§ 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 […]