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SB 254 - Beginning August 28, 2007, and each fiscal year thereafter, the first twenty-two million five hundred thousand dollars of net transfers from the abandoned fund account shall be transferred to the general revenue fund, and any amount in excess of twenty-two million five hundred thousand dollars shall be transferred from the abandoned fund account to the Missouri legacy fund. This act creates the "Missouri Legacy Fund" in the state treasury. The Missouri higher education savings program board shall administer the fund. Any interest and moneys earned on such investments shall be credited to the fund, and such interest shall be used solely to provide college financial assistance to participants in Missouri's qualified state tuition program under Section 529 of the Internal Revenue Code and for the administration of this section. The state treasurer shall invest moneys in the fund in accordance with rules to be promulgated. This act is identical to a provision contained in the CCS/HCS/SS/SCS/SB 590 (2006). JIM ERTLE
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