KTRV Fox 12 Little to sign college rainy day fund bill
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Associated Press - March 21, 2010 8:14 AM ET
BOISE, Idaho (AP) - Lt. Gov. Brad Little is expected to sign off on the creation of a rainy day fund for colleges, similar to the reserve account set aside several years ago for the K-12 public school system.
The governor's office says Little will sign the bill Monday, while Gov. C.L. "Butch" Otter is in Utah for a Republican Governors Association meeting.
The legislation creates the Higher Education Stabilization Fund, with three accounts to better equip state universities and community colleges to handle future state funding losses.
1 of the fund's three accounts would capture about $114,000 in yearly interest from student tuition and fee revenues.
Lawmakers would fill the other two accounts when the economy turns around and there is surplus, with one arm to benefit state universities and the other for community colleges.
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