| Issue Date: | 2008-09-25 |
|---|---|
| Revised Date: | 2009-06-19 |
Legal Cites
- Education Code sec. 54.764
Origin:
2007 by H.B. 3900, 80th Leg., R.S.
Purpose
A trust created outside the Treasury to hold funds related to the Tuition Promise Program paid under the prepaid tuition contracts and interest earned. The Board shall provide for assigning payments to the fund and establishing and administering the accounts of purchasers under the prepaid tuition contracts. The Board may provide for investing the assets of the fund under § 11b, art. VII, Texas Constitution or other law. Funds are used only to pay costs of program administration and operations, to make payments to institutions of higher education and career schools on behalf of the beneficiaries and to make refunds under prepaid tuition contracts.
| Classification | Group 13: Local Trust [?] |
|---|---|
| Depository Interest | Retained in appropriated fund. |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated for state expenditure |
Administering Agencies
Note
Amended by S.B. 1941, 81st Leg., R.S.
USAS Values
| USAS Title | TX TOMORROW FND II UNDERGRAD EDUC TR FND |
|---|---|
| Consolidated Fund | |
| State Fund Group | 13 - LOCAL TRUST |
| USAS Status | A |
Funds held outside the state treasury in a trustee capacity for individuals, private organizations or other governmental entities. Includes assets belonging to individuals and other entities held temporarily in a custodial capacity.