23-220.3 - Community College Incentive Scholarship Fund created. - Virginia Statutes

§ 23-220.3. Community College Incentive Scholarship Fund created.

A. From such funds as are appropriated for this purpose and from such gifts,donations, grants, bequests, and other funds as may be received on itsbehalf, there is hereby created in the state treasury a special nonrevertingfund to be known as the Community College Incentive Scholarship Fund,hereafter referred to as "the Fund." The Fund shall be established on thebooks of the Comptroller. Interest earned on moneys in the Fund shall remainin the Fund and be credited to it. Any moneys remaining in the Fund,including interest thereon, at the end of each fiscal year shall not revertto the general fund but shall remain in the Fund. Funds may be paid to anycomprehensive community college on behalf of students who have been awardedscholarships pursuant to § 23-220.4. The first such scholarships shall beawarded after July 1, 1998.

Expenditures and disbursements from the Fund shall be made by the StateTreasurer on warrants issued by the Comptroller upon written request signedby the State Board for Community Colleges.

B. The Board shall promulgate regulations for the implementation of theprovisions of this article and shall award scholarships to eligible studentsmeeting the criteria established pursuant to § 23-220.4.

(1997, cc. 437, 448.)