Ch. 110

1997 LAWS OF MARYLAND

(G) (II) (G) "TUITION" MEANS THE CHARGES IMPOSED BY A PUBLIC AN
INSTITUTION OF HIGHER EDUCATION IN THE STATE FOR ENROLLMENT AT THE
INSTITUTION AND INCLUDES REGISTRATION AND ALL FEES REQUIRED AS A
CONDITION OF ENROLLMENT.

18-1902

IT IS THE INTENT OF THE GENERAL ASSEMBLY TO ENHANCE THE
ACCESSIBILITY AND AFFORD ABILITY OF HIGHER EDUCATION FOR ALL CITIZENS OF
THE STATE BY ESTABLISHING A METHOD TO PROVIDE FOR THE PREPAYMENT OF
TUITION AT THE PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN THE STATE

18-1903.

(A) THERE IS A MARYLAND PREPAID TUITION HIGHER EDUCATION
INVESTMENT PROGRAM.

(B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE:

(1) A MEANS FOR PAYMENT OF THE COST OF TUITION IN ADVANCE OF
ENROLLMENT AT ANY PUBLIC INSTITUTION OF HIGHER EDUCATION IN THE STATE;
AND

(2) AN ASSURANCE TO A BENEFICIARY WHO ENROLLS AT A PUBLIC AN
INSTITUTION OF HIGHER EDUCATION IN THE STATE THAT THE BOARD SHALL MAKE
EVERY EFFORT TO INVEST THE ADVANCE PAYMENTS SO THAT THE PREPAID TUITION
HIGHER EDUCATION INVESTMENT CONTRACT WILL COVER THE COST OF AVERAGE
IN-STATE TUITION COSTS AT PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN THE
STATE AT THE TIME THAT THE BENEFITS ARE EXERCISED.

(C) THE FUNDS OF THE PROGRAM CONSIST OF:

(1) PAYMENTS RECEIVED FROM PREPAID TUITION HIGHER EDUCATION
INVESTMENT CONTRACTS MADE UNDER THE PROVISIONS OF THIS SUBTITLE;

(2) BEQUESTS, ENDOWMENTS, OR FUNDS FROM ANY OTHER
AVAILABLE PRIVATE SOURCE;

(3) INTEREST AND INCOME EARNED FROM THE INVESTMENTS OF THE
PROGRAM; AND

(4) FEDERAL, STATE, OR LOCAL FUNDS, OR FUNDS FROM ANY OTHER
AVAILABLE PUBLIC SOURCE

(D) MONEY REMAINING IN THE PROGRAM AT THE END OF THE FISCAL YEAR
SHALL REMAIN IN THE PROGRAM AND MAY NOT REVERT TO THE GENERAL FUND
OF THE STATE

(E) MONEYS OF THE PROGRAM MAY NOT BE CONSIDERED MONEYS OF THE
STATE AND MAY NOT BE DEPOSITED INTO THE TREASURY.

(E) (F) THE DEBTS AND OBLIGATIONS OF THE PROGRAM ARE NOT DEBTS
OF THE STATE OR PLEDGES OF THE CREDIT OF THE STATE.

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