CERTIFICATION OF ENROLLMENT

HOUSE BILL 1054

Chapter 269, Laws of 1997

55th Legislature

1997 Regular Session

STATE EDUCATIONAL TRUST FUND--TIME LIMITS FOR DEPOSIT OF REFUNDS AND RECOVERIES

EFFECTIVE DATE: 7/27/97

Passed by the House April 25, 1997

Yeas 97 Nays 0

CLYDE BALLARD

Speaker of the

House of Representatives

Passed by the Senate April 25, 1997

Yeas 41 Nays 0

CERTIFICATE

I, Timothy A. Martin, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1054 as passed by the House of Representatives and the Senate on the dates hereon set forth.

BRAD OWEN

President of the Senate

TIMOTHY A. MARTIN

Chief Clerk

Approved May 6, 1997

FILED

May 6, 1997 - 4:05 p.m.

GARY LOCKE

Governor of the State of Washington

Secretary of State

State of Washington

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HOUSE BILL 1054

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Passed Legislature - 1997 Regular Session

AS RECOMMENDED BY THE CONFERENCE COMMITTEE

State of Washington 55th Legislature 1997 Regular Session

By Representatives Dunn, Carlson, Mason and Mielke; by request of Higher Education Coordinating Board

Read first time 01/13/97. Referred to Committee on Higher Education.

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 1996 c 107 s 1 are each amended to read as follows:

The state educational trust fund is hereby established in the state treasury. The primary purpose of the trust is to pledge state-wide available 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 any accredited Washington institution of postsecondary education within two years of high school graduation.

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

Expenditures from the fund shall be for financial aid to needy or disadvantaged students. The board may annually expend such sums from the fund as may be necessary to fulfill the purposes of this section, including not more than three percent for the 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.