Sec 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.