Purpose of the Bill

The bill aims to modify an existing grant program for higher education institutions by establishing a specific financial account.

Main Provisions

• Creation of a Special Account: The bill establishes a new account within the special revenue fund. This account is designed to handle money specifically meant for providing grants to students.
• Appropriation of Funds: The money in this new account is automatically allocated for use by the commissioner of the Office of Higher Education, specifically for foster grants that benefit eligible students.

Significant Changes to Existing Law

• The bill adds a new subdivision to the Minnesota Statutes 2024 section 136A.1241, clarifying the financial structure and management of grant funds designated for higher education.

Relevant Terms

• Higher education institutions
• Grant program
• Special revenue fund
• Foster grants
• Office of Higher Education