Sec. 1. (a) The adult student grant fund is established to make awards authorized under this chapter to applicants eligible for:
(1) an adult student grant under section 3 of this chapter; or
(2) a high value workforce ready credit-bearing grant under section 9 of this chapter.
(b) The fund consists of the following:
(1) Appropriations made by the general assembly.
(2) Gifts, grants, devises, or bequests made to the state to achieve the purposes of the fund.
(3) Amounts transferred to the fund as directed by the commission under IC 21-12-1.2-2.
(c) The fund shall be administered by the commission.
(d) The expenses of administering the fund shall be paid from money in the fund.
(e) The fund must be separate and distinct from other funds administered by the commission.
(f) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds are invested.
(g) Money in the fund at the end of a state fiscal year does not revert to the state general fund but remains available to be used for providing money for adult student grants under this chapter, or it may be transferred to another fund under this article as directed by the commission under IC 21-12-1.2-2.
[Pre-2007 Higher Education Recodification Citation: 20-12-22.1-8.]
As added by P.L.2-2007, SEC.253. Amended by P.L.234-2007, SEC.53; P.L.234-2015, SEC.15; P.L.165-2016, SEC.13; P.L.230-2017, SEC.26.
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