168.580. Missouri prospective teacher loan fund established, purpose--funding--administration.
Missouri prospective teacher loan fund established,purpose--funding--administration.
168.580. 1. The "Missouri Prospective Teacher Loan Fund" isestablished and shall consist of money appropriated to it by thegeneral assembly and charges, gifts, grants and bequests fromfederal, private and other sources made for the purpose ofassisting eligible students in financing their education in orderto become teachers. Any unexpended balance in the fund at theend of the fiscal year shall be exempt from the provisions ofsection 33.080, RSMo, relating to the transfer of unexpendedbalances to the general revenue fund.
2. All moneys recovered for payments shall be paid promptlyinto the state treasury and credited to the fund.
3. Moneys in the Missouri prospective teacher loan fundshall be invested by the state treasurer in the same deposits andobligations in which state funds are authorized by law to beinvested; except that, the income accruing from such funds shallbe credited to the Missouri prospective teacher loan fund on anannual basis.
4. The fund shall be administered by the department ofhigher education at the direction of the coordinating board.
(L. 1985 H.B. 463)