Oklahoma § 70-2626 - Tulsa Reconciliation Education and Scholarship Trust

§ 70-2626. Tulsa Reconciliation Education and Scholarship Trust

Fund.

A. There is hereby created a trust fund to be known as the

"Tulsa Reconciliation Education and Scholarship Trust Fund". The

trust fund shall be managed and controlled by a board of trustees.

The Oklahoma State Regents for Higher Education shall constitute the

board of trustees of the Trust Fund.

B. The State Regents shall utilize said Trust Fund to implement

the provisions of the Tulsa Reconciliation Education and Scholarship

Act.

C. The Trust Fund capital shall consist of monies the

Legislature appropriates or transfers to the Oklahoma State Regents

for Higher Education for the Trust Fund, monies transferred from the

donations from taxpayers pursuant to Section 12 of this act, and any

monies or assets contributed to the Trust Fund from any other

source, public or private.

D. The board of trustees shall invest the trust capital in a

reasonable and prudent manner which, consistent with any long-term

investment needs, will produce the greatest trust income over the

term of the investment while preserving the trust capital. All

Oklahoma Statutes - Title 70. Schools

trust income shall be reinvested into the trust fund except for the

purposes of awarding scholarships pursuant to the Tulsa

Reconciliation Education and Scholarship Act.

E. The Regents shall adopt rules for accomplishing transfer of

funds from the Tulsa Reconciliation Education and Scholarship Trust

Fund to the appropriate institutional Educational and General

Operations Revolving Funds, as provided in Section 3901 of this

title, to private institutions of higher education, and to the

appropriate technology center school. Allocations from the Trust

Fund may be made only for the purpose of covering the scholarship

award of eligible participants. No portion of the Trust Fund may be

used or allocated for administrative or operating expenses of any

higher education institution or technology center school.

Added by Laws 2001, c. 315, § 20. Amended by Laws 2002, c. 395, §

11, eff. Nov. 1, 2002.