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H.B. 368 VETOES
(11) ENDORSE INSURANCE COVERAGE WRITTEN EXCLUSIVELY FOR THE
PURPOSE OF PROTECTING ADVANCE PAYMENT CONTRACTS AND THE PURCHASER
AND QUALIFIED BENEFICIARY OF THE CONTRACT;
(12) DESIGNATE TERMS UNDER WHICH MONEY MAY BE WITHDRAWN
FROM THE FUND;
(13) ESTABLISH ADDITIONAL PROCEDURAL AND SUBSTANTIVE
REQUIREMENTS FOR PARTICIPATION IN AND ADMINISTRATION OR MARKETING OF
THE PROGRAM;
(14) APPEAR ON THE BOARD'S OWN BEHALF BEFORE OTHER BOARDS,
COMMISSIONS, OR OTHER GOVERNMENTAL AGENCIES; AND
(15) TAKE ANY OTHER ACTION THAT THE BOARD CONSIDERS
APPROPRIATE TO IMPLEMENT AND ADMINISTER THE PROGRAM.
18-2107.
(A) THERE IS A PREPAID HIGHER EDUCATION EXPENSE TRUST-FUND.
(B) THE FUND SHALL CONSIST OF:
(1) MONEY RECEIVED IN ACCORDANCE WITH ADVANCE PAYMENT
CONTRACTS;
(2) STATE APPROPRIATIONS;
(3) INTEREST, DIVIDENDS, AND OTHER EARNINGS DERIVED FROM
INVESTMENTS OF THE FUND; AND
(4) ANY OTHER MONEY ACCEPTED BY THE BOARD FROM ANY PUBLIC
OR PRIVATE SOURCE FOR INCLUSION IN THE FUND.
(C) (1) THE BOARD SHALL ADOPT A COMPREHENSIVE INVESTMENT PLAN
FOR ADMINISTRATION OF THE FUND WHICH SHALL SPECIFY THE INVESTMENT
POLICIES TO BE UTILIZED BY THE BOARD IN ITS ADMINISTRATION OF THE FUND.
(2) ASSETS OF THE FUND SHALL BE INVESTED IN ACCORDANCE WITH
THE COMPREHENSIVE INVESTMENT PLAN.
(3) (I) NOTWITHSTANDING ANY LAW RESTRICTING THE DEPOSIT OR
INVESTMENT OF STATE FUNDS, THE BOARD MAY PLACE ASSETS OF THE FUND IN
SAVINGS ACCOUNTS OR MAY USE THE ASSETS TO PURCHASE FIXED OR VARIABLE
LIFE INSURANCE OR ANNUITY CONTRACTS, SECURITIES, EVIDENCE OF
INDEBTEDNESS, OR OTHER INVESTMENT PRODUCTS PURSUANT TO THE
COMPREHENSIVE INVESTMENT PLAN.
(II) ANY INSURANCE, ANNUITY CONTRACTS, SAVINGS, OR OTHER
INVESTMENT PRODUCTS PROCURED BY THE BOARD SHALL BE UNDERWRITTEN
AND OFFERED IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE LAWS.
(4) ASSETS OF THE FUND SHALL BE INVESTED IN A MANNER THAT
EARNS, AT A MINIMUM, SUFFICIENT EARNINGS TO GENERATE THE DIFFERENCE
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