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22                       SECTION 8
23
24     TO AMEND THE 1976 CODE BY ADDING SECTION 59-113-45 SO AS TO PROVIDE THAT SOUTH CAROLINA TUITION
25     GRANT FUNDS SHALL BE DISBURSED TO ELIGIBLE STUDENTS ON A SEMESTER-BY-SEMESTER BASIS, AND TO
26     PROVIDE FOR THE MANNER IN WHICH INTEREST ACCRUING ON THE BALANCE OF UNDISBURSED TUITION GRANT
27     FUNDS SHALL BE CALCULATED AND AWARDED.
28
29     A.  The 1976 Code is amended by adding:             "Section 59-113-45.        South Carolina Tuition Grant funds shall be disbursed to eligible
30     students on a semester-by-semester basis.  Interest accruing on the balance of undisbursed tuition grant funds on deposit with the State
31     Treasurer's office from September fifteenth through December thirty-first shall be calculated by the State Treasurer's office and transferred
32     within thirty days to the South Carolina Tuition Grant Commission to be awarded as tuition grants to eligible students."
33
34     B.   This section takes effect upon approval by the Governor.