49-7-803 - Purpose.
49-7-803. Purpose.
Tenn. Const. art. XI, § 12 manifests the intention of the citizens of this state that the advancement and improvement of higher education in this state is an essential governmental function and purpose of this state. Therefore, the general assembly finds that the creation of a trust program, as an agency and instrumentality of the state, to assist students or their families in financing a portion of the costs of attending colleges and universities will increase the number of students who will seek to attend a college or university, and will, therefore, advance and improve higher education in this state. It is, therefore, the legislative intent of this part to establish an educational trust program as an agency and instrumentality of the state to assist students in saving for the tuition cost of attending colleges and universities, and thereby to encourage such students to attend a college or university. In establishing the trust program, it is further the intent of the general assembly to encourage timely financial planning for higher education by the creation of tuition contracts and to provide assistance and incentives for the purchase of tuition contracts for the benefit of the children of the people of this state. It is the legislative intent that the tuition program be funded from fees assessed in accordance with § 49-7-805(10).
[Acts 1995, ch. 388, § 1; 1996, ch. 991, § 1; 1999, ch. 233, § 7.]