This bill pertains to the establishment of the Board of Medical Scholarship Awards Fund within the State Treasury of Alabama. The purpose of the fund is to provide financial assistance in the form of scholarships or loans to medical students. The bill amends Section 16-47-123.1 of the Code of Alabama 1975, by inserting new provisions that create the fund and specify that all monies received by the board, including those from Section 16-47-125 or Section 16-47-127, fees, gifts, donations, grants, and bequests, are to be deposited into this fund. These funds are continuously appropriated for the stated purpose of supporting medical students financially.

Additionally, the bill allows the Board of Medical Scholarship Awards to establish fiscal requirements for its annual administrative expenses, which may be paid from any available funds. The bill clarifies that the provisions are declaratory of existing law and do not constitute a change in the law. The act is set to become effective on October 1, 2024. The bill has passed both the Senate and the House of Representatives, as indicated by the signatures of the President and Presiding Officer of the Senate and the Speaker of the House of Representatives.

Statutes affected:
Introduced: 16-47-123
Enrolled: 16-47-123