|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
Ch. 494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[(h)] (M) "Tuition" means the charges imposed by an eligible institution of
higher education for enrollment at the institution and includes registration and all
fees required as a condition of enrollment.
18-1903.
(a) There is a Maryland [Higher Education Investment Program] PREPAID
COLLEGE TRUST.
(b) The purpose of the Program is to provide:
(1) A means for payment of the cost of tuition in advance of enrollment at
an eligible institution of higher education; and
(2) An assurance to a beneficiary who enrolls at an eligible institution of
higher education that the Board shall make every effort to invest the advance
payments so that the [higher education investment] PREPAID contract will cover the
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 [higher education investment] PREPAID
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.
(F) MONEYS OF THE PROGRAM MAY NOT BE CONSIDERED MONEYS OF THE
MARYLAND COLLEGE INVESTMENT PLAN AND MAY NOT BE COMMINGLED WITH THE
PLAN.
[(f)] (G) (1) The debts, contracts, and obligations of the Program are not the
contracts, debts, or obligations of the State and neither the faith and credit nor taxing
power of the State is pledged directly or indirectly or contingently, morally or
otherwise, to the payment of the debts, contracts, and obligations.
(2) The Board cannot directly or indirectly or contingently obligate,
morally or otherwise, the State to levy or pledge any form of taxation whatsoever for
the debts and obligations of the Program or to make any appropriation for the
payment of the debts and obligations of the Program.
|
|
|
|
|
|
|
|
|
|
- 2629 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
