Brophy McGee Floor Amendment
1. Clarifies that interest income generated from the Arizona Financial Aid Trust Fund (AFAT) endowment will support the Arizona Promise Scholarship Program.
2. Maintains the requirement that monies generated from individual licensure agreements, royalty agreements or agreements for the sale or transfer of intellectual property developed by a university be deposited into AFAT.
Second Regular Session S.B. 1572
BROPHY MCGEE FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1572
(Reference to APPROPRIATIONS Committee amendment)
Page 1, strike lines 5 through 15, insert:
"A. The Arizona board of regents may establish a financial aid trust fund for the purposes of providing immediate aid to students with verifiable financial need, including students who are underrepresented in the population of university students or who by virtue of their special circumstances present unique needs for financial aid, through the Arizona promise scholarship program established pursuant to section 15‑1647 and creating an endowment for future financial aid through the Arizona promise scholarship program established pursuant to section 15‑1647. Subject to the limits provided in subsection B, paragraph 3 of this section, the board may assess a surcharge on registration fees paid by students for deposit in the fund. The fund shall also consist consists of monies deposited pursuant to section 15‑1670, subsection F. The interest income derived from monies in the fund shall be deposited in the Arizona promise scholarship fund established by section 15‑1647."
Page 2, line 19, strike "pursuant to" insert "established by"
Between lines 19 and 20, insert:
"Line 29, after "scholarship" insert "program""
Amend title to conform