Oklahoma § 70-3901 - Revolving funds - Sources of income - Use - Rules and

§ 70-3901. Revolving funds - Sources of income - Use - Rules and

regulations.

(a) There are hereby established two revolving funds for each

state educational institution and for each agency thereof. The

Educational and General Operations Revolving Fund shall consist of

any appropriations made by the Legislature for such purpose and

shall include income received from student fees, sales and services

of educational departments and all other income available to the

institution or agency for educational and general purposes as

defined in the uniform budget and accounting classifications

recommended by the publications of the National Association of

College and University Business Officers. The Capital Improvements

Revolving Fund shall consist of any appropriations made by the

Legislature for such purpose. Such revolving funds may be used for

the specified purposes when allocated and allotted as provided by

the Oklahoma Budget Law of 1947, Sections 41.1 et seq. of Title 62

of the Oklahoma Statutes.

(b) It is the intent of the Legislature that the State Regents

promulgate appropriate rules and regulations for accomplishing

prescribed procedures of this section. Said rules and regulations

shall include requirements that regular maintenance and utility

costs and other operating expenses of auxiliary enterprises not be

paid from education and general purpose funds without documented

adequate reimbursement and that the use of fees and other charges be

restricted to the purpose for which collected.

Amended by Laws 1987, c. 229, § 8, eff. July 1, 1987; Laws 1988, c.

272, § 9, operative July 1, 1988.