2006 Utah Code - 53B-8a-103 — Creation of Utah Educational Savings Plan Trust.

     53B-8a-103.   Creation of Utah Educational Savings Plan Trust.
     (1) There is created the Utah Educational Savings Plan Trust.
     (2) The board is the trustee of the trust.
     (3) The board, in the capacity of trustee, may:
     (a) exercise any authority granted by law to the Board of Regents;
     (b) make and enter into contracts necessary for the administration of the trust created under this chapter;
     (c) adopt a corporate seal and change and amend it from time to time;
     (d) invest moneys within the program fund:
     (i) (A) in any investments that are determined by the board to be appropriate and are approved by the state treasurer; or
     (B) in mutual funds registered under the Investment Company Act of 1940, consistent with the best interests of a designated beneficiary's higher education funding needs; and
     (ii) are in compliance with rules of the State Money Management Council applicable to gift funds;
     (e) invest moneys within the endowment fund in any investments that are:
     (i) determined by the board to be appropriate;
     (ii) approved by the state treasurer; and
     (iii) in compliance with rules of the State Money Management Council applicable to gift funds;
     (f) enter into agreements with any institution of higher education, any federal or state agency, or other entity as required to implement this chapter;
     (g) accept any grants, gifts, legislative appropriations, and other moneys from the state, any unit of federal, state, or local government, or any other person, firm, partnership, or corporation for deposit to the administrative fund, endowment fund, or the program fund;
     (h) enter into account agreements with account owners;
     (i) make payments to institutions of higher education pursuant to account agreements on behalf of beneficiaries;
     (j) make refunds to account owners upon the termination of account agreements pursuant to the provisions of this chapter;
     (k) appoint a program administrator and determine the duties of the program administrator and other staff as necessary and fix their compensation;
     (l) make provision for the payment of costs of administration and operation of the trust; and
     (m) carry out the duties and obligations of the trust pursuant to this chapter.

Amended by Chapter 109, 2005 General Session