Guam § 50006 - College Savings Program Trust Fund.

§ 50006. College Savings Program Trust Fund.

(a) There is hereby established the College Savings Program Trust

Fund. The program manager shall administer and have custody of the Fund.

All payments from the Fund shall be made in accordance with this Chapter.

(b) The Fund shall consist of a trust account and an operating account.

The trust account shall include amounts received by the college savings

program pursuant to tuition savings agreements, administrative charges,

fees, all other amounts received by the program from other sources, and

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interest and investment income earned by the Fund. The program manager,

from time to time, shall make transfers from the trust account to the

operating account for the immediate payment of obligations under tuition

savings agreements, operating expenses, and administrative costs of the

Guam College Savings Program.

(c) The program manager, as trustee, shall invest fund assets in

securities that constitute legal investments under local laws relating to the

investment of trust fund assets by trust companies. Trust fund assets shall be

kept separate and shall not be commingled with other assets, except as

provided in this Chapter. The program manager may enter into contracts to

obtain for investment advice and management, custodial services, and other

professional services regarding the administration and investment of

program funds.

(d) The program manager shall administer the Fund, maintaining

participant records and accounts and provide annual audit reports. The

Commissioner may enter into contracts for administrative services,

including reports.

(e) All administrative fees, costs, and expenses, including investment

fees and expenses, shall be paid from the operating account of the Fund and,

notwithstanding any other law to the contrary, may be made without

appropriation or allotment.