Revision: Jan. 25, 2017, 10:42 a.m.
SB 41-FN-A - AS INTRODUCED
2017 SESSION
17-0839
04/01
SENATE BILL 41-FN-A
AN ACT establishing a fund to forgive certain educational debt and making an appropriation therefor.
SPONSORS: Sen. Innis, Dist 24; Sen. D'Allesandro, Dist 20; Sen. Watters, Dist 4; Rep. Abrami, Rock. 19
COMMITTEE: Commerce
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This bill establishes a skilled technology worker recruiting fund in the office of the state treasurer to provide awards to students pursuing technology education at any postsecondary educational institution in the state.
This bill makes an appropriation for the purpose of the bill.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
17-0839
04/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seventeen
AN ACT establishing a fund to forgive certain educational debt and making an appropriation therefor.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Skilled Technology Worker Recruiting Trust Fund. Amend RSA 6 by inserting after section 38 the following new section:
6:38-a Skilled Technology Worker Recruiting Trust Fund.
I. There is hereby established in the office of the treasurer the skilled technology worker recruiting trust fund which shall be kept distinct and separate from all other funds. Annual state appropriations and other funds from state or federal sources, and any gifts, grants, or donations, shall be credited to the trust fund which shall be administered by the New Hampshire Higher Education Assistance Foundation to provide awards not exceeding $5,000 per student per academic year for students pursuing programs of study in technology at any postsecondary educational institution within the state. The New Hampshire Higher Education Assistance Foundation shall establish the application, award, and disbursement procedures necessary to comply with this section.
II. The state treasurer shall be the trustee of the trust fund established in this section, and shall invest the trust fund in accordance with RSA 6:8. Any earnings on trust fund moneys shall be added to the trust fund.
III. All moneys in the trust fund shall be nonlapsing and shall be continually appropriated to the trust fund for the purpose of providing technology education scholarships as provided in this section.
2 Appropriation. The sum of $2,000,000 for the fiscal year ending June 30, 2018, and the sum of $2,000,000 for the fiscal year ending June 30, 2019, are hereby appropriated to the skilled technology worker recruiting trust fund established in RSA 6:38-a. The governor is authorized to draw a warrant for said sums out of any money in the treasury not otherwise appropriated.
3 Effective Date. This act shall take effect July 1, 2017.
17-0839
1/14/17
SB 41-FN-A- FISCAL NOTE
AS INTRODUCED
AN ACT establishing a fund to forgive certain educational debt and making an appropriation therefor.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| |||
| Estimated Increase / (Decrease) | |||
STATE: | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
Appropriation | $2,000,000 | $2,000,000 | $0 | $0 |
Revenue | $0 | $0 | $0 | $0 |
Expenditures | $2,000,000 | $2,000,000 | $0 | $0 |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ ] Other | |||
METHODOLOGY:
This bill establishes a skilled technology recruiting trust fund in the Treasury Department for the purpose of providing technology education scholarships. The fund shall be credited with annual state appropriations and other funds from state or federal sources, and gifts, grants or donations. The New Hampshire Higher Education Assistance Foundation (NHHEAF) shall administer the fund and shall provide awards not exceeding $5,000 per student per academic year for students pursuing programs of study in technology at any postsecondary educational institution within the State. The NHHEAF shall establish the necessary application, award and disbursement procedures to administer the fund. The State Treasurer shall be the trustee of the trust fund and shall invest the trust fund in accordance with RSA 6:8, with any trust fund earnings accruing to the fund, which shall be non-lapsing. The bill appropriates $2 million for FY 2018 and $2 million for FY 2019 to the fund from money in the treasury not otherwise appropriated.
The Treasury Department states the bill will have no impact on the revenues and expenditures of the Department as budgeted in the general fund. The bill creates a trust fund to be kept separate and distinct from all other funds and as such, the Department will maintain a separate custodial account where these funds will be held.
AGENCIES CONTACTED:
Treasury Department