KRS 164A.335: Program and administrative funds for savings plan trust -- Investment

and payments from funds.

The board, as trustee, shall segregate moneys received by the savings plan trust into two

(2) funds, which shall be identified as the program fund and the administrative fund.

Transfers may be made from the program fund to the administrative fund for the purpose

of paying operating costs associated with administering the trust and as required by KRS

164A.300 to 164A.380. All moneys credited to the administra tive fund shall be deposited

in accordance with KRS 41.070. All moneys paid by participants in connection with

participation agreements shall be deposited as received into the program fund and shall be

promptly invested and accounted for separately. Contri butions shall be accounted for

separately for each beneficiary. Deposits and interest thereon accumulated on behalf of

participants in the program fund of the savings plan trust may be used for payments to

any institution of higher education.