§256-6  College savings program trust fund. 
(a)  There is established the college savings program trust fund.  The director
of finance shall have custody of the fund.  All payments from the fund shall be
made in accordance with this chapter.



(b)  The fund shall consist of a trust account
and an operating account.  The trust account shall include amounts received by
the college savings program pursuant to tuition savings agreements,
administrative charges, fees, and all other amounts received by the program
from other sources, and interest and investment income earned by the fund.  The
director of finance, from time to time, shall make transfers from the trust
account to the operating account for the immediate payment of obligations under
tuition savings agreements, operating expenses, and administrative costs of the
college savings program.



(c)  The director of finance, as trustee, shall
invest the assets of the fund in securities that constitute legal investments
under state laws relating to the investment of trust fund assets by trust
companies, including those authorized by article 8 of chapter 412.  Trust fund
assets shall be kept separate and shall not be commingled with other assets,
except as provided in this chapter.  The director of finance may enter into
contracts to provide for investment advice and management, custodial services,
and other professional services for the administration and investment of the
program.



(d)  The director of finance shall provide for
the administration of the fund, including maintaining participant records and
accounts, and providing annual audited reports.  The director of finance may
enter into contracts for administrative services, including reports.



(e)  All administrative fees, costs, and
expenses, including investment fees and expenses, shall be paid from the
operating account of the fund and, notwithstanding any other law to the
contrary, may be made without appropriation or allotment. [L 1999, c 81, pt of
§2; am L 2000, c 90, §5]