Sec. 54.634. ESTABLISHMENT OF TRUST FUND; COLLEGE SAVINGS PLAN ACCOUNT. (a) The Texas tomorrow constitutional trust fund is created as a trust fund to be held with the comptroller. The fund consists of:
(1) state appropriations for purposes of the fund;
(2) money acquired from other governmental or private sources;
(3) money paid under prepaid tuition contracts; and
(4) the income from money deposited in the fund.
(b) The board shall administer the assets of the fund. The board is the trustee of the fund's assets.
(c) The board may:
(1) segregate contributions and payments to the fund into various accounts; and
(2) acquire, hold, manage, purchase, sell, assign, trade, transfer, and dispose of any security, evidence of indebtedness, or other investment in which the fund's assets may be invested.
(d) The Texas college savings plan account is created within the Texas tomorrow constitutional trust fund and is financed through administrative fees and service charges as authorized by Section 54.702(c).
Added by Acts 1995, 74th Leg., ch. 1032, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 2001, 77th Leg., ch. 1250, Sec. 4, eff. June 15, 2001.
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