53B-8a-101 - Purpose. - Utah Statutes

53B-8a-101. Purpose.
(1) (a) The Legislature finds that the general welfare and well-being of the state aredirectly 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 andimplementation of programs which encourage and make possible the attainment of highereducation by the greatest number of citizens of the state.
(2) (a) The Legislature finds that the state has limited resources to provide additionalprograms for higher education funding and that the continued operation and maintenance of thestate's public institutions of higher education and the general welfare of the citizens of the statewill be enhanced by establishing a plan which allows citizens of the state to invest money in apublic trust for future application to the payment of higher education costs.
(b) The Legislature further finds that the plan described in Subsection (2)(a) serves avital and valid public purpose.
(3) (a) In order to make available to the citizens of the state an opportunity to fund futurehigher education needs, it is necessary that a public trust be established in which money may beinvested for future educational use.
(b) It may also be necessary to establish and create an endowment fund, which may befunded with public funds, among other sources, the income from which may be made available toaccount owners to enhance or encourage their savings invested for future higher education costsor for use in scholarship or other college savings incentive programs.

Amended by Chapter 6, 2010 General Session