Texas Education Code 54.634 – Establishment of Trust Fund; College Savings Plan Account
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(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.
Terms Used In Texas Education Code 54.634
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.
- Trustee: A person or institution holding and administering property in trust.
(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 § 54.702(c).