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164A.335 Program and administrative funds for savings plan trust -- Investment and payments from funds.

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164A.335 Program and administrative funds for savings plan trust -- Investment and payments from funds. The board, as trustee, shall segregate moneys received by the savings plan trust into two <br>(2) funds, which shall be identified as the program fund and the administrative fund. <br>Transfers may be made from the program fund to the administrative fund for the purpose <br>of paying operating costs associated with administering the trust and as required by KRS <br>164A.300 to 164A.380. All moneys credited to the administrative fund shall be deposited <br>in accordance with KRS 41.070. All moneys paid by participants in connection with <br>participation agreements shall be deposited as received into the program fund and shall be <br>promptly invested and accounted for separately. Contributions shall be accounted for <br>separately for each beneficiary. Deposits and interest thereon accumulated on behalf of <br>participants in the program fund of the savings plan trust may be used for payments to <br>any institution of higher education. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 382, sec. 6, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 132, sec. 5, effective March 26, 1998. -- Amended 1992 Ky. Acts <br>ch. 190, sec. 8, effective July 14, 1992. -- Created 1988 Ky. Acts ch. 88, sec. 8, <br>effective July 15, 1988.