The advance payment contract shall specify one of the payment options specified under this section to be required from the purchaser on behalf of the beneficiary. The one-time advance payment shall be made in cash or cash equivalents at the time the contract is signed. The executive director shall annually determine the amount of the one-time advance payment for each of the following payment options:

1. (1) Not to exceed four academic semesters of resident tuition, room and board at any state-supported university;
2. (2) Not to exceed four academic semesters of nonresident tuition, room and board at any state-supported university;
3. (3) Not to exceed four academic semesters of resident tuition at any state-supported university; or
4. (4) Not to exceed four academic semesters of nonresident tuition at any state-supported university.

Source: SL 1994, ch 145 , § 4.