SCS/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. Money in the fund shall be used to provide a state match to dollars invested on behalf of beneficiaries in the MOST program who are Missouri residents and whose family income is 150% or less of the Missouri median family income, or who meet other criteria established by the MOST board, 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 similar to a provision contained in the CCS/HCS/SS/SCS/SB 590 (2006).