§ 70010.7. — 70010.7. (Amended by Stats. 2002, Ch. 406, Sec. 9.)

California § 70010.7.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 5.
• Title 3.: DIVISION 5. GENERAL PROVISIONS
• Part 42.: PART 42. STUDENT FINANCIAL AID PROGRAM
• Ch. 2.: CHAPTER 2. Student Financial Aid Programs
• Art. 21.5.: ARTICLE 21.5. The California Memorial Scholarship Program

Text

(a)
(1)
The Department of Motor Vehicles shall deposit the proceeds of the sale of California memorial license plates into the fund in accordance with paragraph (2) of subdivision (c) of Section 5066 of the Vehicle Code. When an agreement is executed pursuant to Section 70011, the board shall establish an account within the fund for the benefit of a person eligible for the program.
(2)
Distributions from the fund shall commence on July 1, 2005. After July 1, 2005, the total amount of moneys in the fund shall, at all times, be evenly divided among the accounts that are in existence at that time until the board has transferred five thousand dollars ($5,000) from the fund into each account. When five thousand dollars ($5,000) has been transferred by the board into each account, all revenues remaining in the fund shall be deposited into the Antiterrorism Fund created by paragraph (1) of subdivision (c) of Section 5066 of the Vehicle Code and distributed as provided in that paragraph.
(b)
Moneys in the fund, including moneys in the accounts, may be invested and reinvested by the board, or may be invested in whole or in part under contract with private money managers, as determined by the board. The interest earned shall accrue to the accounts.
(c)
The board shall establish within the fund an administrative account, the amount deposited in which may not exceed 5 percent of the total amount of moneys in the fund. Funds in the administrative account may be used, upon appropriation in the annual Budget Act or in another statute, for the administrative costs of the board in administering the program.
(d)
No moneys from the fund may be encumbered, and no distribution may be made from any account in the fund, unless and until an appropriation authorizing that encumbrance or distribution is made in the annual Budget Act or in another statute.

Legislative History

Amended by Stats. 2002, Ch. 406, Sec. 9. Effective September 9, 2002.