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22LSO-0104
2022
STATE OF WYOMING
22LSO-0104
Numbered
2.0
HOUSE BILL NO. HB0029
Hathaway scholarship amendments.
Sponsored by: Joint Education Interim Committee
A BILL
for
AN ACT relating to Hathaway scholarship program; merging the reserve and expenditure accounts; increasing the available balance in the expenditure account; modifying investment of funds; increasing scholarship awards as specified; making conforming amendments; transferring funds; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
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W.S. 9
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715(p) by creating a new paragraph (xvi), 21
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1301(a)(xiv), 21
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1302(a), 21
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1304(a)(i)(A), (B), (ii)(A), (B), (iii)(A) and (B), 21
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1305(a)(i)(A) and (B), 21
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1306(a)(i)(B)(II) and (C) and 21
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1309(b)(iv) are amended to read:
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715.
Permissible investments.
(p)
There is created the pool A investment account.
The state treasurer, or his designee, which shall be registered under the Investment Advisor's Act of 1940 as amended if required to be registered by the terms of that act as amended, pursuant to subsections (c) and (d) of this section and after consultation with the state agency or agencies receiving or administering investment earnings from the monies invested in the pool A investment account, may invest monies comprising the pool A investment account in equities including stocks of corporations in accordance with subsections (a) and (c) through (e) of this section and W.S. 9
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716. The state loan and investment board, in consultation with the state agency or agencies receiving or administering investment earnings from the monies invested in the pool A investment account, shall annually review the state investment policy statements for the investment pool created by this subsection as required under W.S. 9
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716.
Monies in the following funds shall be invested in the pool A investment account:
(xvi)
Subject to W.S. 21
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1302(a), the Hathaway scholarship expenditure account.
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1301.
Definitions.
(a)
As used in this article:
(xiv)
"Satisfactory academic progress" means completing at least
six (6)
fifty percent (50%) of the
semester hours
attempted
per semester if enrolled for less than twelve (12) semester hours and completing at least twelve (12) semester hours per semester if enrolled for twelve (12) or more semester hours, and meeting such other criteria as established by the eligible institution to ensure the student earns his degree or certificate in a timely manner.
The student's hours of enrollment for purposes of this paragraph shall be the same number of hours of enrollment used to determine the state's obligation to reimburse the eligible institution for the student's scholarship under this article. Satisfactory academic progress shall be determined annually following the spring semester, but a student's scholarship may be reinstated pursuant to W.S. 21
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1304(f)(i) or 21
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1305(d)(i) following any semester or summer school session;
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1302.
Hathaway scholarship expenditure account created; use and appropriation of funds.
(a)
The Hathaway scholarship expenditure account is created to consist of earnings from the Hathaway student scholarship endowment fund created by W.S. 9
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204(u)(vii) and such other funds appropriated by the legislature to the expenditure account.
Eighty percent (80%) of all monies deposited to the expenditure account under this section shall be available for scholarships under W.S. 21
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1304 and 21
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1305.
Twenty percent (20%) of all monies deposited to the expenditure account under this section shall be available for scholarships under W.S. 21
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1306.
Funds within the expenditure account may be invested in the pool A investment account by the state treasurer pursuant to W.S. 9
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715(p). Interest and other earnings from amounts within the expenditure account shall be credited to the expenditure account.
Monies within the expenditure account are continuously appropriated to the state treasurer for distribution to eligible institutions based on scholarships awarded under this article.
All unexpended and unencumbered monies within the expenditure account at
the end of each fiscal year shall be deposited by the state treasurer to the Hathaway student scholarship reserve account
As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2022, the state treasurer shall transfer monies from the expenditure account to the Hathaway student scholarship endowment fund to the extent monies within the expenditure account are in excess of an amount equal to nine percent (9%) of the previous five (5) year average market value of the Hathaway student scholarship endowment fund, calculated from the first day of the fiscal year
.
The state treasurer shall report not later than November 1, of each year to the joint education interim committee and the select committee on capital financing and investments the amount of funds within the expenditure account at the end of the previous fiscal year and as of July 1, of the current fiscal year.
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1304.
Hathaway opportunity, performance and honor scholarships.
(a)
Any student who meets the criteria under W.S. 21
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1303 is eligible to receive a scholarship to pursue a degree or certificate as follows:
(i)
With a minimum cumulative high school GPA of 2.50 and a score equal to or greater than the 2015
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2016 national percentile rank of forty
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three (43) on a college entrance examination administered throughout the United States and relied upon by institutions of higher education to determine acceptance of students for attendance, a Hathaway opportunity scholarship for:
(A)
Eight hundred forty dollars ($840.00)
Not more than seventy
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four dollars ($74.00) per semester hour and not more than eight hundred eighty
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eight dollars ($888.00)
per semester at an eligible institution if enrolled for twelve (12) or more semester hours;
(B)
The amount provided
for the semester
under subparagraph (A) of this paragraph times a fraction, the numerator of which is the number of hours for which the student is enrolled and the denominator is twelve (12), if enrolled at an eligible institution for
at least six (6) and
less than twelve (12) semester hours.
(ii)
With a minimum cumulative high school GPA of 3.0 and a score equal to or greater than the 2015
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2016 national percentile rank of fifty
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six (56) on a college entrance examination administered throughout the United States and relied upon by institutions of higher education to determine acceptance of students for attendance, a Hathaway performance scholarship for:
(A)
One thousand two hundred sixty dollars ($1,260.00)
Not more than one hundred eleven dollars ($111.00) per semester hour and not more than one thousand three hundred thirty
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two dollars ($1,332.00)
per semester at an eligible institution if enrolled for twelve (12) or more semester hours;
(B)
The amount provided
for the semester
under subparagraph (A) of this paragraph times a fraction, the numerator of which is the number of hours for which the student is enrolled and the denominator is twelve (12), if enrolled at an eligible institution for
at least six (6) and
less than twelve (12) semester hours.
(iii)
With a minimum cumulative high school GPA of 3.5 and a score equal to or greater than the 2015
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2016 national percentile rank of seventy
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nine (79) on an examination administered throughout the United States and relied upon by institutions of higher education to determine acceptance of students for attendance, a Hathaway honor scholarship for:
(A)
One thousand six hundred eighty dollars ($1,680.00)
Not more than one hundred forty
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eight dollars ($148.00) per semester hour and not more than one thousand seven hundred seventy
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six dollars ($1,776.00)
per semester at an eligible institution if enrolled for twelve (12) or more semester hours;
(B)
The amount provided
for the semester
under subparagraph (A) of this paragraph times a fraction, the numerator of which is the number of hours for which the student is enrolled and the denominator is twelve (12), if enrolled at an eligible institution for
at least six (6) and
less than twelve (12) semester hours.
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1305.
Hathaway provisional opportunity scholarships.
(a)
Any student who meets the criteria under W.S. 21
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1303 is eligible to receive a Hathaway provisional opportunity scholarship to pursue a certificate or degree as follows:
(i)
With a minimum cumulative high school GPA of 2.50 and either a score equal to or greater than the 2015
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2016 national percentile rank of thirty (30) on a college entrance examination administered throughout the United States and relied upon by institutions of higher education to determine acceptance of students for attendance or a qualifying cumulative score on a career
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technical aptitude test as determined by the department, a scholarship for:
(A)
Eight hundred forty dollars ($840.00)
Not more than seventy
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four dollars ($74.00) per semester hour and not more than eight hundred eighty
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eight dollars ($888.00)
per semester at a Wyoming community college if enrolled for twelve (12) or more semester hours;
(B)
The amount provided
for the semester
under subparagraph (A) of this paragraph times a fraction, the numerator of which is the number of hours for which the student is enrolled and the denominator is twelve (12), if enrolled at a Wyoming community college for
at least six (6) and
less than twelve (12) semester hours.
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1306.
Need based scholarships.
(a)
In addition to scholarships made available under W.S. 21
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1304 and 21
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1305 there shall be made available a need based Hathaway scholarship as follows:
(i)
The scholarship shall be available only to students qualifying for a scholarship under W.S. 21
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1304 or 21
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1305 and for federal financial aid. The scholarships under this section shall be computed and awarded as follows:
(B)
If the student has annual unmet financial need greater than two thousand dollars ($2,000.00):
(II)
If a student is eligible for a scholarship under this article but does not qualify under subdivision (I) of this subparagraph – an award equal to twenty
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five percent (25%) of the annual unmet financial need in excess of two thousand dollars ($2,000.00), but not to exceed
one thousand five hundred seventy
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five dollars ($1,575.00)
one thousand six hundred fifty
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five dollars ($1,655.00)
per year.
(C)
A student qualifying for any award under this section shall receive a minimum amount of
one hundred five dollars ($105.00)
one hundred ten dollars ($110.00)
for each semester of qualification.
One
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half (1/2) of the annual award amount under this section shall be provided to the student at each semester of qualification;
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1309.
Scholarship amounts.
(b)
To the extent sufficient funds are not available in the expenditure account to fund all scholarships as provided under this article:
(iv)
If no funds remain available in the expenditure account
or reserve account
at the time payment is required to be made to an institution for any semester, the payment to the eligible institutions shall be reduced on a first come first served basis using the student's application date for the scholarship.
Section 2.
W.S. 21
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1302(b) and 21
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1309(b)(i) through (iii) are repealed.
Section 3.
The state auditor shall transfer all unencumbered, unobligated funds in the Hathaway
student scholarship reserve account to the Hathaway scholarship expenditure account established under W.S. 21
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1302(a).
Section 4.
(a) After June 1, 2023, but before June 30, 2023, the state auditor shall transfer one thousand dollars ($1,000.00) from the general fund to the Hathaway student scholarship endowment fund created by W.S. 9
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204(u)(vii).
(b) After June 1, 2024, but before June 30, 2024, the state auditor shall transfer one thousand dollars ($1,000.00) from the general fund to the Hathaway student scholarship endowment fund created by W.S. 9
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204(u)(vii).
Section 5.
This act is effective July 1, 2022
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(END)
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HB0029