Alaska § 14.43.915 - Alaska education grant account and Alaska performance scholarship award account.

§ 14.43.915. Alaska education grant account and Alaska performance scholarship award account.

 (a) The Alaska education grant account is created as an account in the general fund. Money may be appropriated to the account from the Alaska higher education investment fund under AS 37.14.750 and from other sources. The commission may use the money in the account to pay grants awarded under AS 14.43.400 — 14.43.420 and to pay the cost of administration of the Alaska education grant program created under AS 14.43.400 .

 (b) The Alaska performance scholarship award account is created as an account in the general fund. Money may be appropriated to the account from the Alaska higher education investment fund under AS 37.14.750 and from other sources. The commission may use the money in the account to pay scholarships awarded to students under AS 14.43.810 — 14.43.849.

 (c) Of the total amount available annually to the commission for payment of grants under AS 14.43.400 — 14.43.420 and for payment of scholarships under AS 14.43.810 — 14.43.849, one-third of the combined amount in the accounts established under (a) and (b) of this section shall be available solely for payment of grants awarded under AS 14.43.400 — 14.43.420. The commission shall annually allocate to all qualified applicants for scholarships awarded under AS 14.43.810 — 14.43.849 two-thirds of the combined amount in the accounts. If an insufficient number of qualified applicants are awarded grants under AS 14.43.400 — 14.43.420 or scholarships under AS 14.43.810 — 14.43.849, or both, before the end of that fiscal year, the commissioner shall redeposit the remaining funds into the Alaska higher education investment fund established under AS 37.14.750 .

 (d) The commission shall reserve a percentage calculated under this subsection of the total amount available for awards in the accounts established under (a) and (b) of this section each year for award to students who graduate from a school district with an ADM of less than 800 or from a school that was operated by the Alaska State-Operated School System established under former AS 14.08.020 . The percentage reserved under this subsection shall be calculated by adding the ADMs of districts with an ADM of less than 800 and the number of students enrolled in a school that was operated by the Alaska State-Operated School System established under former AS 14.08.020 that is located in a district with an ADM of 800 or more and then dividing that number by the sum of the ADMs of all districts in the state.

 (e) If an insufficient number of applicants apply for the available amount reserved under (d) of this section, the commission shall redeposit the remaining amount in the account from which the funds originated.

 (f) In this section,        (1) “ADM” has the meaning given in AS 14.17.990 ;

 (2) “district” has the meaning given in AS 14.17.990 , but also includes a state boarding school under AS 14.16 .