Add Art 14-B SS696 - 696-v, Ed L; add S78-a, St Fin L
Enacts the new empire fund act", a prepaid higher education tuition program; establishes a prepaid higher education tuition board; establishes prepaid higher education tuition scholarships for needy students; establishes the new empire fund.
STATE OF NEW YORK
________________________________________________________________________
6826
2009-2010 Regular Sessions
IN ASSEMBLY
March 13, 2009
___________
Introduced by M. of A. BALL -- read once and referred to the Committee
on Higher Education
AN ACT to amend the education law, in relation to enacting the "new
empire fund act"; and to amend the state finance law, in relation to
creating the new empire fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Short title. This act shall be known and may be cited as
2 the "new empire fund act".
3 § 2. The education law is amended by adding a new article 14-B to read
4 as follows:
5 ARTICLE 14-B
6 PREPAID HIGHER EDUCATION TUITION PROGRAM
7 Section 696. Legislative findings.
8 696-a. Definitions.
9 696-b. Establishment of board; function.
10 696-c. Meetings.
11 696-d. Executive director; staff.
12 696-e. Program and facility accessibility.
13 696-f. Public interest information and complaints.
14 696-g. Powers of board.
15 696-h. Prepaid higher education tuition program.
16 696-i. Prepaid tuition contract.
17 696-j. Beneficiary.
18 696-k. Types of plans.
19 696-l. Contract payment.
20 696-m. Change of beneficiary.
21 696-n. Conversion to another plan.
22 696-o. Verification under oath.
23 696-p. Promise or guarantee of admission.
24 696-q. Contract termination.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06065-01-9
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1 696-r. Refund.
2 696-s. Prepaid higher education tuition scholarships for needy
3 students.
4 696-t. Statement regarding status of prepaid tuition contract.
5 696-u. Reports.
6 696-v. Confidentiality.
7 § 696. Legislative findings. An educated population being necessary to
8 the social development and economic health of this state, the legisla-
9 ture finds and declares it to be an urgent public necessity to assist
10 young New Yorkers in obtaining a higher education. Because the state's
11 population is rapidly growing and is diverse, the state is required to
12 use all of the higher education facilities and resources within the
13 state, both public and private, to provide a wide variety of educational
14 environments and instructional options and to preserve the partnership
15 between the state and private or independent institutions of higher
16 education. Therefore, the prepaid higher education tuition program is
17 established to help New York students attend the institution that best
18 meets their individual needs.
19 § 696-a. Definitions. As used in this article:
20 1. "Beneficiary" means a person who is entitled to receive benefits
21 under a prepaid tuition contract.
22 2. "Board" means the prepaid higher education tuition board.
23 3. "Estimated average private tuition and required fees" means an
24 estimated average of tuition and required fees to be charged by private
25 or independent institutions of higher education as determined annually
26 by the board.
27 4. "Fund" means the new empire fund established in section seventy-
28 eight-a of the state finance law.
29 5. "Institution of higher education" means an institution in the state
30 providing higher education.
31 6. "Prepaid tuition contract" means a contract entered into pursuant
32 to this article by the board and a purchaser to provide for the payment
33 of higher education tuition and required fees of a beneficiary.
34 7. "Private or independent institution of higher education" shall mean
35 colleges and universities other than those included within subdivision
36 nine of this section.
37 8. "Program" means the prepaid higher education tuition program.
38 9. "Public college" shall mean and include "state-operated insti-
39 tutions", "statutory or contract colleges" and "community colleges" as
40 defined in section three hundred fifty of this chapter.
41 10. "Purchaser" means a person who is obligated to make payments under
42 a prepaid tuition contract.
43 § 696-b. Establishment of board; function. 1. The prepaid higher
44 education tuition board is hereby established in the department of audit
45 and control.
46 2. The board shall administer the program.
47 3. The board shall consist of the comptroller and six members
48 appointed by the governor as follows:
49 (a) two members upon recommendation of the temporary president of the
50 senate;
51 (b) one member upon recommendation of the minority leader of the
52 senate;
53 (c) two members upon recommendation of the speaker of the assembly;
54 and
55 (d) one member upon recommendation of the minority leader of the
56 assembly.
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1 4. The appointed members must possess knowledge, skill and experience
2 in higher education, business or finance.
3 5. The appointed members shall serve for staggered six-year terms. The
4 terms of one-third of the appointed members shall expire February first
5 of each odd-numbered year.
6 6. In recommending, making or confirming appointments to the board,
7 the governor, speaker of the assembly and temporary president of the
8 senate shall ensure that each appointee has the background and experi-
9 ence suitable for performing the statutory responsibilities of a member
10 of the board.
11 7. Appointments to the board shall be made without regard to the race,
12 color, disability, sex, religion, age or national origin of the appoint-
13 ees.
14 8. A person is not eligible for appointment as a member of the board
15 if the person or the person's spouse:
16 (a) is employed by or participates in the management of a business
17 entity receiving funds from the board;
18 (b) owns or controls, directly or indirectly, more than a ten percent
19 interest in a business entity receiving funds from the board; or
20 (c) uses or receives a substantial amount of tangible goods, services
21 or funds from the board, other than compensation or reimbursement
22 authorized by law for board membership, attendance or expenses.
23 9. It is a ground for removal from the board if a member:
24 (a) violates a prohibition established by subdivision eight of this
25 section;
26 (b) cannot because of illness or disability discharge the member's
27 duties for a substantial part of the term for which the member is
28 appointed; or
29 (c) is absent from more than half of the regularly scheduled board
30 meetings that the member is eligible to attend during a calendar year
31 unless the absence is excused by majority vote of the board.
32 10. The validity of an action of the board shall not be affected by
33 the fact that the action was taken when a ground for removal of a board
34 member existed.
35 11. Before a member of the board may assume his or her duties, the
36 member must complete at least one course of the training program estab-
37 lished under subdivision twelve of this section.
38 12. A training program shall be established to provide instruction to
39 the member regarding:
40 (a) the enabling legislation that created the board;
41 (b) the programs operated by the board;
42 (c) the role and functions of the board;
43 (d) the rules of the board, with an emphasis on the rules that relate
44 to disciplinary and investigatory authority;
45 (e) the current budget for the board; and
46 (f) the results of the most recent formal audit of the board.
47 13. (a) The comptroller shall serve as the chairperson of the board.
48 (b) The board shall appoint a secretary of the board whose duties may
49 be prescribed by law and by the board.
50 14. Appointed members of the board shall serve without pay but shall
51 be reimbursed for their actual expenses incurred in attending meetings
52 of the board and in performing other work of the board when that work is
53 approved by the chairperson of the board.
54 § 696-c. Meetings. 1. The board shall hold regular quarterly meetings
55 at places and times scheduled by the board in formal sessions and called
56 by the chairperson of the board.
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1 2. The board shall develop and implement policies that provide the
2 public with a reasonable opportunity to appear before the board and to
3 speak on any issue under the jurisdiction of the board.
4 3. Minutes of all meetings shall be available in the board's office
5 for public inspection.
6 § 696-d. Executive director; staff. 1. The comptroller shall serve as
7 the executive director of the program.
8 2. The employees of the department of audit and control selected by
9 the comptroller for that purpose shall serve as the staff of the
10 program.
11 3. The comptroller shall select and supervise the staff of the program
12 and perform other duties delegated to the comptroller by the board.
13 4. The comptroller shall provide to members of the board and to
14 program staff, as often as necessary, information regarding their quali-
15 fications for office or employment under this article and their respon-
16 sibilities under applicable laws relating to standards of conduct for
17 state officers or employees.
18 5. The board shall develop and implement policies that clearly sepa-
19 rate the policy-making responsibilities of the board and the management
20 responsibilities of the comptroller and the staff of the program.
21 § 696-e. Program and facility accessibility. 1. The board shall comply
22 with federal and state laws related to program and facility accessibil-
23 ity.
24 2. The board shall prepare and maintain a written plan that describes
25 how a person who does not speak English can be provided reasonable
26 access to the board's programs and services.
27 § 696-f. Public interest information and complaints. 1. The board
28 shall prepare information of public interest describing the functions of
29 the board and the board's procedures by which complaints are filed with
30 and resolved by the board. The board shall make the information avail-
31 able to the public and appropriate state agencies.
32 2. The board by rule shall establish methods by which consumers and
33 service recipients are notified of the name, mailing address, and tele-
34 phone number of the board for the purpose of directing complaints to the
35 board.
36 3. The board shall keep information about each complaint filed with
37 the board. The information shall include:
38 (a) the date the complaint is received;
39 (b) the name of the complainant;
40 (c) the subject matter of the complaint;
41 (d) a record of all persons contacted in relation to the complaint;
42 (e) a summary of the results of the review or investigation of the
43 complaint; and
44 (f) for complaints for which the board took no action, an explanation
45 of the reason the complaint was closed without action.
46 4. The board shall keep a file for each written complaint filed with
47 the board that the board has authority to resolve. The board shall
48 provide to the person filing the complaint and the persons or entities
49 complained about the board's policies and procedures pertaining to
50 complaint investigation and resolution. The board, at least quarterly
51 and until final disposition of the complaint, shall notify the person
52 filing the complaint and the persons or entities complained about of the
53 status of the complaint unless the notice would jeopardize an undercover
54 investigation.
55 § 696-g. Powers of board. 1. The board has the powers necessary or
56 proper to carry out the provisions of this article.
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1 2. The board may:
2 (a) adopt an official seal;
3 (b) adopt rules to implement this article;
4 (c) sue and be sued;
5 (d) enter into contracts and other necessary instruments;
6 (e) enter into agreements or other transactions with the United
7 States, state agencies, including institutions of higher education,
8 private or independent institutions of higher education, and local
9 governments;
10 (f) appear in its own behalf before governmental agencies;
11 (g) contract for necessary goods and services and engage the services
12 of private consultants, actuaries, trustees, records administrators,
13 managers, legal counsel and auditors for administrative or technical
14 assistance;
15 (h) solicit and accept gifts, grants, loans, and other aid from any
16 source or participate in any other way in any government program to
17 carry out this article;
18 (i) impose administrative fees;
19 (j) contract with a person to market the program;
20 (k) purchase liability insurance covering the board and employees and
21 agents of the program; and
22 (l) establish other policies, procedures and eligibility criteria to
23 implement this article.
24 § 696-h. Prepaid higher education tuition program. 1. Under the
25 program, a purchaser may enter into a prepaid tuition contract with the
26 board under which the purchaser agrees to prepay the tuition and
27 required fees for a beneficiary to attend an institution of higher
28 education or private or independent institution of higher education.
29 2. The board shall deposit the money paid under a prepaid tuition
30 contract in the fund, invest the money and credit the income earned to
31 the fund, and apply money in the fund to the tuition and required fees
32 of the institution of higher education or private or independent insti-
33 tution of higher education in which the beneficiary enrolls as provided
34 by the prepaid tuition contract.
35 3. If the beneficiary of a plan described in section six hundred nine-
36 ty-six-j of this article enrolls in a private or independent institution
37 of higher education, the board shall pay the institution the tuition and
38 required fees the board would have paid had the beneficiary enrolled in
39 an institution of higher education covered by the plan selected in the
40 prepaid tuition contract. The beneficiary shall be responsible for
41 paying the private or independent institution of higher education the
42 amount by which the tuition and required fees of the institution exceed
43 the tuition and required fees paid by the board.
44 4. If there is not enough money in the fund to pay the tuition and
45 required fees of the institution of higher education in which a benefi-
46 ciary enrolls or the appropriate portion of the tuition and required
47 fees of the private or independent institution of higher education in
48 which the beneficiary enrolls as provided by the prepaid tuition
49 contract, the legislature may appropriate to the fund the amount neces-
50 sary for the board to pay the applicable amount of tuition and required
51 fees of the institution.
52 § 696-i. Prepaid tuition contract. 1. The board may contract with a
53 purchaser for the purchaser to prepay the tuition and required fees for
54 a beneficiary to attend an institution of higher education or private or
55 independent institution of higher education to which the beneficiary is
56 admitted as a student.
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1 2. The terms of a prepaid tuition contract shall be based on an actu-
2 arial analysis of:
3 (a) the rates of increase of:
4 (i) tuition and required fees at institutions of higher education; or
5 (ii) estimated average private tuition and required fees;
6 (b) expected investment returns;
7 (c) estimated administrative costs; and
8 (d) the period between the date the contract is entered into and the
9 date the beneficiary is projected to graduate from high school.
10 3. The board shall adopt a form for prepaid tuition contracts to be
11 used by the board and purchasers.
12 4. A prepaid tuition contract shall:
13 (a) specify the amount and number of payments required from the
14 purchaser on behalf of the beneficiary;
15 (b) specify the terms under which the purchaser shall make payments,
16 including the date on which each payment is due;
17 (c) specify the consequences of default;
18 (d) specify the name and date of birth of the beneficiary of the
19 contract and the terms under which another person may be substituted as
20 the beneficiary;
21 (e) specify the number of credit hours contracted by the purchaser;
22 (f) specify the type of plan toward which the contracted credit hours
23 shall be applied;
24 (g) contain an assumption of a contractual obligation by the board to
25 the beneficiary to provide for a specified number of credit hours of
26 undergraduate instruction at an institution of higher education or
27 private or independent institution of higher education, not to exceed
28 the typical number of credit hours required for the degree that corre-
29 sponds to the plan purchased on behalf of the beneficiary;
30 (h) specify the date the beneficiary is projected to graduate from
31 high school; and
32 (i) contain any other provisions the board considers necessary or
33 appropriate.
34 5. A prepaid tuition contract shall not cover the cost of laboratory
35 fees charged for specific courses.
36 § 696-j. Beneficiary. 1. The beneficiary of a prepaid tuition contract
37 must be younger than eighteen years of age at the time the purchaser
38 enters into the contract and must be:
39 (a) a resident of this state at the time the purchaser enters into the
40 contract; or
41 (b) a nonresident who is the child of a parent who is a resident of
42 this state at the time that parent enters into the contract.
43 2. The board may require a reasonable period of residence in this
44 state for a beneficiary or the parent of a beneficiary.
45 3. A beneficiary is considered a resident for purposes of tuition
46 regardless of the beneficiary's residence on the date of enrollment.
47 § 696-k. Types of plans. 1. The board shall make prepaid tuition
48 contracts available for the:
49 (a) public college plan; and
50 (b) private college plan.
51 2. Through the public college plan, a prepaid tuition contract shall
52 provide prepaid tuition and required fees for the beneficiary to attend
53 a public college for a specified number of undergraduate credit hours
54 not to exceed the typical number of hours required for a certificate or
55 an associate degree or a bachelors degree awarded by a public college.
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1 3. Through the private college plan, a prepaid tuition contract shall
2 provide prepaid estimated average private tuition and required fees for
3 the beneficiary to attend a private or independent institution of higher
4 education for a specified number of undergraduate credit hours not to
5 exceed the typical number of hours required for a bachelors degree
6 awarded by a private or independent institution of higher education.
7 § 696-l. Contract payment. 1. The board may provide for the receipt of
8 payments under prepaid tuition contracts in lump sums or installment
9 payments.
10 2. A purchaser may make payments under a prepaid tuition contract by
11 electronic funds transfer.
12 3. An employee of the state or a political subdivision of the state
13 may make payments under a prepaid tuition contract by payroll deductions
14 made by the appropriate officer of the state or political subdivision.
15 4. The board may impose a fee for a late payment under a prepaid
16 tuition contract.
17 § 696-m. Change of beneficiary. 1. The purchaser of a prepaid tuition
18 contract may designate a new beneficiary instead of the original benefi-
19 ciary if the new beneficiary meets the requirements of a beneficiary on
20 the date the designation is changed. If the purchaser is an individual,
21 the new beneficiary must be a sibling, step-sibling or half-sibling of
22 the original beneficiary.
23 2. The board may adjust the terms of a prepaid tuition contract so
24 that the purchaser is required to pay the amount the purchaser would
25 have been required to pay had the purchaser originally designated the
26 new beneficiary as the beneficiary, taking into account any payments
27 made before the date the designation is changed.
28 3. The purchaser of a prepaid tuition contract shall not sell the
29 contract.
30 § 696-n. Conversion to another plan. 1. A purchaser may convert a
31 prepaid tuition contract from one plan to another plan.
32 2. The board may adjust the terms of the contract so that the purchas-
33 er is required to pay the amount required under the plan to which the
34 contract is converted, taking into account any payments made before the
35 date the contract is converted.
36 § 696-o. Verification under oath. The board may require a purchaser to
37 verify under oath a request to:
38 1. change a beneficiary;
39 2. convert a contract to another plan; or
40 3. terminate a contract.
41 § 696-p. Promise or guarantee of admission. This article shall not
42 constitute a promise or guarantee that a beneficiary will be:
43 1. admitted to any institution of higher education or private or inde-
44 pendent institution of higher education;
45 2. admitted to a particular institution of higher education or private
46 or independent institution of higher education;
47 3. allowed to continue enrollment at an institution of higher educa-
48 tion or private or independent institution of higher education after
49 admission; or
50 4. graduated from an institution of higher education or private or
51 independent institution of higher education.
52 § 696-q. Contract termination. 1. A prepaid tuition contract shall
53 specify:
54 (a) the name of any person who may terminate the contract; and
55 (b) the terms under which the contract may be terminated.
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1 2. A prepaid tuition contract terminates on the tenth anniversary of
2 the date the beneficiary is projected to graduate from high school, not
3 counting time spent by the beneficiary as an active duty member of the
4 armed forces of the United States.
5 § 696-r. Refund. 1. A prepaid tuition contract shall specify:
6 (a) the name of the person entitled to any refund if the contract is
7 terminated;
8 (b) the terms under which a person is entitled to a refund; and
9 (c) the method by which the amount of the refund is calculated.
10 2. The person named in the contract is entitled to a refund following
11 termination of a prepaid tuition contract.
12 3. The board shall determine the method by which the amount of the
13 refund is calculated.
14 § 696-s. Prepaid higher education tuition scholarships for needy
15 students. 1. To the extent money is available, the board may award a
16 prepaid higher education tuition scholarship to a student who meets
17 economic and academic requirements adopted by the board by rule.
18 2. A scholarship awarded under this section terminates if the student
19 to whom the scholarship is awarded is convicted of or adjudicated as
20 having engaged in delinquent conduct constituting a felony or class A
21 misdemeanor.
22 3. The board shall ensure that each region of the state is equitably
23 represented in the awarding of scholarships under this section.
24 4. Scholarships under this section shall be funded by the private
25 sector.
26 5. The board may establish a direct-support organization to:
27 (a) receive, hold, invest and administer money, gifts, grants, loans
28 and other property for or on behalf of the program; and
29 (b) purchase scholarships under this section.
30 6. The board of directors of the direct-support organization consists
31 of:
32 (a) the comptroller;
33 (b) a member appointed by the governor with the advice and consent of
34 the temporary president of the senate; and
35 (c) three members appointed jointly by the comptroller and the member
36 appointed by the governor.
37 7. The board must certify that the direct-support organization oper-
38 ates in a manner consistent with the goals of this state and in the best
39 interests of this state.
40 8. The board may contract with an independent certified public
41 accountant to annually audit the direct-support organization under rules
42 adopted by the board. The board shall submit the audit to the comp-
43 troller, governor, temporary president of the senate, speaker of the
44 assembly, minority leader of the senate and minority leader of the
45 assembly. The comptroller may require the direct-support organization or
46 independent certified public accountant to provide additional informa-
47 tion relating to the operation of the organization.
48 9. The identity of a donor under this section who desires to remain
49 anonymous and the records of the direct-support organization, other than
50 the records disclosed under subdivision eight of this section, shall be
51 confidential.
52 § 696-t. Statement regarding status of prepaid tuition contract. 1.
53 Not later than December first of each year, the board shall furnish
54 without charge to each purchaser a statement of:
55 (a) the amount paid by the purchaser under the prepaid tuition
56 contract;
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1 (b) the number of credit hours originally covered by the contract;
2 (c) the number of credit hours remaining under the contract; and
3 (d) any other information the board determines by rule is necessary or
4 appropriate.
5 2. The board shall furnish a statement complying with subdivision one
6 of this section to a purchaser or beneficiary upon written request. The
7 board may charge a reasonable fee for each statement furnished under
8 this subdivision.
9 § 696-u. Reports. 1. Not later than December first of each year, the
10 board shall submit to the governor, lieutenant governor, temporary pres-
11 ident of the senate, speaker of the assembly, minority leader of the
12 senate and the minority leader of the assembly, a report including:
13 (a) the board's fiscal transactions during the preceding fiscal year;
14 (b) the market and book value of the fund as of the end of the preced-
15 ing fiscal year;
16 (c) the asset allocations of the fund expressed in percentages of
17 stocks, fixed income, cash or other financial investments;
18 (d) the rate of return on the investment of the fund's assets during
19 the preceding fiscal year; and
20 (e) an actuarial valuation of the assets and liabilities of the
21 program, including the extent to which the program's liabilities are
22 unfunded.
23 2. The board shall make the report described by subdivision one of
24 this section available to purchasers of prepaid tuition contracts.
25 3. Not later than December first of each year, the board shall provide
26 to the department complete prepaid tuition contract sales information,
27 including projected enrollments of beneficiaries at institutions of
28 higher education.
29 § 696-v. Confidentiality. 1. Records in the custody of the board
30 relating to the participation of specific purchasers and beneficiaries
31 in the program are confidential.
32 2. Notwithstanding subdivision one of this section, the board may
33 release information described by such subdivision to an institution of
34 higher education in which a beneficiary may enroll or is enrolled. The
35 institution of higher education shall keep the information confidential.
36 § 3. The state finance law is amended by adding a new section 78-a to
37 read as follows:
38 § 78-a. New empire fund. 1. There is hereby established in the sole
39 custody of the state comptroller a special fund to be known as the "new
40 empire fund". All payments from such fund shall be made in accordance
41 with article fourteen-B of the education law.
42 2. The fund shall consist of:
43 (a) state appropriations for purposes of the fund;
44 (b) money acquired from other governmental or private sources;
45 (c) money paid under prepaid tuition contracts; and
46 (d) the income from money deposited in the fund.
47 3. The prepaid higher education tuition board established by section
48 six hundred ninety-six-b of the education law, hereinafter referred to
49 in this section as the "board", shall administer the assets of the fund.
50 The board is the trustee of the fund's assets.
51 4. The board may:
52 (a) segregate contributions and payments to the fund into various
53 accounts; and
54 (b) acquire, hold, manage, purchase, sell, assign, trade, transfer and
55 dispose of any security, evidence of indebtedness or other investment in
56 which the fund's assets may be invested.
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1 5. (a) The comptroller shall invest the assets of the fund in invest-
2 ments authorized by article four-A of the retirement and social security
3 law, provided however, that:
4 (i) the provisions of paragraph (a) of subdivision two of section one
5 hundred seventy-seven of the retirement and social security law shall
6 not apply except for subparagraph (ii) of such paragraph; and
7 (ii) notwithstanding the provisions of subdivision seven of section
8 one hundred seventy-seven of the retirement and social security law or
9 any other law to the contrary, the assets of the trust fund may be
10 invested in any funding agreement issued in accordance with section
11 three thousand two hundred twenty-two of the insurance law by a domestic
12 life insurance company or a foreign life insurance company doing busi-
13 ness in this state, subject to the following:
14 (1) such a funding agreement may provide for a guaranteed minimum rate
15 of return;
16 (2) such a funding agreement may be allocated as either a separate
17 account or a general account of the issuer, as the comptroller may
18 decide;
19 (3) total investments of the trust fund pursuant to this paragraph in
20 any funding agreements issued by a single life insurance company which
21 are allocated as a general account of the issuer shall not, in the
22 aggregate, exceed three hundred fifty million dollars; and
23 (4) no assets of the trust fund shall be invested in any such funding
24 agreement unless, at the time of such investment, the general obli-
25 gations or financial strength of the issuer have received either the
26 highest or second highest rating by two nationally recognized rating
27 services or by one nationally recognized rating service in the event
28 that only one such service rates such obligations.
29 (b) Trust fund assets shall be kept separate and shall not be commin-
30 gled with other assets, except as provided in this section. The comp-
31 troller may enter into contracts to provide for investment advice and
32 management, custodial services, and other professional services for the
33 administration and investment of the program. Administrative fees, costs
34 and expenses, including investment fees and expenses, shall be paid from
35 the assets of the fund.
36 § 4. (a) As soon as possible on or after the effective date of this
37 act, the governor shall appoint the members of the prepaid higher educa-
38 tion tuition board. In making the appointments, the governor shall
39 designate two members for terms expiring February 1, 2011, two members
40 for terms expiring February 1, 2013 and two members for terms expiring
41 February 1, 2015.
42 (b) Such board shall be prepared to enter into prepaid tuition
43 contracts not later than the ninetieth day after the date all the
44 members are appointed or January 1, 2010, whichever occurs later.
45 § 5. This act shall take effect on the first of September next
46 succeeding the date on which it shall have become a law.
