The bill amends Section 16-47-123.1 of the Code of Alabama 1975 to establish the Board of Medical Scholarship Awards Fund within the State Treasury. This fund will receive all monies from the board as specified in Sections 16-47-125 and 16-47-127, as well as from fees, gifts, donations, grants, and bequests. The funds are continuously appropriated for the purpose of granting scholarships or making loans to medical students. Additionally, the board is tasked with establishing the fiscal requirements for its annual administration expenses, which can be funded from any available sources.

The bill clarifies that the provisions are declaratory and do not represent a change in existing law. It is set to take effect on October 1, 2024. The legal language that has been inserted includes the creation of the fund and the stipulation regarding the appropriation of funds for scholarships and loans, while no deletions from the current law are specified in the text provided.

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