6242-S AMH APP H5404.1

SSB 6242 - H COMM AMDS

By Committee on Appropriations

    On page 1, line 4, after "provide" strike "permanent" and insert "a permanent funding source for"

    Beginning on page 1, line 16, after "increase" strike the remainder of the section and insert "graduate fellowships, exceptional faculty awards, and distinguished professorships."

    On page 2, after line 26, strike all material through "resources." on line 32, and insert the following:

    "(2) State matching funds and private donations are combined to form the trust fund.  The principal of the invested trust fund shall not be invaded; only earnings or a portion thereof may be spent for graduate fellowships under RCW 28B.10.882, exceptional faculty awards under RCW 28B.50.837, and distinguished professorships under RCW 28B.10.868."

    On page 3, after line 7, strike all material through "appropriations." on line 9

    On page 4, line 21, after "After" strike "six" and insert "seven"

    On page 4, after line 31, strike all material through "goals." on line 38

EFFECT:  Specifies that the earnings from the Washington state endowment for higher education may be used for graduate fellowships, exceptional faculty awards, and distinguished professorships.  Language permitting use of the earnings for other purposes is deleted.  The requirement for each institution to establish an advisory committee regarding use of its endowment fund is eliminated.  Clarifies that the principal of the endowment trust fund may not be spent.  The time period after which state dollars in the endowment fund that remain unmatched revert to a common pool available to all institutions is extended from six years to seven years.

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