GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	1 

SENATE BILL 467

Short Title:  Funds for Parental Savings Trust Fund. 	(Public)

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Sponsors: Senators Hartsell; and Lee.

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Referred to:  Appropriations.

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March 24, 1997

A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS FOR INITIAL OPERATIONAL AND MARKETING SUPPORT FOR THE PARENTAL SAVINGS TRUST FUND PROGRAM OF THE STATE EDUCATION ASSISTANCE AUTHORITY.
The General Assembly of North Carolina enacts:
Section 1.  There is appropriated from the General Fund to the State Education Assistance Authority the sum of one million dollars ($1,000,000) for the 1997-98 fiscal year to be used by the Authority for the initial operational and marketing costs associated with offering participation in the Parental Savings Trust Fund Program consistent with G.S. 116-209.25 to the citizens of the State.
Section 2.  The State Education Assistance Authority shall reimburse the General Fund in the total amount of five hundred thousand dollars ($500,000) from amounts received as fees, interest, and other charges in connection with the loan program operated under G.S. 116-209.25(e).  The reimbursement shall be made in annual installments beginning in fiscal year 2002 and ending no later than June 30, 2007.
Section 3.  This act becomes effective July 1, 1997.