Connecticut Seal

House Bill No. 5498

Public Act No. 02-88

AN ACT CONCERNING A NEW CONNECTICUT FUTURES ACCOUNT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2002) (a) The Board of Governors of Higher Education may establish and administer an account to be known as the gear up for Connecticut futures account. The account shall be a separate and nonlapsing account within the General Fund. The account shall be used for scholarships pursuant to the federal GEAR UP program, 20 USC 1070a-21 et seq. The board may deposit state funds appropriated as a state match to the federally funded GEAR UP grant in the account.

(b) The Treasurer may invest in accordance with section 3-31a of the general statutes, any moneys in the account not needed for current disbursement for scholarships. The interest derived from such investment shall be credited to the account.

Approved June 3, 2002