Oklahoma § 62-34.87 - Transfer of funds to Higher Learning Access Trust Fund

§ 62-34.87. Transfer of funds to Higher Learning Access Trust Fund

In order to ensure that the Oklahoma Higher Learning Access

Program will be fully funded and all eligible and qualifying

students receive scholarships, the following procedures shall be

observed:

1. Not later than November 1, 2007, and November 1 of each

subsequent year, the Oklahoma State Regents for Higher Education

shall estimate the amount of revenue they deem necessary to fund

awards allowed pursuant to the Oklahoma Higher Learning Access Act,

Oklahoma Statutes - Title 62. Public Finance

for the fiscal year which begins the following July 1 and provide

such estimate to the State Board of Equalization;

2. At its meeting in December 2007, and December of each

subsequent year, held pursuant to the provisions of paragraph 1 of

Section 23 of Article X of the Oklahoma Constitution, the State

Board of Equalization shall determine the total amount of revenue

necessary to fund awards allowed pursuant to the Oklahoma Higher

Learning Access Act for the fiscal year which begins the following

July 1 and reflect such amount as it certifies amounts available for

appropriation from the General Revenue Fund by the Legislature for

such fiscal year and identify the amount to be authorized pursuant

to paragraph 3 of this section; and

3. Notwithstanding any other provisions of law directing the

apportionment of revenues, beginning with the fiscal year ending

June 30, 2009, and for each subsequent fiscal year, the Director of

the Office of Management and Enterprise Services shall transfer on a

periodic basis as needed the amount of revenue to be deposited to

the Oklahoma Higher Learning Access Trust Fund, provided that the

total amount of such transfers in any fiscal year shall not exceed

the amount authorized for transfer by applicable budget legislation

for such fiscal year.

Added by Laws 2007, c. 355, § 4, emerg. eff. June 4, 2007.

Renumbered from § 10.4 of this title by Laws 2009, c. 441, § 64,

eff. July 1, 2009. Amended by Laws 2012, c. 304, § 404; Laws 2024,

c. 409, § 1, eff. July 1, 2024.