College Savings Incentive Cash Fund; created; use; investment

(1) The College Savings Incentive Cash Fund is created. The fund shall be administered by the State Treasurer and shall be used to provide incentive payments under the Employer Matching Contribution Incentive Program established in section 77-1429 and to provide matching scholarships under the College Savings Plan Low-Income Matching Scholarship Program established in section 77-1430 . The State Treasurer shall accept contributions from any private individual or private entity and shall credit all such contributions received to the College Savings Incentive Cash Fund for the purpose of providing an ongoing source of funding for the College Savings Plan Low-Income Matching Scholarship Program. The matching contributions for which incentive payments are made under the Employer Matching Contribution Incentive Program and the matching scholarships provided under the College Savings Plan Low-Income Matching Scholarship Program shall not be used to pay expenses associated with attending kindergarten through grade twelve.

(2) The College Savings Incentive Cash Fund shall not be considered an asset of the Nebraska educational savings plan trust.

(3) Any money in the 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.