State Codes and Statutes
Statutes > Missouri > T11 > C166 > 166_207Trust fund established, priorities for expenditures uponappropriation.
166.207. There is hereby created in the state treasury a "MissouriAccess to Higher Education Trust Fund" into which shall be deposited all fundsaccruing to the trust including payments received by the trust from purchaserson behalf of qualified beneficiaries and from which, upon appropriation, shallbe paid all expenditures of the trust. The fund may be divided into separateaccounts. Moneys accruing to and deposited in the trust fund shall not be a*part of "total state revenues" as defined in sections 17 and 18 of article Xof the Constitution of the state of Missouri and the expenditure of suchrevenue shall not be an expense of state government under section 20 ofarticle X of the Constitution of the state of Missouri. The provisions ofsection 33.080, RSMo, to the contrary notwithstanding, any unexpended balancein the Missouri access to higher education trust fund at the end of anybiennium shall not be transferred and placed to the credit of the stategeneral revenue fund. All interest or other increase earned from theinvestment of money in the trust fund shall be credited to and deposited tothat fund. Unless otherwise provided by the board, money in the fund shall,upon appropriation, be expended in the following order of priority:
(1) To make payments to state institutions of higher education on behalfof qualified beneficiaries;
(2) To make refunds upon termination of an advance tuition paymentcontract;
(3) To pay the costs of administration and organization of the trust andthe fund.
(L. 1988 H.B. 1456 § 5)*Words "shall not be a" do not appear in original rolls.
