23-38.53:5 - Virginia Guaranteed Assistance Fund created
§ 23-38.53:5. Virginia Guaranteed Assistance Fund created.
A. There is hereby created in the Department of the Treasury a specialnonreverting fund which shall be known as the Virginia Guaranteed AssistanceFund. The Virginia Guaranteed Assistance Fund shall be established on thebooks of the Comptroller, and any funds remaining in such Fund at the end ofeach fiscal year shall not revert to the general fund but shall remain in theFund. Interest earned on such funds shall remain in the Fund and be creditedto it. Funds may be paid to any public institution of higher education onbehalf of students who have been awarded financial assistance pursuant to theprovisions of § 23-38.53:6. On and after July 1, 1995, any funds remaining inthe Fund shall be credited to the account of the State Council of HigherEducation.
B. The Department of the Treasury shall administer and manage the VirginiaGuaranteed Assistance Fund, subject to the authority of the State Council ofHigher Education to provide for its disbursement, from such funds as areappropriated for this purpose and from such gifts, donations, grants,bequests, and other funds as may be received on its behalf. The Fund shall bedisbursed for the purpose of making grants to be determined by the use of aneeds analysis methodology approved by the Council. The first such awardsshall be made after July 1, 1994. The Council shall award such grants tostudents who are enrolled in or accepted for enrollment in any publicinstitution of higher education in Virginia.
(1992, c. 879; 1994, c. 789.)