In AS 14.40.803 - 14.40.817, (1) 'advance college tuition savings contract' or 'contract' means a contract entered into by the board and a purchaser to provide for the qualified higher education expenses of a beneficiary; (2) 'beneficiary' means a designated beneficiary as defined under 26 U.S.C. 529(e)(1) (Internal Revenue Code); (3) 'board' means the Board of Regents of the university; (4) 'eligible educational institution' has the meaning given in 26 U.S.C. 135(c)(3) (Internal Revenue Code); (5) 'fund' means the Alaska advance college tuition savings fund established under AS 14.40.803; (6) 'plan' means the formal plan for administration of an advance college tuition savings program adopted by the board under AS 14.40.809(b); (7) 'purchaser' means the person who is named in the contract and has the rights conferred upon a purchaser under an advance college tuition savings contract; (8) 'qualified higher education expenses' has the meaning given in 26 U.S.C. 529(e)(3) (Internal Revenue Code); (9) 'university' means the University of Alaska, including a community college affiliated with the university.
Alaska Legal Code