§10909. University of Maine System Scholarship Fund

The University of Maine System Scholarship Fund is created and established as a nonlapsing fund under the jurisdiction and control of the Board of Trustees of the University of Maine System.__All revenues credited to this fund must be distributed as need-based scholarships for students attending the University of Maine System.__These scholarships may be awarded only to those students who are residents of the State.__The fund may not be used for the costs of administering the scholarships.__Fees credited from the University of Maine System registration plate pursuant to Title 29-A, section 456 may not be distributed as scholarships to students attending the University of Maine.

Sec. 3. 20-A MRSA c. 419-B, as amended, is repealed.

Sec. 4. 29-A MRSA §456, sub-§2, ķA, as amended by PL 1995, c. 645, Pt. A, §2 and affected by §18, is further amended to read:

A. Fourteen dollars to the University of Maine System Scholarship Fund established in Title 20-A, section 11631 10909; and

Sec. 5. 29-A MRSA §456, sub-§5, ķA, as enacted by PL 1995, c. 645, Pt. A, §2 and affected by §18, is amended to read:

A. Fourteen dollars to the University of Maine System Scholarship Fund established in Title 20-A, section 11631 10909; and

Sec. 6. Transfer of funds. All funds remaining in the University of Maine System Scholarship Fund held by the Finance Authority of Maine must be transferred to the Board of Trustees of the University of Maine System to be deposited on July 1, 2005 in the University of Maine System Scholarship Fund created in the Maine Revised Statutes, Title 20-A, section 10909.

Sec. 7. Appropriations and allocations. The following appropriations and allocations are made.

UNIVERSITY OF MAINE SYSTEM,

BOARD OF TRUSTEES OF THE

University of Maine Scholarship Fund (NEW)

Initiative: Allocates funds due to the transfer of the University of Maine System Scholarship Fund and the