A BILL TO BE ENTITLED
AN ACT to provide that if House bill 2020 which appropriates funds to increase the legislative tuition grant is enacted, then those funds shall be reallocated to provide contractual scholarship funds that are administered under a need analysis formula.
The General Assembly of North Carolina enacts:
SECTION 1.  If House Bill 2020, Regular Session 2006, is enacted by the General Assembly, then the funds appropriated by that act to the Board of Governors of The University of North Carolina in the amount of fifteen million seven hundred forty‑seven thousand dollars ($15,747,000) for the 2006‑2007 fiscal year are reallocated to the State Contractual Scholarship Fund to be disbursed in accordance with the provisions of G.S. 116‑19, 116‑21, and 116‑22.  The funds in the State Contractual Scholarship Fund are awarded as scholarships to eligible students who have financial needs as determined by the appropriate institution of higher education under the institutional methodology or the federal methodology as defined by the State Education Assistance Authority. "Institutional methodology" means a need‑analysis formula, developed by College Scholarship Service, that determines the student's and family's capacity to pay for postsecondary education each year.
SECTION 2.  This act is effective when it becomes law but becomes effective only if House Bill 2020, Regular Session 2006, is enacted by the 2005 General Assembly.