SJ0004

Official summary

SJ0004 Bill Summary Bill No.: SJ0004 Drafter: DKG LSO No.: 06LSO-0056 Effective Date: Enrolled Act No.: SEJR0002 Chapter No.: Prime Sponsor: Joint Education Interim Committee Catch Title: Higher education endowment funds. Subject: The establishment of higher education endowment trust fund. Summary/Major Elements: The legislature has established education endowment accounts, including the Hathaway scholarship account and the higher education endowment account. Although designated by statute as "permanent"; subsequent legislation could remove those funds. This joint resolution authorizes the creation of permanent endowment funds for higher education purposes and under the Constitution, the corpus of those funds would be inviolate. The earnings from the funds must be used for the higher educational purposes specified and the legislature is authorized to regulate how the earnings are used. The current Hathaway student scholarship account and the higher education endowment account previously created by statute, as well as subsequently created accounts as designated by the legislature would be subject to the new constitutional provision.