Oklahoma § 70-3953 - Oklahoma State Regents' Academic Scholars Trust Fund Principal - Income and investment return - Administrative expenses

§ 70-3953. Oklahoma State Regents' Academic Scholars Trust Fund Principal - Income and investment return - Administrative expenses

Oklahoma Statutes - Title 70. Schools

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

"Oklahoma State Regents' Academic Scholars Trust Fund." The

Oklahoma State Regents for Higher Education shall be the trustees of

said Trust Fund.

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

the provisions of Sections 4 through 10 of this act.

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 and any monies or assets

contributed to the Trust Fund from any other source, public or

private.

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 Sections 4 through 10 of this act. The State

Regents may also utilize the Trust Fund principal for the purposes

provided in Sections 4 through 10 of this act. No such income or

investment return or principal shall be used for administrative

expenses; expenses incurred by the State Regents in the

administration of the Trust Fund and of the Oklahoma State Regents

Academic Scholarship Program established by this act shall be paid

from monies appropriated to the State Regents coordinating board for

their general operating budget.

Added by Laws 1989, c. 375, § 3, emerg. eff. June 6, 1989.