BILL REQ. #:  S-0074.1 

Read first time 01/12/09.   Referred to Committee on Higher Education & Workforce Development.

     AN ACT Relating to the American Indian endowed scholarship program; amending RCW 28B.108.050 and 28B.108.060; and repealing RCW 28B.108.070.

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

Sec. 1   RCW 28B.108.050 and 1991 sp.s. c 13 s 107 are each amended to read as follows:
     The American Indian endowed scholarship trust fund is established. The trust fund shall be administered by the state treasurer. Funds appropriated by the legislature for the trust fund shall be deposited into the fund. ((At the request of the higher education coordinating board, and when conditions set forth in RCW 28B.108.070 are met, the treasurer shall deposit state matching moneys in the trust fund into the American Indian endowment fund.)) No appropriation is required for expenditures from the trust fund.

Sec. 2   RCW 28B.108.060 and 2007 c 73 s 2 are each amended to read as follows:
     The American Indian scholarship endowment fund is created in the custody of the state treasurer. The investment of the endowment fund shall be managed by the state investment board.
     (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 state investment board shall release earnings from the endowment fund to the state treasurer. The state treasurer shall then release those funds at the request of the higher education coordinating board for scholarships. No appropriation is required for expenditures from the endowment fund.
     (3) When notified by the higher education coordinating board that a condition attached to a gift of private moneys in the fund has failed, the state investment board shall release those moneys to the higher education coordinating board. The higher education coordinating board shall then release the 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.

NEW SECTION.  Sec. 3   RCW 28B.108.070 (State matching funds) and 1993 c 372 s 2, 1991 c 228 s 12, & 1990 c 287 s 8 are each repealed.