§ 78. New York state college choice tuition savings program trust\nfund.
1.There is hereby established in the sole custody of the state\ncomptroller a special fund to be known as the New York state college\nchoice tuition savings program trust fund. All payments from such fund\nshall be made in accordance with article fourteen-A of the education law\nand the memorandum of understanding entered into pursuant thereto on the\naudit of the state comptroller.\n 2. The fund shall be a trust fund and shall consist of a trust account\nand an operating account. The trust account shall include amounts\nreceived by the New York state college choice tuition savings program\npursuant to tuition savings agreements, administrative charges, fees,\nand all other amounts received by the program from ot
Free access — add to your briefcase to read the full text and ask questions with AI
§ 78. New York state college choice tuition savings program trust\nfund. 1. There is hereby established in the sole custody of the state\ncomptroller a special fund to be known as the New York state college\nchoice tuition savings program trust fund. All payments from such fund\nshall be made in accordance with article fourteen-A of the education law\nand the memorandum of understanding entered into pursuant thereto on the\naudit of the state comptroller.\n 2. The fund shall be a trust fund and shall consist of a trust account\nand an operating account. The trust account shall include amounts\nreceived by the New York state college choice tuition savings program\npursuant to tuition savings agreements, administrative charges, fees,\nand all other amounts received by the program from other sources, and\ninterest and investment income earned by the trust fund. The comptroller\nshall, from time to time, make transfers from the trust account to the\noperating account for the immediate payment of obligations under tuition\nsavings agreements, operating expenses and administrative costs of the\nNew York state college choice tuition savings program. Administrative\ncosts shall be paid out of the operating account according to the terms\nand conditions established pursuant to the provisions of section six\nhundred ninety-five-c of the education law.\n 3. (a) The comptroller, as trustee, shall invest the assets of the\ntrust fund with the care, skill, prudence and diligence under the\ncircumstances then prevailing that a prudent person acting in a like\ncapacity and familiar with such matters would use in the conduct of an\nenterprise of a like character and with like aims.\n (b) Trust fund assets shall be kept separate and shall not be\ncommingled with other assets, except as provided herein. The comptroller\nmay enter into contracts to provide for investment advice and\nmanagement, custodial services, and other professional services for the\nadministration and investment of the program. Administrative fees, costs\nand expenses, including investment fees and expenses, shall be paid from\nthe assets of the fund.\n 4. The comptroller shall provide for the administration of the trust\nfund, including maintaining participant records and accounts, and\nproviding annual audited reports. The comptroller may enter into\ncontracts to provide administrative services and reporting.\n