A BILL TO BE ENTITLED
AN ACT to provide that the funds for the graduate tuition remission shall be deducted from overhead receipts and the general fund appropriation to the board of governors of the university of north carolina reduced accordingly.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 1 of Chapter 116 of the General Statutes is amended by adding a new section to read:
"§ 116-22.2.  Deduct graduate tuition remission funds from overhead receipts.
Notwithstanding any other provision of law, the Board of Governors of The University of North Carolina shall deduct the funds for the graduate tuition remission from any overhead receipts received by the Board of Governors. Upon receipt of the overhead receipts, the Board of Governors of The University of North Carolina shall reduce the General Fund appropriation to the Board of Governors for that fiscal year by an amount equal to the cost of the graduate tuition remission."
SECTION 2.  This act becomes effective July 1, 2003.