1999 Session

Budget Amendments - HB1450 (Member Request)

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Chief Patron: Dickinson
MWC Scholarships from Investments (language only)

Item 234 #1h

Item 234 #1h

Education: Higher Education
Mary Washington College

Page 200, after line 41, insert:
"The Board of Visitors of Mary Washington College is granted authority to award annual scholarships from the investment proceeds of the institution's State Student Loan Fund in an amount not to exceed five percent of the fund's average fair market value for the immediate three fiscal years preceding the year scholarships are awarded.  The scholarships shall be granted to participants in the institution's study abroad program and recipients will be determined by the institution.  A report of the total amount awarded each fiscal year shall be forwarded to the Department of Accounts annually by September 30 and the scholarship awards shall be subject to audit by the Auditor of Public Accounts."

(This amendment is self-explanatory.)