Tex.
Educ. Code Section 54.767
Use of Fund Assets
(1)
pay the costs of program administration and operations;(2)
make payments to general academic teaching institutions, two-year institutions of higher education, private or independent institutions of higher education, medical and dental units, career schools, accredited out-of-state institutions of higher education, and registered apprenticeship programs on behalf of beneficiaries; and(3)
make refunds under prepaid tuition contracts.(b)
For purposes of a transfer of money from an account under this subchapter, the value of the account at the time of transfer is the lesser of:(1)
an amount equal to the cost, at the time of the transfer, of the tuition and required fees that would be covered by redemption of the number and type of tuition units to be transferred from the account if the beneficiary were redeeming the units at a general academic teaching institution or two-year institution of higher education as follows:(A)
for a Type I unit, at the general academic teaching institution that had the highest tuition and required fee cost;(B)
for a Type II unit, at a general academic teaching institution that had tuition and required fee cost at the weighted average; and(C)
for a Type III unit, at a two-year institution of higher education that had tuition and required fee cost at the weighted average; or(2)
an amount equal to the total purchase price of the tuition units to be transferred from the account, plus the portion of the total return on assets of the fund attributable to that amount.
Source:
Section 54.767 — Use of Fund Assets, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.54.htm#54.767 (accessed Jun. 5, 2024).
