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HB 180/FN (BR 357) - R. Adkins, J. Adams, S. Alexander, H. Anderson, A. Arnold, B. Ausmus, III, E. Ballard, C. Belcher, L. Belcher, J. Bowling, I. Branham, J. Bruce, B. Buckingham, M. Cherry, P. Clark, J. Coleman, H. Collins, B. Colter, H. Cornett, J. Crenshaw, R. Crimm, R. Damron, J. Draud, T. Feeley, C. Geveden, J. Gooch, J. Gray, J. Haydon, C. Hoffman, J. Hoover, J. Jenkins, E. Jordan, T. Kerr, P. Marcotte, T. McKee, C. Miller, L. Napier, F. Nesler, S. Nunn, R. Palmer, J. Reinhardt, J. Richards, S. Riggs, W. Scott, C. Siler, D. Sims, J. Stacy, K. Stein, J. Stewart, G. Tapp, R. Thomas, J. Thompson, M. Treesh, J. Turner, K. Upchurch, J. Vincent, C. Walton, M. Weaver, R. Webb, S. Westrom, R. Wilkey, P. Worthington, B. Yonts
AN ACT relating to postsecondary education prepaid tuition and making an appropriation therefor.
Create new sections of KRS Chapter 164A and 41 to create the Commonwealth Postsecondary Education Prepaid Tuition Trust Fund to be governed by a board of directors and administered by a division in the Office of the State Treasurer; establish an 11 member board of directors, including 5 ex officio members, 3 gubernatorial appointees, and 3 state treasurer appointees, to administer the fund; require the public universities, community colleges, and technical colleges to participate; permit other accredited Kentucky colleges to voluntarily participate in the program with board approval; establish the duties of the board of directors and the responsibilities of the State Treasurer regarding the prepaid tuition program; identify the use of prepaid tuition; define the processes for termination of prepaid tuition contracts and refunds; require the board of directors to promulgate administrative regulations for specific purposes; and establish the academic year 2001-2002 as the first year for purchases of prepaid tuition.
HB 180 - AMENDMENTS
HCS (1/FN) - Create new sections of KRS 164A and 41 to create the Commonwealth Postsecondary Prepaid Tuition Trust Fund to be governed by a board of directors and administered by an office in the Office of the State Treasurer; establish a 13 member board, including 3 gubernatorial appointees and 3 state treasurer appointees and seven ex officio members to administer the fund; require the public universities, community colleges, and technical colleges to participate; permit other accredited Kentucky colleges to voluntarily participate in the program with board approval; establish the duties of the board of directors and the responsibilities of the State Treasurer regarding the prepaid tuition program; permit transfer of the abandoned property fund under KRS 393 for the administrative account and require funds be paid back within 3 years of the date of transfer; identify the use of prepaid tuition; define the processes for termination of prepaid tuition contracts and refunds; require the board of directors to promulgate administrative regulations; amend KRS 164.746 to add the State Treasurer to the board of directors for the Kentucky Higher Education Assistance Authority and to require joint marketing of the prepaid tuition program and the Kentucky Savings Plan Trust; create a new section of KRS 393 to earmark 75% of the abandoned property fund to support any trust fund unfunded liability; and establish the academic year 2001-2002 as the first year for purchase of prepaid tuition.
HCS (2/FN) - Retain the original provisions and define additional terms; provide for 11 members for the board and with the executive director of the Higher Education Assistance Authority or designee as a nonvoting member; provide that after 4 years the fund shall be transferred from the Treasury to the Higher Education Assistance Authority unless the General Assembly decides that the administration of the fund shall remain with the Treasurer; provide that tuition contract payments shall not be made in real or personal property other than cash and shall not exceed the prepaid tuition and may be made in lump sum installments; provide that the purchaser shall designate a qualified beneficiary at the time the purchaser enters into a contract; provide that the purchaser shall not directly or indirectly control the investments of the prepaid tuition account; provide that the prepaid tuition contract not be pledged as security and that the prepaid contract does not constitute a security or annuity; clarify refunds upon termination of a prepaid tuition contract.
HCA (1, R. Adkins) - Amend to provide that the Treasurer and board of the Kentucky Higher Education Assistance Authority shall work together to jointly market, as appropriate, the Commonwealth Prepaid Tuition Plan and the Savings Plan.
HFA (1, R. Adkins) - Make technical correction.
(Prefiled by the sponsor(s))
Jan 4-introduced in House; to Education (H)
Jan 20-posted in committee
Jan 26-reported favorably, 1st reading, to Calendar with Committee Substitute
Jan 27-2nd reading, to Rules; floor amendment (1) filed to Committee Substitute
Jan 28-recommitted to Appropriations and Revenue (H)
Feb 14-posted in committee
Feb 18-reported favorably, to Rules with the original Committee Substitute, Committee Substitute (2), and committee amendment (1)
Feb 22-posted for passage in the Regular Orders of the Day for Wednesday, February 23, 2000
Feb 24-3rd reading, passed 98-0 with Committee Substitute (2), committee amendment (1), floor amendment (1)
Feb 25-received in Senate
Feb 29-to Education (S)
Mar 2-reported favorably, 1st reading, to Calendar
Mar 3-2nd reading, to Rules
Mar 9-recommitted to Appropriations and Revenue (S)
Mar 14-reported favorably, to Rules
Mar 15-posted for passage in the Regular Orders of the Day for Friday, March 17, 2000
Mar 17-3rd reading, passed 34-0
Mar 20-received in House; enrolled, signed by Speaker of the House
Mar 21-enrolled, signed by President of the Senate; delivered to Governor
Mar 28-signed by Governor (Acts ch. 163)
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