Michigan Compiled Laws
Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)
Section 390.1422 - Legislative Finding and Declaration.

Sec. 2.
The legislature hereby finds and declares the following:
(a) It is an essential function of state government to forever encourage schools and the means of education, as provided in section 1 of article VIII of the state constitution of 1963.
(b) It is a responsibility of state government to maintain state institutions of higher education as provided by section 4 of article VIII of the state constitution of 1963.
(c) It is an essential function of state government to encourage attendance at state institutions of higher education.
(d) Tuition costs at public institutions of higher education are difficult for many to afford and are difficult to predict in order to enable individuals and families to plan.
(e) It is in the best interest of the people of this state to foster public higher education in order to provide well-educated citizens.
(f) It is in the best interest of the people of this state to encourage state residents desiring a public higher education to enroll in state public institutions of higher learning.
(g) It is in the best interest of the people of this state to enhance and foster the ability of Michigan residents to choose an independent, nonprofit higher education in order to provide well educated citizens and to encourage state residents desiring an independent higher education to enroll in an independent degree-granting college or university located in this state.
(h) Students in elementary and secondary schools tend to achieve to a higher standard of performance when the payment of tuition for their higher education is secured.
(i) Providing assistance to assure the higher education of the citizens of this state is necessary and desirable for the public health, safety, and welfare.
History: 1986, Act 316, Imd. Eff. Dec. 23, 1986

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 390 - Universities and Colleges

Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)

Section 390.1421 - Short Title.

Section 390.1422 - Legislative Finding and Declaration.

Section 390.1423 - Purposes of Act and Michigan Education Trust.

Section 390.1424 - Definitions.

Section 390.1425 - Michigan Education Trust; Creation; Exercise of Powers, Duties, and Functions.

Section 390.1426 - Advance Tuition Payment Contract Generally.

Section 390.1427 - Plan a and Plan B.

Section 390.1428 - Termination of Advance Tuition Payment Contract; Refund.

Section 390.1429 - Advance Tuition Payment Fund; Creation; Placement of Payments in Fund; Division of Fund Into Separate Accounts; Assets of Trust; Priority of Expenditures; Investments; Compliance With Divestment From Terror Act.

Section 390.1430 - Board; Appointment, Qualifications, and Terms of Members; Vacancy; Deputy; Chairperson; President and Chief Executive Officer of Trust; Vice-President of Trust; Compensation; Expenses; Delegation of Functions and Authority; Quorum;...

Section 390.1431 - Additional Powers of Board.

Section 390.1432 - Accounting of Trust Generally.

Section 390.1433 - Actuarial Soundness of Trust; Ruling or Opinion Internal Revenue Service; Answer From Securities and Exchange Commission; Making Status of Request Known.

Section 390.1434 - Enforcement of Act and Contract.

Section 390.1435 - Exemption From Taxation.

Section 390.1436 - Contracting Services Necessary for Management and Operation of Trust; Instituting Programs to Ensure Full Tuition Prepayment Plans; Report to Legislature.

Section 390.1437 - Preserving, Investing, and Expending Assets of Trust.

Section 390.1438 - Prohibited Promises or Guarantees.

Section 390.1439 - Exemption of Contract From Uniform Securities Act; Sale or Transfer of Contract.

Section 390.1440 - Payments Deductible From Taxable Income.

Section 390.1441 - Liberal Construction; Powers to Be Broadly Interpreted.

Section 390.1442 - Severability.

Section 390.1443, 390.1444 - Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004.