Effective: September 29, 2015
Latest Legislation: House Bill 64 - 131st General Assembly
There is hereby created in the state treasury the national guard scholarship reserve fund. As soon as possible following the end of each fiscal year, the chancellor of higher education 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 of budget and management 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.
The director of budget and management may transfer any unencumbered balance from the national guard scholarship reserve fund to the general revenue fund.
If it is determined that general revenue fund appropriations are insufficient to meet the obligations of the national guard scholarship in a fiscal year, the director of budget and management may transfer funds from the national guard scholarship reserve fund to the general revenue fund in order to meet those obligations. The amount transferred is hereby appropriated. If the funds transferred from the national guard scholarship reserve fund are not needed, the director of budget and management may transfer the unexpended balance from the general revenue fund back to the national guard scholarship reserve fund.