H-1752.1                  _______________________________________________

                                                      HOUSE BILL 2048

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Representatives Jacobsen, Quall, Brumsickle, Finkbeiner and Miller

Read first time 02/24/93.  Referred to Committee on Higher Education.

Allowing donations subject to conditions to be deposited in the American Indian scholarship endowment fund.

          AN ACT Relating to American Indian scholarships; and amending RCW 28B.108.060 and 28B.108.070.

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

        Sec. 1.  RCW 28B.108.060 and 1991 sp.s. c 13 s 110 are each amended to read as follows:

          The American Indian scholarship endowment fund is established.  The endowment fund shall be administered by the state treasurer.

(1) Moneys received from the higher education coordinating board, private donations, state matching moneys, and funds received from any other source may be deposited into the endowment fund.  Private moneys received as a gift subject to conditions may be deposited into the fund.

(2) At the request of the higher education coordinating board, the treasurer shall release earnings from the endowment fund to the board for scholarships.  No appropriation is required for expenditures from the endowment fund.

(3) When notified by the higher education coordinating board or by court order that a condition attached to a gift of private moneys in the fund has failed, the treasurer shall release those moneys to the donors according to the terms of the conditional gift.

(4) The principal of the endowment fund shall not be invaded.  The release of moneys under subsection (3) of this section shall not constitute an invasion of corpus.

(5) The earnings on the fund shall be used solely for the purposes set forth in RCW 28B.108.040, except when the terms of a conditional gift of private moneys in the fund require that a portion of earnings on such moneys be reinvested in the fund.

        Sec. 2.  RCW 28B.108.070 and 1991 c 228 s 12 are each amended to read as follows:

          The higher education coordinating board may request that the treasurer deposit fifty thousand dollars of state matching funds into the American Indian scholarship endowment fund when the board can match the state funds with an equal amount of private cash donations, including conditional gifts.  Private cash donations means moneys from nonstate sources that include, but are not limited to, federal moneys, tribal moneys, and assessments by commodity commissions authorized to conduct research activities, including but not limited to research studies authorized under RCW 15.66.030 and 15.65.040.

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