Oklahoma § 70-3951 - Trustees - Fund principal - Income or investment return Administrative expenses

§ 70-3951. Trustees - Fund principal - Income or investment return Administrative expenses

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

"Oklahoma State Regents' Endowment Trust Fund". The Oklahoma State

Regents for Higher Education shall be the trustees of the Trust

Fund.

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

the provisions of Section 3952 of this title.

C. The Trust Fund principal shall consist of monies the

Legislature appropriates or transfers to the Oklahoma State Regents

for Higher Education for the Trust Fund, the proceeds of any

obligations issued pursuant to Section 4019 of this title and any

monies or assets contributed to the Trust Fund from any other

source, public or private. In making investments, the State Regents

shall exercise the judgment and care, under circumstances then

prevailing, which persons of prudence, discretion and intelligence

exercise in the management of their own affairs, not for

speculation, but with regard to the permanent disposition of their

funds, considering the probable safety of their capital as well as

the probable income to be derived.

D. Notwithstanding other provisions of law, income and

investment return on Trust Fund principal shall accrue to the Trust

Fund for use as provided by authorization of the trustees for the

purposes provided in Section 3951 et seq. of this title. No such

income or investment return shall be used for administrative

expenses; expenses incurred by the State Regents in the

administration of the Trust Fund and of the endowment program

established by Section 3951 et seq. of this title shall be paid from

monies appropriated to the State Regents' coordinating board for

their general operating budget.

Added by Laws 1989, c. 375, § 1, emerg. eff. June 6, 1989. Amended

by Laws 2004, c. 115, § 1, emerg. eff. April 19, 2004; Laws 2013, c.

216, § 1, eff. July 1, 2013.