15-1873

15-1873. Commission for postsecondary
education; powers and duties; family college savings program trust
fund

A. The commission shall:

1. Develop and implement the program in a manner consistent with this article
through the adoption of rules, guidelines and procedures.

2. Retain professional services, if necessary, including accountants, auditors,
consultants and other experts.

3. Seek rulings and other guidance from the United States department of the
treasury and the internal revenue service relating to the program.

4. Make changes to the program required for the participants in the program to
obtain the federal income tax benefits or treatment provided by section 529 of the
internal revenue code.

5. Interpret, in rules, policies, guidelines and procedures, the provisions of this
article broadly in light of its purpose and objectives.

6. Charge, impose and collect administrative fees and service charges in connection
with any agreement, contract or transaction relating to the program.

7. Negotiate and select the financial institution or institutions to act as the
depository and manager of the program in accordance with this article.

8. As an agency of this state, act as trustee of the fund.

9. Maintain the program on behalf of this state as required by section 529 of the
internal revenue code.

10. Enter into tuition savings agreements with account owners pursuant to this
article.

B. The family college savings program trust fund is established consisting of the
assets of the family college savings program. The commission shall administer the fund
and shall act as the sole trustee of the fund. Monies in the fund are continuously
appropriated. The fund is designated a public instrumentality of this state that is
created for an essential public purpose. Trust interests in the fund shall be designated
by the commission for each account owner. The fund shall be separated into a trust
account and an operating account. The trust account shall include amounts received by the
family college savings program from account owners pursuant to tuition savings agreements
and interest and investment income earned by the fund. The commission shall make
transfers from the trust account to the operating account as necessary for the immediate
payment of obligations under tuition savings agreements, operating expenses and
administrative costs of the family college savings program. The commission shall deposit
and invest monies or other amounts in the fund with financial institutions in accordance
with section 15-1874.