§ 78. New York state college choice tuition savings program trust
fund. 1. There is hereby established in the sole custody of the state
comptroller a special fund to be known as the New York state college
choice tuition savings program trust fund. All payments from such fund
shall be made in accordance with article fourteen-A of the education law
and the memorandum of understanding entered into pursuant thereto on the
audit of the state comptroller.

2. The fund shall be a trust fund and shall consist of a trust account
and an operating account. The trust account shall include amounts
received by the New York state college choice tuition savings program
pursuant to tuition savings agreements, administrative charges, fees,
and all other amounts received by the program from other sources, and
interest and investment income earned by the trust fund. The comptroller
shall, from time to time, make transfers from the trust account to the
operating account for the immediate payment of obligations under tuition
savings agreements, operating expenses and administrative costs of the
New York state college choice tuition savings program. Administrative
costs shall be paid out of the operating account according to the terms
and conditions established pursuant to the provisions of section six
hundred ninety-five-c of the education law.

3. (a) The comptroller, as trustee, shall invest the assets of the
trust fund with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims.

(b) Trust fund assets shall be kept separate and shall not be
commingled with other assets, except as provided herein. The comptroller
may enter into contracts to provide for investment advice and
management, custodial services, and other professional services for the
administration and investment of the program. Administrative fees, costs
and expenses, including investment fees and expenses, shall be paid from
the assets of the fund.

4. The comptroller shall provide for the administration of the trust
fund, including maintaining participant records and accounts, and
providing annual audited reports. The comptroller may enter into
contracts to provide administrative services and reporting.