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ACT NO. 58

(H.176)

Higher Education Endowment Trust Fund; Commission on Higher Education Funding; Vermont Higher Education Savings Plan; Vermont Student Assistance Council

This act changes the definition of assets for the purpose of determining withdrawals from the higher education endowment trust fund, from the amount in the fund on June 30, to the average of the fund’s market values at the end of each quarter for 12 quarters; removes a requirement that the higher education commission make a finding before UVM or the Vermont state colleges may withdraw endowment funds; changes the name of the Vermont Higher Education Savings Plan to the Vermont Higher Education Investment Plan; and authorizes the Vermont Student Assistance Council to bond for the purpose of the purchase, construction, renovation, reconstruction, rehabilitation, improvement, furnishing and equipping of office or other business space.

Effective Date: July 1, 2001, except that the change of the name of the Higher Education Savings Plan and the authorizing of VSAC to bond for capital construction and improvement take effect on passage.