85-1419 Coordinating Commission for Postsecondary Education Cash Fund; created; use; investment. - Nebraska Statutes

85-1419. CoordinatingCommission for Postsecondary Education Cash Fund; created; use; investment.There is hereby created the Coordinating Commission for PostsecondaryEducation Cash Fund. The fund shall contain money received from applicationfees from out-of-state institutions of higher and postsecondary educationseeking authorization to offer courses and programs in the State of Nebraskaand from private colleges seeking provisional accreditation and money receivedby the commission for services rendered incident to the administration ofits statutory or contractual functions. The fund shall be expended for theadministrative costs of reviewing applications, publishing and duplicatingreports, coordinating studies, conducting conferences, and other related activitiesas may be authorized by the Legislature or by contract, except that transfers may be made from the fund to theGeneral Fund at the direction of the Legislature. All such moneyreceived by the commission shall be remitted to the State Treasurer for creditto the Coordinating Commission for PostsecondaryEducation Cash Fund. A report on the receipts and expendituresfrom the fund shall be included as a part of the operating budget requestsubmitted to the Legislature and the Governor. Any money in the fund availablefor investment shall be invested by the state investment officer pursuantto the Nebraska Capital Expansion Act and the Nebraska State Funds InvestmentAct. SourceLaws 1991, LB 663, § 22; Laws 1994, LB 683, § 23; Laws 1994, LB 1066, § 138; Laws 2009, First Spec. Sess., LB3, § 94.Effective Date: November 21, 2009 Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.