Bill Number: S.B. 1572
Brophy
McGee Floor Amendment
Reference
to: APPROPRIATIONS Committee amendment
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1. Clarifies that interest
income generated from the Arizona Financial Aid Trust
Fund (AFAT) endowment will support the Arizona Promise Scholarship Program.
2. Maintains the
requirement that monies generated from individual licensure agreements, royalty
agreements or agreements for the sale or transfer of intellectual property
developed by a university be deposited into AFAT.
Fifty-fourth Legislature Brophy
McGee
Second
Regular Session S.B. 1572
BROPHY MCGEE FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1572
(Reference to APPROPRIATIONS
Committee amendment)
Page 1,
strike lines 5 through 15, insert:
"A. The
Arizona board of regents may establish a financial aid trust fund for the
purposes of providing immediate aid to students with verifiable financial need, including students who are
underrepresented in the population of university students or who by virtue of
their special circumstances present unique needs for financial aid, through the Arizona promise scholarship program established pursuant
to section 15‑1647 and creating an endowment for future financial
aid through the Arizona promise scholarship program established
pursuant to section 15‑1647. Subject to the limits
provided in subsection B, paragraph 3 of this section, the board may assess a
surcharge on registration fees paid by students for deposit in the fund.
The fund shall also consist consists of
monies deposited pursuant to section 15‑1670, subsection F. The interest income derived from monies in the fund shall be
deposited in the Arizona promise scholarship fund established by section 15‑1647."
Page 2, line
19, strike "pursuant to" insert "established by"
Between
lines 19 and 20, insert:
"Line
29, after "scholarship" insert "program""
Amend title to conform