Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 59-121-55(B) of the 1976 Code is amended to read:
"(B) The Board of
Visitors is further authorized to transfer not exceeding
twenty million dollars of nonstate appropriated funds
and property it privately donated to the
college, and income or proceeds derived from these privately
donated funds and property, that the board holds in its name
or in the college's name for scholarship and other college
support purposes to the nonprofit corporation formed pursuant to
subsection (A). These funds, and
property, and income and proceeds derived from them, must
be used by the nonprofit corporation for its stated purposes,
except that any restrictions or limitations applicable to a
specified portion of these funds or property continue to be
applicable after the transfer of those
the funds, or property, and
income and proceeds derived from them, to the nonprofit
corporation. Any encumbrances or liability on the funds,
and property, and income and proceeds
derived from them so transferred must be assumed by the
nonprofit corporation."
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.