KRS 164A.310: Kentucky Educational Savings Plan Trust -- Powers of board.

There is hereby created an instrumentality of the Commonwealth to be known as the

Kentucky Educational Savings Plan Trust. The board, in the capacity of trustee, shall

have the power and authority to:

(1) Sue and be sued;

(2) Make and enter into contracts necessary for the administration of the savings plan

trust pursuant to KRS 164A.300 to 164A.380;

(3) Adopt a corporate seal and to change and amend it from time to time;

(4) Invest moneys within the program fund in any investments determined by the board

to be appropriate, notwithstanding any other statutory limitations contained in the

Kentucky Revised Statutes, which are specifically determined to be inapplicable to

the savings plan trust;

(5) Enter into agreements with any educational institution, the Co mmonwealth of

Kentucky, or any federal or other state agency or other entity as required for the

effectuation of its rights and duties pursuant to KRS 164A.300 to 164A.380;

(6) Accept any grants, gifts, legislative appropriations, and other moneys from the

Commonwealth, any unit of federal, state, or local government or any other person,

firm, partnership, or corporation for deposit to the administrative fund or the

program fund, which, in the case of any contributions from other than general funds

of the C ommonwealth, may be limited in application to definite classes of

beneficiaries;

(7) Enter into participation agreements with participants;

(8) Make payments to an educational institution pursuant to participation agreements

on behalf of beneficiaries;

(9) Make refunds to participants upon the termination of participation agreements

pursuant to the provisions, limitations, and restrictions set forth in KRS 164A.300

to 164A.380;

(10) Appoint a program administrator and to determine the duties of the program

administrator and other staff as necessary and fix their compensation within the

provisions of KRS Chapter 18A;

(11) Delegate to the program administrator general supervision and direction over the

administrative function of the trust and its employees in carrying out the policies,

programs, administrative regulations, and directives of the board;

(12) Make provision for the payment of costs of administration and operation of the

savings plan trust;

(13) Carry out the duties and obligations of the savings p lan trust pursuant to KRS

164A.300 to 164A.380 and to have any and all other powers as may be reasonably

necessary for the effectuation of the purposes of the savings plan trust and KRS

164A.300 to 164A.380; and

(14) Promulgate administrative regulations to implement the provisions of KRS

164A.300 to 164A.380 consistent with the federal Internal Revenue Code and

administrative regulations issued pursuant to that code.