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BILL AS INTRODUCED 2007-2008

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S.31

Introduced by   Senator Miller of Chittenden District

Referred to Committee on

Date:

Subject:  Education; higher education endowment trust fund; annual withdrawal

Statement of purpose:  This bill proposes to remove a restriction that annual withdrawals from the higher education endowment trust fund may not exceed an amount that would bring the fund balance below the initial funding amount.

AN ACT RELATING TO ANNUAL WITHDRAWAL FROM THE HIGHER EDUCATION ENDOWMENT TRUST FUND

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  16 V.S.A. § 2885(c) is amended to read:

(c)  In August of each fiscal year, beginning in the year 2000, the state treasurer shall withdraw and divide an amount equal to five percent of the assets equally among the University of Vermont, the Vermont state colleges, and the Vermont student assistance corporation.  In this subsection, "assets" means the average of the fund's market values at the end of each quarter for the most recent 12 quarters, or all quarters of operation, whichever is less. Therefore, up to five percent of the fund assets are is hereby annually allocated pursuant to this section, provided that the amount allocated shall not exceed an amount which would bring the fund balance below the initial funding made in fiscal year 2000 plus any additional contributions to the principal.  The University of Vermont and the Vermont state colleges shall use the funds to provide nonloan financial aid to Vermont students attending their institutions; the Vermont student assistance corporation shall use the funds to provide nonloan financial aid to Vermont students attending a Vermont postsecondary institution.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us