116ze

    On the Senate Appropriations Committee engrossed bill, delete everything after the enacting clause and insert:

"    Section1. There is hereby appropriated from the general fund the sum of one million dollars ($1,000,000), or so much thereof as may be necessary, to the state treasurer for the purpose of providing matching funds in support of Dakota promise grants.

    Section 2. That chapter 13-55 be amended by adding a NEW SECTION to read:

    There is established in the state treasury the Dakota promise fund. The fund consists of:

            (1)    Gifts, grants, and donations, deposited by or on behalf of an institution of higher education in this state, for the purpose of providing Dakota promise grants to eligible students in accordance with this Act;

            (2)    Any interest or income earned on the deposits; and

            (3)    One dollar in matching funds, or such lesser prorated amount, provided by the state treasurer for each dollar deposited into the fund by or on behalf of an institution.

    Section 3. That chapter 13-55 be amended by adding a NEW SECTION to read:

    Each institution of higher education shall have access to only that percentage of the fund which equals the percentage of the total dollars contributed by or on behalf of the institution. If the appropriation provided for in section 1 of this Act is insufficient to provide one dollar in matching funds for each dollar so contributed, the state treasurer shall prorate the matching funds among the institutions based on the percentage of the total dollars contributed by or on behalf of each institution.

    Section 4. That chapter 13-55 be amended by adding a NEW SECTION to read:

    Upon contributing to the Dakota promise fund, an institution of higher education may request that the Board of Regents provide a Dakota promise grant, on behalf of an eligible student. The grant shall be in the amount requested by the institution but may not be less than five hundred dollars nor more than two thousand dollars annually. An eligible student is one who:

            (1)    Was a South Dakota resident at the time of graduating from high school;

            (2)    Has been awarded a federal Pell Grant in the maximum amount allowed by the United States Department of Education;

            (3)    Attends an institution of higher education that is:

            (a)    Under the control of the Board of Regents; or

            (b)    A private baccalaureate degree granting institution accredited by the Higher Learning Commission and located in this state; and

            (4)    Initially enrolls in and thereafter successfully completes at least fifteen credit hours per semester.

    Section 5. That the code be amended by adding a NEW SECTION to read:

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    Upon receiving verification from the Board of Regents regarding the eligibility of the student, the state treasurer shall forward the grant to the institution of higher education on behalf of the student. The institution may apply the grant toward the student's:

            (1)    Tuition and fees;

            (2)    Required books, supplies, or equipment; or

            (3)    Room and board expenses.

    Section 6. That the code be amended by adding a NEW SECTION to read:

    A student may receive a Dakota promise grant for up to four academic years, or until such time as the student obtains a baccalaureate degree, whichever comes first."