Oklahoma § 70-3970.5 - Board duties

§ 70-3970.5. Board duties

The Board of Trustees of the Oklahoma College Savings Plan

shall:

1. Develop and implement the program in a manner consistent

with this act through the adoption of guidelines and procedures;

2. Retain professional services, if necessary, including

accountants, auditors, consultants and other experts;

Oklahoma Statutes - Title 70. Schools

3. Seek rulings and other guidance, if necessary, from the

United States Department of the Treasury, the Internal Revenue

Service, and the Oklahoma Attorney General relating to the program;

4. Make changes to the program required for the participants in

the program to obtain the federal income tax benefits or treatment

provided by Section 529 of the Internal Revenue Code;

5. Interpret, in policies, guidelines and procedures, the

provisions of the Oklahoma College Savings Plan Act broadly in light

of its purpose and objectives;

6. Develop a schedule of application fees and other necessary

fees and charges in connection with any agreement, contract or

transaction relating to the program that are sufficient to offset

the administrative and staffing costs associated with the

implementation and administration of this program;

7. Select the financial institution or institutions to act as

the depositories and managers of the program accounts in accordance

with this act. For purposes of selecting such institutions and

managers, the Board shall be exempt from the Oklahoma Central

Purchasing Act. The Board shall develop a competitive process by

which the institutions and managers will be selected;

8. Develop procedures to assist in the administration and

implementation of this act. Any guidelines or procedures affecting

existing or potential participants in the Oklahoma College Savings

Plan may only be implemented after reasonable notice to the public

and a public hearing in a manner similar to requirements of the

Administrative Procedures Act; and

9. Have the authority to implement affinity programs for plan

participants.

Added by Laws 1998, c. 366, § 5, eff. July 1, 1998. Amended by Laws

1999, c. 142, § 2, emerg. eff. May 3, 1999; Laws 2006, c. 178, § 3,

eff. Nov. 1, 2006.