§ 78. New York state college choice tuition savings program trust fund. 1. There is hereby established in the sole custody of the state comptroller a special fund to be known as the New York state college choice tuition savings program trust fund. All payments from such fund shall be made in accordance with Article fourteen-A of the education law and the memorandum of understanding entered into pursuant thereto on the audit of the state comptroller.

2. The fund shall be a trust fund and shall consist of a trust account and an operating account. The trust account shall include amounts received by the New York state college choice tuition savings program pursuant to tuition savings agreements, administrative charges, fees, and all other amounts received by the program from other sources, and interest and investment income earned by the trust fund. The comptroller shall, from time to time, make transfers from the trust account to the operating account for the immediate payment of obligations under tuition savings agreements, operating expenses and administrative costs of the New York state college choice tuition savings program. Administrative costs shall be paid out of the operating account according to the terms and conditions established pursuant to the provisions of § 695-c of the education law.

3. (a) The comptroller, as trustee, shall invest the assets of the trust fund with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

(b) Trust fund assets shall be kept separate and shall not be commingled with other assets, except as provided herein. The comptroller may enter into contracts to provide for investment advice and management, custodial services, and other professional services for the administration and investment of the program. Administrative fees, costs and expenses, including investment fees and expenses, shall be paid from the assets of the fund.

4. The comptroller shall provide for the administration of the trust fund, including maintaining participant records and accounts, and providing annual audited reports. The comptroller may enter into contracts to provide administrative services and reporting.