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

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

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

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

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