§ 20-3-600. Short Title
This article shall be known and may be cited as the “College Opportunity Act.” History. Code 1981, § 20-3-600 , enacted by Ga. L. 1990, p. 1448, § 1.
§ 20-3-601. Legislative Findings
The General Assembly finds and declares the following: It is an essential function of state government to encourage schools and the means of education, as provided in Article VIII, Section I, Paragraph I of the Constitution; It is a responsibility of state government to maintain state institutions of higher education as provided by Article VIII, […]
§ 20-3-602. Purposes of Article
In light of the findings described in Code Section 20-3-601, the General Assembly declares that the purposes of the Georgia Education Trust created by this article are: To encourage education and the means of education; To maintain state institutions of higher education by helping to provide a stable financial base to these institutions; To provide […]
§ 20-3-603. Definitions
As used in this article, the term: “Advance tuition payment contract” means a contract entered into by the trust and a purchaser pursuant to this article to provide for the higher education of a qualified beneficiary. “Board” means the board of commissioners of the Georgia Student Finance Commission described in Code Section 20-3-234. “Fund” means […]
§ 20-3-604. Creation of Georgia Education Trust
There is created a public body corporate and politic to be known as the Georgia Education Trust. The trust shall be within the Georgia Student Finance Commission. The purposes, powers, and duties of the trust are vested in and shall be exercised by a board of commissioners as described in Code Section 20-3-234. History. Code […]
§ 20-3-605. Advance Tuition Payment Contract Authorized; Form and Contents of Contract
The trust, on behalf of itself and the state, may contract with a purchaser for the advance payment of tuition by the purchaser for a qualified beneficiary to attend any of the state institutions of higher education to which the qualified beneficiary is admitted, without further tuition cost to the qualified beneficiary. In addition, an […]
§ 20-3-606. Types of Advance Tuition Payment Contracts; Alternative Provisions
At a minimum, the trust shall offer contracts of the two types set forth in paragraphs (1) and (2) of this subsection, to be known as Plan A and Plan B, respectively. Under Plan A: A payment or series of installment payments of not less than $50.00 per month shall be required from the purchaser […]
§ 20-3-607. Termination of Advance Tuition Payment Contracts; Refunds
An advance tuition payment contract shall authorize a termination of the contract when any one of the following occurs: The qualified beneficiary dies; The qualified beneficiary is not admitted to a state institution of higher education after making proper application; The qualified beneficiary certifies to the trust that he or she has decided to attend […]
§ 20-3-608. Advance Tuition Payment Fund; Expenditure of Trust Assets
There is created under the jurisdiction and control of the board and within the trust an advance tuition payment fund. Payments received by the trust from purchasers on behalf of qualified beneficiaries or from any other source, public or private, shall be placed in the fund. The fund may be divided into separate accounts. Assets […]
§ 20-3-609. Public Meetings; Writings and Performance of Official Duties
The business which the board may perform shall be conducted at a public meeting of the board held in compliance with Chapter 14 of Title 50. Public notice of the time, date, and place of the meeting shall be given in the manner required by subsection (e) of Code Section 50-14-1. A writing prepared, owned, […]
§ 20-3-610. Powers of Board
In addition to the powers granted by other provisions of this article, the board shall have the powers necessary or convenient to carry out and effectuate the purposes, objectives, and provisions of this article, the purposes and objectives of the trust, and the powers delegated by other laws or executive orders, including, but not limited […]
§ 20-3-611. Accounts; Audits
The board shall annually prepare or cause to be prepared an accounting of the trust and shall transmit a copy of the accounting to the Governor and the General Assembly. The board shall also make available the accounting of the trust to the purchasers of the trust. The accounts of the board shall be subject […]
§ 20-3-612. Requirements for Administration of Trust; Evaluation of Actuarial Soundness; Applicability of Federal Securities Laws
The trust shall be administered in a manner reasonably designed to be actuarially sound such that the assets of the trust will be sufficient to defray the obligations of the trust. In the accounting of the trust made pursuant to Code Section 20-3-611, the board shall annually evaluate or cause to be evaluated the actuarial […]
§ 20-3-613. Contracts for Provision of Services; Programs to Ensure Full Tuition Payment; Exclusive Plans for Community and Junior Colleges; Report to Legislature
The trust, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the trust. The trust shall also endeavor to work with private sector investment managers, state institutions of higher education, and independent degree-granting colleges and universities […]
§ 20-3-614. Preservation of Assets of Trust Fund; Investment in Obligations of State
The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this article and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this article. This Code section shall not be construed to […]
§ 20-3-615. Admission to or Graduation From Institutions Not Guaranteed
Nothing in this article or in an advance tuition payment contract entered into pursuant to this article shall be construed as a promise or guarantee by the trust or the state that a person will be admitted to a state institution of higher education or to a particular state institution of higher education, will be […]
§ 20-3-616. Exemption From Securities Law; Approval Required for Transfer of Advance Tuition Payment Contracts
An advance tuition payment contract shall be exempt from Chapter 5 of Title 10, the “Georgia Uniform Securities Act of 2008.” An advance tuition payment contract may not be sold or otherwise transferred by the purchaser or qualified beneficiary without the prior approval of the trust. History. Code 1981, § 20-3-616 , enacted by Ga. […]
§ 20-3-617. Costs of Trust Operations
On and after July 1, 1991, all costs of organization, administration, and operation of the trust shall be paid solely from application fee funds and investment income of the trust. History. Code 1981, § 20-3-617 , enacted by Ga. L. 1990, p. 1448, § 1.