6727-S AMH APP H5412.1

SSB 6727 - H COMM AMDS ADOPTED 3-04-98

By Committee on Appropriations

    On page 2, line 17, after "(b)" strike all material through "(c)" on line 18 and insert "((enrollments in state institutions of higher education,

    (c)))

    On page 2, line 22, strike "(d)" and insert "(((d))) (c)"

    On page 2, line 23, strike "(e)" and insert "(((e))) (d)"

    On page 2, after line 32, insert the following:

    "(5) For purposes of this section, state institutions of higher education as defined in RCW 28B.10.016(4) are not state agencies and are not eligible to participate in the savings incentive account."

    On page 3, line 3, after "the))" strike everything through "moneys" on line 9 and insert "Moneys"

    On page 3, line 11, strike "(((1))) (a)" and insert "(1)"

    On page 3, line 13, strike "(((2))) (b)" and insert "(2)"

    On page 3, line 16, after "Sec. 4." strike the remainder of the section and insert "A new section is added to chapter 43.79 RCW to read as follows:

    (1) The higher education savings account is established in the custody of the state treasurer.  The account shall consist of all moneys appropriated to the account by the legislature.  Only the state treasurer or his or her designee may authorize distributions from the account.

    (2) Within the account, the treasurer may create subaccounts for each state institution of higher education as defined in RCW 28B.10.016(4) to be credited with the higher education savings attributable to each individual state institution of higher education.  For purposes of this section, "higher education savings" means the state general fund appropriations to each state institution of higher education that would otherwise lapse at the end of the fiscal year, to the extent that such amounts are appropriated to this account by the legislature.

    (3) Moneys from the account shall be distributed as follows:  (a) For subaccounts of state baccalaureate institutions, (i) seventy-five percent to the distinguished professorship trust fund under RCW 28B.10.868, and (ii) twenty-five percent to the graduate fellowship trust fund under RCW 28B.10.882; and (b) for subaccounts of state community and technical colleges, to the college faculty awards trust fund under RCW 28B.50.837.  Amounts distributed to the trust funds from the subaccounts shall be disbursed from the trust funds only on behalf of the institution whose subaccount contributed the amounts to the trust fund."

    Correct the title.

EFFECT:  State institutions of higher education are not eligible to participate in the Savings Incentive Account.  The Higher Education Savings Account is established.  A subaccount within the account is created for each institution.  To the extent that state institutions of higher education do not fully expend each year's general fund‑-state appropriations, and to the extent that the legislature reappropriates such savings to the higher education savings account, each institution's savings will be recaptured and deposited into that institution's subaccount.  The treasurer shall distribute the moneys as follows: (1) For the subaccounts of the four-year institutions, 75% will be deposited into the distinguished professorship trust fund and 25% into the graduate fellowship trust fund; and (2) for the subaccounts of the community and technical colleges, moneys will be deposited into the college faculty awards trust fund.  Moneys deposited in the trust funds from the subaccounts may be expended only on behalf of the institution whose subaccount contributed to the trust fund.

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