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Can you summarize 4 TNCO Chapter 31, Part 10?
Tennessee Local Development Authority Act > Tennessee Lottery Funds for Education Projects Loan Act of 2003
Short Summary
The ‘Tennessee Lottery Funds for Education Projects Loan Act of 2003’ is a part of the Tennessee Local Development Authority Act. It establishes provisions for postsecondary financial assistance from the net proceeds of the state lottery. The act specifies that the provisions for financial assistance shall not be considered an appropriation of funds unless specifically appropriated by the general appropriations act. It also outlines the eligibility criteria for Tennessee HOPE scholarships, Tennessee HOPE access grants, General Assembly Merit Scholarships, and supplemental awards. These scholarships and grants are awarded to eligible students who graduate from a Tennessee high school, complete high school in a Tennessee home school program, or obtain a GED between January 1, 2003, and July 1, 2005, and enroll in an eligible postsecondary institution before January 1, 2006. The act also provides cross-references to other laws related to law enforcement efforts, lotteries, gambling, lottery sales, possession of gambling devices or records, state lottery proceeds, the Tennessee Education Lottery Corporation, and the Tennessee Education Lottery Implementation Law. The Tennessee Lottery Funds for Education Projects Loan Act of 2003 aims to address the financing costs incurred by local governments in connection with education projects. The Act recognizes that these costs can hinder the ability of local governments to meet the educational needs of their communities. To alleviate this, the Tennessee local development authority is empowered to issue revenue bonds and provide loans to local government units for capital projects focused on kindergarten through grade twelve (K-12) educational purposes. The Act intends to enable local governments to pool their needs and utilize less costly borrowing techniques, thereby facilitating the provision of education projects and essential services for the benefit of citizens and taxpayers in Tennessee.
Whom does it apply to?
The act applies to eligible students who graduate from a Tennessee high school, complete high school in a Tennessee home school program, or obtain a GED between January 1, 2003, and July 1, 2005, and enroll in an eligible postsecondary institution before January 1, 2006. It also applies to local government units seeking loans for financing the construction of education projects.
What does it govern?
Tennessee Lottery Funds for Education Projects Loan Act of 2003 governs the provisions for postsecondary financial assistance from the net proceeds of the state lottery, eligibility criteria for Tennessee HOPE scholarships, Tennessee HOPE access grants, General Assembly Merit Scholarships, and supplemental awards, and the financing costs incurred by local governments in connection with education projects.
What are exemptions?
No exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Tennessee