173.120. State guaranty student loan fund established--purpose--no transfers from fund, exception--appropriations not to lapse. - Missouri Statutes

State guaranty student loan fund established--purpose--notransfers from fund, exception--appropriations not to lapse.

173.120. 1. The "State Guaranty Student Loan Fund" isestablished and shall consist of money appropriated to it by thegeneral assembly, charges, gifts, grants and bequests fromfederal, private or other sources made for the purpose ofassisting students in financing their education. Notwithstandingthe provisions of section 33.080, RSMo, no portion of the fundshall be transferred to the general revenue fund, except that inappropriations made for the fiscal year beginning July 1, 1982,the general assembly shall transfer six hundred thousand dollarsfrom the fund to the general revenue fund, and any appropriationmade to the fund shall not lapse, but the board shall hold thefund in the same manner as the curators of the University ofMissouri and the other state educational institutions aredirected to hold funds not subject to lapse or transfer.

2. All moneys recovered by the department for payments madeon previously defaulted guaranteed loans shall be paid promptlyinto the state treasury and credited to the fund.

3. The fund shall be administered by the department.

(L. 1967 1st Ex. Sess. p. 894 § 4, A.L. 1978 H.B. 891, A.L. 1982 S.B. 831)

Effective 4-30-82

CROSS REFERENCE:

State guaranty student loan fund abolished subject to exemption, RSMo 33.571