A subvention program for the university of osteopathic medicine and health sciences is established. The subvention program shall provide funds to the university for Iowa resident students. The total amount of moneys appropriated to the college student aid commission for the subvention program shall be paid to the university if the university certifies to the college student aid commission not later than September 15 and January 15 of each fiscal year that at least twenty percent of the total students enrolled are Iowa residents. The certification shall contain the number, names, and addresses of all students enrolled, by class, and shall indicate which students are resident students.
The college student aid commission shall determine a subvention amount per resident student by dividing the funds appropriated for this section by a number equal to the total of twenty-two percent of the total students enrolled. If fewer than twenty-two percent of the total number of students enrolled are Iowa residents, the college student aid commission shall deduct from the funds appropriated an amount equal to the subvention amount per resident student multiplied by the number of students required to equal twenty-two percent of the total students enrolled.
The commission shall compute the amount of moneys to be paid to the university and transmit the funds to the university of osteopathic medicine and health sciences within ten days following receipt of the certification.
Notwithstanding the percentage figure contained in the calculation of the subvention amount per resident student and any corresponding deductions, for each fiscal year during the period commencing with the fiscal year beginning July 1, 1990, and ending with the fiscal year ending June 30, 1993, the percentage of total students enrolled, for purposes of calculating the subvention amount and any corresponding deductions, shall be increased by five-tenths of a percent from twenty percent until the percentage figure reaches twenty-two percent.
For each fiscal year in which funds are appropriated, one- half of the amount appropriated shall not be released until financial audits of the university of osteopathic medicine and health sciences, conducted by an independent third party by June 30 of the previous fiscal year, are delivered to the legislative fiscal bureau.
[C77, 79, 81, § 261.19]
87 Acts, ch 115, § 38; 89 Acts, ch 319, § 46; 90 Acts, ch 1253, § 122; 90 Acts, ch 1272, § 51
Iowa General Assembly
Search: Iowa Code 1997
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