| (a) Funding. No awards may be made by an institution
in excess of the amount of money on balance at the State Comptroller's
Office for that institution, generated through the sale of special
license plates bearing the institution's insignia.
(1) The License Plate Insignia Scholarship Program
is funded through funds paid to the department for the purchase of
automobile license plates bearing the insignia of Texas colleges and
universities. The amount of money available for scholarships to students
at each institution will depend on the number of license plates purchased
with that school's insignia.
(2) Funds for license plates bearing the insignia of
public senior colleges and universities will be held on deposit by
the State Comptroller's Office, for the institutions to draw down
as needed. Funds for license plates bearing the insignia of other
public, private and independent institutions will be deposited in
the State Treasury to the credit of the Board, which in turn will
allocate the funds to the relevant institutions.
(b) Award Amount. No award received through this program
may exceed a student's financial need.
(c) Uses. Institutions may only use funds generated
through the sale of license plates under Texas Transportation Code, §504.615,
to issue scholarships to students with financial need or to issue
need-based grants through the Texas Public Educational Grant Program,
authorized in Texas Education Code, §§56.031 - 56.039.
(d) Over Awards. If, at a time after an award has been
offered by the institution and accepted by the student, the student
receives assistance that was not taken into account in the student's
estimate of financial need, so that the resulting sum of assistance
exceeds the student's financial need, the institution is not required
to adjust the award under this program unless the sum of the excess
resources is greater than $300.
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| Source Note: The provisions of this §22.145 adopted to be effective August 16, 2004, 29 TexReg 7986; amended to be effective November 28, 2005, 30 TexReg 7869; amended to be effective November 28, 2012, 37 TexReg 9359 |
