North Carolina § 116-74 - 41B. (Effective until July 1, 2021) The North Carolina Principal Fellows and TP3 Trust Fund.

§ 116-74. 41B. (Effective until July 1, 2021) The North Carolina Principal Fellows and TP3 Trust Fund.

Trust Fund Established. - The North Carolina Principal Fellows and TP3 Trust Fund shall be an institutional trust fund established pursuant to G.S. 116-36.1. All funds appropriated to, or otherwise received by, (i) the Principal Fellows Program for scholarships and other program purposes, (ii) the Program for the award of grants pursuant to G.S. 116-74.44, (iii) all funds received as repayment of scholarship loans, and (iv) all interest earned on these funds shall be placed in the Trust Fund. Use of Monies in the Trust Fund. - The monies in the Trust Fund may be used only for the purposes set forth in this subsection, including (i) scholarship loans granted under the Principal Fellows Program, administrative costs, and costs associated with program operations in accordance with this Article and (ii) the award of grants pursuant to G.S. 116-74.44, with any monies in the Trust Fund that are unencumbered due to a reduction in the number of scholarship loans awarded under the Principal Fellows Program and from any funds appropriated for the Program. The Authority may use up to two percent (2%) of the funds appropriated for the Program or one hundred sixty thousand dollars ($160,000) from the Trust Fund, whichever is greater, each fiscal year for administrative costs, including recovery of funds advanced under the Program, and may allocate to the Commission up to eight hundred thousand dollars ($800,000) from the Trust Fund each fiscal year for the following: The salary and benefits of the director and staff of the Program. The expenses of the Commission for the Principal Fellows Program, including applicant recruitment. Principal Fellows Program monitoring and evaluation. Extracurricular enhancement activities for the Program. The expenses of the Commission to administer grants pursuant to G.S. 116-74.44. Trust Fund Established. - The North Carolina Principal Fellows and TP3 Trust Fund shall be an institutional trust fund established pursuant to G.S. 116-36.1. All funds appropriated to, or otherwise received by, (i) the Program for the award of grants pursuant to G.S. 116-74.44, (ii) all funds received as repayment of scholarship loans, including under the former Principal Fellows Program administered under G.S. 116-74.42 and the Transforming Principal Preparation Program under G.S. 116-209.77, and (iii) all interest earned on these funds shall be placed in the Trust Fund. Use of Monies in the Trust Fund. - The monies in the Trust Fund may be used only for the purposes set forth in this subsection, including the award of grants pursuant to G.S. 116-74.44, administrative costs, and costs associated with Program operations in accordance with this Article. The Authority may use up to two percent (2%) of the funds appropriated for the Program or one hundred sixty thousand dollars ($160,000) from the Trust Fund, whichever is greater, each fiscal year for administrative costs, including recovery of funds advanced under the Program, and may allocate to the Commission up to eight hundred thousand dollars ($800,000) from the Trust Fund each fiscal year for the following: History (2019-60, s. 1( l ).) Section set out twice. - The section above is effective until July 1, 2021. For the section as amended July 1, 2021, see the following section, also numbered G.S. 116-74.41 B. Editor's Note. - Session Laws 2019-60, s. 1(p), provides: "Notwithstanding any other provision of law, the Office of State Budget and Management shall transfer the unexpended balance in the Principal Fellows Trust Fund established under G.S. 116-74.42 to the North Carolina Principal Fellows and TP3 Trust Fund established under G.S. 116-74.41 B.” Session Laws 2019-60, s. 1(q), provides: "Notwithstanding any other provision of law, beginning with the 2019-2020 fiscal year, of the funds appropriated from the General Fund to the Principal Fellows Trust Fund established under G.S. 116-74.42 each fiscal year, the sum of three million two hundred fifty-eight thousand dollars ($3,258,000) in recurring funds shall instead be appropriated to the North Carolina Principal Fellows and TP3 Trust Fund established under G.S. 116-74.41 B." Session Laws 2019-60, s. 1(r), provides: "Notwithstanding any other provision of law, beginning with the 2020-2021 fiscal year, of the funds appropriated from the General Fund to the Board of Governors of The University of North Carolina for the Transforming Principal Preparation Grant Program established under G.S. 116-209.70 for each fiscal year, the sum of one million five hundred seventy-three thousand nine hundred two dollars ($1,573,902) in recurring funds shall instead be appropriated to the North Carolina Principal Fellows and TP3 Trust Fund established under G.S. 116-74.41 B to be used to award grants pursuant to G.S. 116-74.44 ." Session Laws 2019-60, s. 1(aa), provides: "Notwithstanding any other provision of law, beginning with the 2021‑2022 fiscal year, of the funds appropriated from the General Fund to the Board of Governors of The University of North Carolina for the Transforming Principal Preparation Grant Program established under G.S. 116‑209.70, the sum of three million six thousand ninety‑eight dollars ($3,006,098) in recurring funds shall instead be appropriated to the Principal Fellows and TP3 Trust Fund established under G.S. 116‑74.41B.” Session Laws 2019-60, s. 1(bb) made this section effective June 27, 2019. § 116-74.41B. (Effective July 1, 2021) The North Carolina Principal Fellows and TP3 Trust Fund. (1) The salary and benefits of the director and staff of the Program. (2) The expenses of the Commission to administer the Program. (3) Program monitoring and evaluation. (4) Extracurricular enhancement activities for the Program. (5) Repealed by Session Laws 2019-60, s. 1(y), effective July 1, 2021. History (2019-60, s. 1( l ), (y).) Section set out twice. - The section above is effective July 1, 2021. For the section as in effect until July 1, 2021, see the preceding section, also numbered G.S. 116-74.41 B. Effect of Amendments. - Session Laws 2019-60, s. 1(y), effective July 1, 2021, rewrote the section.