53B-8a-101. Purpose.
(1) (a) The Legislature finds that the general welfare and well-being of the state are
directly related to educational levels and skills of the citizens of the state.
(b) Therefore, a vital and valid public purpose is served by the creation and
implementation of programs which encourage and make possible the attainment of higher
education by the greatest number of citizens of the state.
(2) (a) The Legislature finds that the state has limited resources to provide additional
programs for higher education funding and that the continued operation and maintenance of the
state's public institutions of higher education and the general welfare of the citizens of the state
will be enhanced by establishing a program which allows citizens of the state to invest money in
a public trust for future application to the payment of higher education costs.
(b) The Legislature further finds that a program described in Subsection (2)(a) serves a
vital and valid public purpose.
(3) (a) In order to make available to the citizens of the state an opportunity to fund future
higher education needs, it is necessary that a public trust be established in which moneys may be
invested for future educational use.
(b) It may also be necessary to establish and create an endowment fund, which may be
funded with public funds, among other sources, the income from which may be made available to
account owners to enhance or encourage their savings invested for future higher education costs
or for use in scholarship or other college savings incentive programs.
Amended by Chapter 196, 2008 General Session
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Last revised: Wednesday, July 23, 2008