Z-0284.3  _______________________________________________

                         SENATE BILL 5286

          _______________________________________________

State of Washington      54th Legislature     1995 Regular Session

By Senators Bauer, Wood, Sheldon and Kohl; by request of Higher Education Coordinating Board

Read first time 01/18/95.  Referred to Committee on Higher Education.

Changing provisions relating to the state educational grant account.

    AN ACT Relating to the state educational trust fund; and amending RCW 28B.10.821.

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

    Sec. 1.  RCW 28B.10.821 and 1991 sp.s. c 13 s 12 are each amended to read as follows:

    The state educational ((grant account)) trust fund is hereby established in the state treasury.  The primary purpose of the trust is to ensure the promise of college student assistance to needy or disadvantaged students, especially middle and high school youth, considered at-risk of dropping out of secondary education, who participate in board-approved early awareness and outreach programs and who enter college within two years of high school graduation.

    The ((commission)) board shall deposit refunds and recoveries of student financial aid funds expended in prior biennia in such account.  The board may also deposit moneys that have been contributed from other state, federal, or private sources.

    Expenditures from ((such account)) the fund shall be for financial aid to needy or disadvantaged students.  The board may expend such sums from the fund as may be necessary to fulfill the purposes of this section including costs to administer aid programs supported by the fund.  All earnings of investments of balances in the state educational trust fund shall be credited to the trust fund.  Expenditures from the fund shall not be subject to appropriation but are subject to allotment procedures under chapter 43.88 RCW.

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