Florida Student Loans, Amendment 2 (March 1972)

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IIIIIIIVVVIVIIVIIIIXXXIXII

The Florida Student Loans Amendment, also known as Amendment 2, was a legislatively-referred constitutional amendment on the March 14, 1972 ballot in Florida, where it was approved.

This amendment modified Article V of the Florida Constitution to allow for the establishment of a fund to make loans to students.[1][2]

Election results

Florida Amendment 2 (March 1972)
ResultVotesPercentage
Approveda Yes 862,300 65.56%
No453,05034.44%

Unofficial election results via: Ocala Star-Banner (March 15, 1972)

Text of measure

The language that appeared on the ballot:

No. 2
Amendment to Article VII – STUDENT LOANS

Proposing an amendment to Article VII of the Constitution of the State of Florida by adding a new Section 15, permitting the issuance, when authorized by law, of revenue bonds to establish a fund to make loans to students; to be effective immediately upon ratification by the voters.[1][3]

Constitutional changes

Section 15.

(a) When authorized by law, revenue bonds may be issued to establish a fund to make loans to students determined eligible as prescribed by law and who have been admitted to attend any public or private institutions of higher learning, junior colleges, health related training institutions, or vocational training centers, which are recognized or accredited under terms and conditions prescribed by law. Revenue bonds issued pursuant to this section shall be secured by a pledge of and shall be payable primarily from payments of interest, principal, and handling charges to such fund from the recipients of the loans and, if authorized by law, may be additionally secured by student fees and by any other monies in such fund. There shall be established from the proceeds of each issue of revenue bonds a reserve account in an amount equal to and sufficient to pay the greatest amount of principal, interest, and handling charges to become due on such issue in any ensuing state fiscal year.

(b) Interest monies in the fund established pursuant to this section, not required in any fiscal year for payment of debt service on then outstanding revenue bonds or for maintenance of the reserve account, may be used for educational loans to students determined to be eligible therefor in the manner provided by law, or for such other related purposes as may be provided by law.[4]

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