49-7-812. Creation of the Tennessee baccalaureate education system trust funds.
(a) There are created two (2) Tennessee baccalaureate education system trust funds. These funds may be divided into separate accounts as may be determined by the board.
(1) One (1) trust fund shall consist solely of:
(A) Contributions received by the board from purchasers on behalf of beneficiaries pursuant to educational savings plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source that the board determines appropriate.
(2) The second trust fund shall consist solely of:
(A) Payments received by the board from purchasers on behalf of beneficiaries pursuant to educational services plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source which the board determines appropriate.
(b) The board shall maintain an account for each tuition contract showing the beneficiary of that contract. The account shall also show the number of tuition units purchased pursuant to that contract if the contract involves the educational services plan. If the contract involves the educational savings plan, the account shall also show the redemption value of that account.
(c) The assets of the funds shall be preserved, invested and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. The assets of the funds shall be expended solely to:
(1) Make payments to, or on behalf of, beneficiaries pursuant to §§ 49-7-807(a) and 49-7-808(a);
(2) Make refunds as provided in § 49-7-811; and
(3) Pay the investment fees and other costs of administering the funds.
49-7-812. Creation of the Tennessee baccalaureate education system trust funds.
(a) There are created two (2) Tennessee baccalaureate education system trust funds. These funds may be divided into separate accounts as may be determined by the board.
(1) One (1) trust fund shall consist solely of:
(A) Contributions received by the board from purchasers on behalf of beneficiaries pursuant to educational savings plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source that the board determines appropriate.
(2) The second trust fund shall consist solely of:
(A) Payments received by the board from purchasers on behalf of beneficiaries pursuant to educational services plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source which the board determines appropriate.
(b) The board shall maintain an account for each tuition contract showing the beneficiary of that contract. The account shall also show the number of tuition units purchased pursuant to that contract if the contract involves the educational services plan. If the contract involves the educational savings plan, the account shall also show the redemption value of that account.
(c) The assets of the funds shall be preserved, invested and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. The assets of the funds shall be expended solely to:
(1) Make payments to, or on behalf of, beneficiaries pursuant to §§ 49-7-807(a) and 49-7-808(a);
(2) Make refunds as provided in § 49-7-811; and
(3) Pay the investment fees and other costs of administering the funds.
49-7-812. Creation of the Tennessee baccalaureate education system trust funds.
(a) There are created two (2) Tennessee baccalaureate education system trust funds. These funds may be divided into separate accounts as may be determined by the board.
(1) One (1) trust fund shall consist solely of:
(A) Contributions received by the board from purchasers on behalf of beneficiaries pursuant to educational savings plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source that the board determines appropriate.
(2) The second trust fund shall consist solely of:
(A) Payments received by the board from purchasers on behalf of beneficiaries pursuant to educational services plan contracts or from any other source, public or private;
(B) All interest and investment income earned by the fund;
(C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and
(D) All other receipts of the board from any other source which the board determines appropriate.
(b) The board shall maintain an account for each tuition contract showing the beneficiary of that contract. The account shall also show the number of tuition units purchased pursuant to that contract if the contract involves the educational services plan. If the contract involves the educational savings plan, the account shall also show the redemption value of that account.
(c) The assets of the funds shall be preserved, invested and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. The assets of the funds shall be expended solely to:
(1) Make payments to, or on behalf of, beneficiaries pursuant to §§ 49-7-807(a) and 49-7-808(a);
(2) Make refunds as provided in § 49-7-811; and
(3) Pay the investment fees and other costs of administering the funds.
