Sec. 3-22g. Connecticut Higher Education Trust: Established.
Sec. 3-22g. Connecticut Higher Education Trust: Established. (a) There is established the Connecticut Higher Education Trust to promote and enhance the affordability and accessibility of higher education for residents of the state. The trust shall
constitute an instrumentality of the state and shall perform essential governmental functions, as provided in sections 3-22f to 3-22o, inclusive. The trust shall receive and hold all
payments and deposits or contributions intended for the trust, as well as gifts, bequests,
endowments or federal, state or local grants and any other funds from any public or
private source and all earnings until disbursed in accordance with sections 3-22f to 3-22o, inclusive.
(b) The amounts on deposit in the trust shall not constitute property of the state and
the trust shall not be construed to be a department, institution or agency of the state.
Amounts on deposit in the trust shall not be commingled with state funds and the state
shall have no claim to or against, or interest in, such funds. Any contract entered into
by or any obligation of the trust shall not constitute a debt or obligation of the state and
the state shall have no obligation to any designated beneficiary or any other person on
account of the trust and all amounts obligated to be paid from the trust shall be limited
to amounts available for such obligation on deposit in the trust. The amounts on deposit
in the trust may only be disbursed in accordance with the provisions of sections 3-22f
to 3-22o, inclusive. The trust shall continue in existence as long as it holds any deposits
or has any obligations and until its existence is terminated by law and upon termination
any unclaimed assets shall return to the state. Property of the trust shall be governed by
section 3-61a.
(c) The Treasurer shall be responsible for the receipt, maintenance, administration,
investing and disbursements of amounts from the trust. The trust shall not receive deposits in any form other than cash. No depositor or designated beneficiary may direct the
investment of any contributions or amounts held in the trust other than in the specific
fund options provided for by the trust.
(P.A. 97-224, S. 2, 12; P.A. 98-252, S. 1, 80.)
History: P.A. 97-224 effective July 1, 1997; P.A. 98-252 made technical changes, effective July 1, 1998.