37-157-3 - Creation of Student Tuition Assistance Trust Fund. - Mississippi Statutes

§ 37-157-3. Creation of Student Tuition Assistance Trust Fund.
 

There is hereby created in the State Treasury a special trust fund to be known as the Student Tuition Assistance Trust Fund. The trust fund shall consist of all monies designated by the Legislature for deposit therein and any gift, donation, bequest, trust, grant, endowment, transfer of money or securities, or any other monies from any source whatsoever, designated for deposit in the trust fund. 
 

The principal of the trust fund shall remain inviolate and shall be invested by the State Treasurer in the same manner as provided by Section 27-105-33, Mississippi Code of 1972, for the investment of excess state funds. Interest and income derived from investment of the principal of the trust fund shall be appropriated by the Legislature to the Board of Trustees of State Institutions of Higher Learning for expenditure as provided in this chapter. 
 

Sources: Laws,  1997, ch. 381, § 2, eff from and after July 1, 1997.