There is hereby created in the state treasury the national guard scholarship reserve fund. Not later than the first day of July of each fiscal year, the chancellor of the Ohio board of regents shall certify to the director of budget and management the unencumbered balance of the general revenue fund appropriations made in the immediately preceding fiscal year for purposes of the Ohio national guard scholarship program created under division (B) of section 5919.34 of the Revised Code. Upon receipt of the certification, the director may transfer an amount not exceeding the certified amount from the general revenue fund to the national guard scholarship reserve fund. Moneys in the national guard scholarship reserve fund shall be used to pay scholarship obligations in excess of the general revenue fund appropriations made for that purpose. Upon request of the chancellor, the director may seek controlling board approval to establish appropriations as necessary.
The director may transfer any unencumbered balance from the national guard scholarship reserve fund to the general revenue fund.
Amended by 129th General AssemblyFile No.28, HB 153, §101.01, eff. 6/30/2011.
Effective Date: 09-29-2005