House Bill 638 proposes that the bonds, with a fixed interest rate and non-transferable, be used for the beneficiaryUnder the measure, qualified beneficiaries must be part of a household included in the poverty data under the Community Based Monitoring System Act.
The Commission on Higher Education will be appointed as trustee of the bond. It will oversee funds from the issuance of the bond. Funding for the proposed law will be appropriated from any funds not lodged into the budgets of any government agency. It will be included in the annual General Appropriations Act.
Source: Education Headlines (educationheadlines.net)
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