authorized to establish and administer a fund to be known as the Teacher Incentive Loan Program Fund and a fund to be known as the Academic Scholarship Loan Program Fund. All teacher incentive or academic scholarship loans and interest repayments made to the Board of Governors of Higher Education and all unexpended balances of allocations made pursuant to subdivision (2) of subsection (c) of section 8 of special act 82-46, as amended by section 3 of public act 83-556 and section 5 of public act 85-479, shall be added to the respective funds. The Board of Governors of Higher Education may (1) make expenditures from these funds to provide for: (A) Administrative and loan servicing costs; and (B) teacher incentive or academic scholarship loans as authorized under subsection (m) of section 2 of special act 82-46, as amended by section 2 of public act 83-556 and section 4 of public act 85-479 and (2) on and after July 1, 1995, transfer moneys, received as repayment of loans, from these funds to the appropriation to the Department of Higher Education for capitol scholarship grants pursuant to section 10a-169. These funds shall not lapse or revert to the General Fund of the state.

      (P.A. 83-556, S. 4, 5; P.A. 84-241, S. 2, 5; P.A. 85-479, S. 1, 6; P.A. 94-180, S. 8, 17; P.A. 95-259, S. 25, 32; P.A. 98-252, S. 54, 80.)

      History: P.A. 84-241 added "of higher education" to board of governors' title; P.A. 85-479 amended section to establish academic scholarship loan program fund; P.A. 94-180 added provision for the transfer of moneys to the appropriation of the department of higher education for scholastic achievement grants and made Subdivs. (1) and (2) subparas. (A) and (B), effective July 1, 1994; P.A. 95-259 amended Subdiv. (2) to specify transfer of moneys "received as repayment of loans", effective July 6, 1995; P.A. 98-252 changed the name of the scholastic achievement grant to the capitol scholarship grant, effective January 1, 1999.