81-2013. Michael B. Amos Educational Trust Fund; James M. Amos Educational Trust Fund; created; purposes; investment.
294 words·~1 min read·
/ne/chapter-81/81-2013A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The State Treasurer shall, on May 21, 1973, establish in the state treasury two trust funds in the amount of four thousand dollars each, one to be known as the Michael B. Amos Educational Trust Fund and the other to be known as the James M. Amos Educational Trust Fund. Each such fund shall be expended solely for the purpose of providing financial assistance to the named beneficiary thereof in obtaining post-high school education. Disbursements from each of such funds shall be made upon application of the named beneficiary thereof and upon a showing that he is pursuing a course of post-high school education and may continue so long as he is pursuing such course and money remains in the fund.
Any unexpended balance in either fund shall lapse to the General Fund upon
(1)completion of the course of study or
(2)discontinuance of such course prior to completion for a consecutive period of two years but any time spent on active duty in the armed forces of the United States shall not count as part of such two-year period. The entire amount in the Michael B. Amos Educational Trust Fund shall lapse to the General Fund on July 21, 1990, if the named beneficiary has not started a course of post-high school education prior to such date. The entire amount in the James M. Amos Educational Trust Fund shall lapse to the General Fund on October 7, 1993, if the named beneficiary has not started a course of post-high school education prior to such date. All money in each such fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act for the benefit of the fund.