CT HB05347

Distressed municipalities may adopt ordinances to establish scholarship funds through municipal bond issuance under chapters 109 or 588c of the general statutes.

Scholarship recipients must be U.S. citizens or permanent residents attending accredited public or independent institutions of higher education in Connecticut while remaining municipality residents.

Scholarship eligibility requirements include applying for all appropriate grants and scholarships, enrolling in degree-granting programs, completing at least 12 credit hours per semester, and maintaining a 2.5 grade point average.

Scholarship awards cannot exceed the annual in-state tuition, room and board, and fees at the University of Connecticut at Storrs, and recipients must agree to work and live in Connecticut for a specified period or repay the award.

Public institutions of higher education cannot reduce financial aid to scholarship recipients except when required by federal law, and fund proceeds may be invested in specified securities and obligations with limitations on equity investments at 40 percent maximum.