|SB1221 Board of the Virginia College Savings Plan; elected positions. (Norment)|
Summary as Introduced:
|Board of the Virginia College Savings Plan; elected positions. Eliminates the position of secretary from the Board of the Virginia College Savings Plan. The bill also changes the timeframe for the election of Board positions from each calendar year to annually. The bill contains technical amendments.|
|Bill Status 1:||Bill Status 2:||Next Meeting: (date and time)|
|Signed by Governor|
|Full Text of Bill:|
Be it enacted by the General Assembly of Virginia:
1. That § 23-38.76 of the Code of Virginia is amended and reenacted as follows:
§ 23-38.76. Virginia College Savings Plan established; governing board; terms.
A. To enhance the accessibility and affordability of higher education for all citizens of the Commonwealth, there is hereby established as an independent agency of the Commonwealth, the Virginia College Savings Plan (the Plan). Moneys of the Plan shall be held in the state treasury in a special nonreverting fund (the Fund), which shall consist of payments received pursuant to prepaid tuition contracts or contributions to savings trust accounts made pursuant to this chapter, bequests, endowments or grants from the United States government, its agencies and instrumentalities, and any other available sources of funds, public or private. Any moneys remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest and income earned from the investment of such funds shall remain in the Fund and be credited to it.
B. The Plan shall be administered by an 11-member Board, as
follows: the Director of the State Council of Higher Education for Virginia or
his designee; the Chancellor of the Virginia Community College System or his
designee; the State Treasurer or his designee; the State Comptroller or his
designee; and seven
Appointments shall be for terms of four years, except that
appointments to fill vacancies shall be for the unexpired terms. No person
shall be appointed to serve for or during more than two successive four-year
terms, but after the expiration of a term of three years or less, or after the
expiration of the remainder of a term to which appointed to fill a vacancy, two
additional terms may be served by such member if appointed thereto.
C. Members of the Board shall receive no compensation