Authority: Title 23, Chapter 4.9, Chapter 7, Code of Virginia.

A. Amounts for Payments for Tuition and Educational Expense Benefits represent the payment of benefits to postsecondary educational institutions on behalf of program participants under the Virginia529 prePAID Program, estimated at $214,000,000 the first year and $250,000,000 the second year, from nongeneral funds pursuant to§ 23-38.76, § 23.1-701, Code of Virginia.

B. Any moneys collected, distributed or held for the benefit of participants under the Virginia529 inVEST Program and other higher education savings programs, including any income from such funds, are not subject to the provisions of §§ 2.2-1800 through 2.2-1825, inclusive, or § 23.1-701 (C) of the Code of Virginia requiring deposit in the State Treasury. This provision does not apply to the Virginia529 prePAID Program, or Plan administrative fee revenue.

B.1. Any moneys collected, distributed or held for the benefit of participants under the Virginia529 inVEST Program and other higher education savings programs, including any income from such funds, are subject to the provisions of § 23.1-701.B. of the Code of Virginia.

B.2. Any moneys collected, distributed or held for the benefit of participants under the Virginia529 prePAID Program, or any Plan administrative revenue, including any income from such funds, are subject to § 23.1-701.C. of the Code of Virginia.

C. Amounts for Payments for Tuition and Educational Expense Benefits cover the current obligations of the fund as provided for in Title 2323.1, Chapter 4.9 7, Code of Virginia.