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TO AMEND SECTION 2-75-30 OF THE 1976 CODE RELATING TO THE CENTERS OF EXCELLENCE MATCHING ENDOWMENT, TO PROVIDE THAT THE INTEREST EARNINGS IN THE FUND MAY BE USED AT THE RESEARCH CENTERS OF EXCELLENCE REVIEW BOARD'S DISCRETION FOR ADDITIONAL STATE AWARDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 2-75-30 of the 1976 Code is amended to read:
"Section 2-75-30. There is created the Centers of Excellence Matching Endowment. The endowment must be funded annually by appropriations from the South Carolina Education Lottery Account in an aggregate amount not to exceed $200,000,000 by 2010. The fund must be managed by the State Treasurer, subject to awards from the endowment as provided in this chapter. Interest earnings of the endowment must remain in the fund and may be used at the board's discretion for additional state awards."
SECTION 2. This act takes effect upon approval by the Governor.
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