Terms Used In Ohio Code > Chapter 3334 - College Savings Program; Variable College Savings Program

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: means :

  (1) An individual designated by the purchaser under a tuition payment contract or through a scholarship program as the individual on whose behalf tuition units purchased under the contract or awarded through the scholarship program will be applied toward the payment of undergraduate, graduate, or professional tuition; or

  (2) An individual designated by the contributor under a variable college savings program contract as the individual whose higher education expenses will be paid from a variable college savings program account. See Ohio Code 3334.01

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bond: includes an undertaking. See Ohio Code 1.02
• Capital appreciation bond: means a bond for which the following is true:

  (1) The principal amount is less than the amount payable at maturity or early redemption; and

  (2) No interest is payable on a current basis. See Ohio Code 3334.01

• College savings bond issue: means any issue of bonds of which any part has been designated as college savings bonds. See Ohio Code 3334.01
• College savings bonds: means revenue and other obligations issued on behalf of the state or any agency or issuing authority thereof as a zero-coupon or capital appreciation bond, and designated as college savings bonds as provided in this chapter. See Ohio Code 3334.01
• Contract: A legal written agreement that becomes binding when signed.
• Contributor: means a person who signs a variable college savings program contract with the Ohio tuition trust authority and contributes to and owns the account created under the contract. See Ohio Code 3334.01
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Four-year state university: means those state universities listed in section 3345. See Ohio Code 3334.01
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Higher education expenses: means expenses that meet the definition of "qualified higher education expenses" under section 529 of the Internal Revenue Code. See Ohio Code 3334.01
• in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
• Institution of higher education: means a state institution of higher education, a private college, university, or other postsecondary institution located in this state that possesses a certificate of authorization issued pursuant to Chapter 1713 of the Revised Code or a certificate of registration issued by the state board of career colleges and schools under Chapter 3332 of the Revised Code, or an accredited college, university, or other postsecondary institution located outside this state that is accredited by an accrediting organization or professional association recognized by the authority. See Ohio Code 3334.01
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Issuer: means the issuing authority or, if so designated under division (B) of section 3334. See Ohio Code 3334.01
• Issuing authority: means any authority, commission, body, agency, or individual empowered by the Ohio Constitution or the Revised Code to issue bonds or any other debt obligation of the state or any agency or department thereof. See Ohio Code 3334.01
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
• Population: means that shown by the most recent regular federal census. See Ohio Code 1.59
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Principal amount: refers to the initial offering price to the public of an obligation, exclusive of the accrued interest, if any. See Ohio Code 3334.01
• Property: means real and personal property. See Ohio Code 1.59
• Purchaser: means the person signing the tuition payment contract, who controls the account and acquires tuition units for an account under the terms and conditions of the contract. See Ohio Code 3334.01
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rule: includes regulation. See Ohio Code 1.59
• Scholarship program: means a program registered with the Ohio tuition trust authority pursuant to section 3334. See Ohio Code 3334.01
• state: means the state of Ohio. See Ohio Code 1.59
• State institution of higher education: includes the state universities listed in section 3345. See Ohio Code 3334.01
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• Tuition: means the charges imposed to attend an institution of higher education as an undergraduate, graduate, or professional student and all fees required as a condition of enrollment, as determined by the Ohio tuition trust authority. See Ohio Code 3334.01
• Tuition unit: includes a tuition credit purchased prior to July 1, 1994. See Ohio Code 3334.01
• Weighted average tuition: means the tuition cost resulting from the following calculation:

  (1) Add the products of the annual undergraduate tuition charged to Ohio residents at each four-year state university multiplied by that institution's total number of undergraduate fiscal year equated students; and

  (2) Divide the gross total of the products from division (I)(1) of this section by the total number of undergraduate fiscal year equated students attending four-year state universities. See Ohio Code 3334.01