YSC, Title 16.  Education
 
 
 
Chapter 6.  Scholarship
and Grant Deposit Fund

601.   Statement of purpose.
602.   Creation of Scholarship and Grant Deposit Fund.
603.   Financial matters and appropriations.
604.   Annual reports.
605.   Severability.

     601.  Statement of purpose.
     It is the intent of the Legislature of the State of Yap to create a fund for scholarships and grants into which public funds may be appropriated and deposited to earn interest and later obligated and administered pursuant to a future act of the Legislature to meet the educational and manpower development needs of the people of the State of Yap.

Source:  YSL 1-184 1.

     602.  Creation of Scholarship and Grant Deposit Fund.
     There is created a fund to be known as the Scholarship and Grant Deposit Fund, which shall not become a part of, nor shall it be deemed to become a successor to, the State Scholarship and Student Loan Fund.

Source:  YSL 1-184 2.

Cross-reference:  The statutory provisions on Taxation and Finance are found in Title 13 of this Code.

     603.  Financial matters and appropriations.

     (a)  There is hereby designated out of the General Fund of the State of Yap the sum of $100,000.00, or so much thereof as may be necessary, to provide funds for initial deposit into the Scholarship and Grant Deposit Fund.  The funds appropriated and all interest earned on these funds shall not be expended for any administrative costs.

     (b)  The sum appropriated under subsection (a) of this section shall not become part of the State Scholarship and Student Loan Fund and shall be accounted for in accordance with such applicable laws and regulations which have heretofore been or may hereinafter be in force pertaining thereto; provided, however, that separate records shall be maintained for these funds so that their use will be exclusive of and not commingled with other scholarship or loan funds.

     (c)  The sum appropriated shall be allotted to the Governor or his designee who shall be responsible for ensuring these funds are used only for the purpose specified in subsection (a) of this section and that no obligations are incurred against the sum appropriated.  The sum appropriated shall not revert to the General Fund of the State of Yap.

Source:  YSL 1-184 3, modified.

Cross-reference:  The statutory provisions on Taxation and Finance are found in Title 13 of this Code.

     604.  Annual reports.
     The Governor or his designee shall file a report with the Legislature each year during its regular session, showing the status of funds appropriated under subsection (a) of section 603 of this chapter, the amount of money in the Scholarship and Grant Deposit Fund, and the monthly breakdown of all interest earned on said funds.

Source:  YSL 1-184 4.

     605.  Severability.
     If any provision of this chapter, or the application thereof to any person or circumstance, is held invalid, such holding shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.

Source:  YSL 1-184 6, modified.