Section 116B-7 - Distribution of fund(a) The income derived from the investment or deposit of the Escheat Fund shall be distributed annually on or before August 15 to the State Education Assistance Authority for grants and loans to aid worthy and needy students who are residents of this State and are enrolled in public institutions of higher education in this State. Such grants and loans shall be made upon terms, consistent with the provisions of this Chapter, pursuant to which the State Education Assistance Authority makes grants and loans to other students under G.S. 116-201 to 116-209.23, Article 23 of Chapter 116 of the General Statutes, policies of the Board of Governors of The University of North Carolina regarding need-based grants for students of The University of North Carolina, and policies of the State Board of Community Colleges regarding need-based grants for students of the community colleges. The Authority shall deposit an amount specified in the Current Operations Appropriations Act from the Escheat Fund into the Scholarship Reserve Fund for Public Colleges and Universities pursuant to G.S. 116-209.85 each fiscal year to fund the North Carolina Need-Based Scholarship for Public Colleges and Universities pursuant to Part 5 of Article 23 of Chapter 116 of the General Statutes.(b) An amount specified in the Current Operations Appropriations Act shall be transferred annually from the Escheat Fund to the Board of Governors of The University of North Carolina to be allocated to the State Education Assistance Authority to partially fund the program of Scholarships for Children of War Veterans established by Part 2 of Article 14 of Chapter 143B of the General Statutes. Those funds may be used only for residents of this State who (i) are worthy and needy as determined by the Department of Military and Veterans Affairs and (ii) are enrolled in public institutions of higher education of this State.Amended by 2023 N.C. Sess. Laws 134,s. 8A.2-b, eff. 7/1/2023, applicable beginning with scholarships awarded for the 2024-2025 academic year.Amended by 2021 N.C. Sess. Laws 180, s. 8A.2-b, eff. 1/1/2022, and applicable to scholarships awarded beginning with the 2023-2024 academic year.Amended by 2015 N.C. Sess. Laws 241, s. 24.1-t, eff. 1/1/2016.Amended by 2015 N.C. Sess. Laws 241, s. 11.1-c, eff. 7/1/2015.Amended by 2013 N.C. Sess. Laws 360, s. 11.1-f, eff. 7/1/2013.Amended by 2003 N.C. Sess. Laws 0284, s. 18.5.(b), eff. 7/1/2003.Amended by 2002 - 126, s. 9.19.(a), eff. 7/1/2002. 1979, 2nd Sess., c. 1311, s. 1; 1999-460, s. 3(b).