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32                       SECTION 8
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34     TO AMEND THE 1976 CODE BY ADDING SECTION 59-113-45 SO AS TO PROVIDE THAT SOUTH CAROLINA TUITION
35     GRANT FUNDS SHALL BE DISBURSED TO ELIGIBLE STUDENTS ON A SEMESTER-BY-SEMESTER BASIS, AND TO



       PART II                                                        PAGE 534

 1     PROVIDE FOR THE MANNER IN WHICH INTEREST ACCRUING ON THE BALANCE OF UNDISBURSED TUITION
 2     GRANT FUNDS SHALL BE CALCULATED AND AWARDED.
 3
 4     A.  The 1976 Code is amended by adding:
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 6           "Section 59-113-45.    South Carolina Tuition Grant funds shall be disbursed to eligible students on a semester-by-semester basis.
 7     Interest accruing on the balance of undisbursed tuition grant funds on deposit with the State Treasurer's office from September fifteenth
 8     through December thirty-first shall be calculated by the State Treasurer's office and transferred within thirty days to the South Carolina
 9     Tuition Grant Commission to be awarded as tuition grants to eligible students."
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11     B.  This section takes effect upon approval by the Governor.
12