Oklahoma § 70-6004 - Powers and duties of Regents - Contracts for services

§ 70-6004. Powers and duties of Regents - Contracts for services

A. For the purpose of implementing and administering the

Oklahoma Tuition Trust Act, the Regents shall have the power and

duty to:

1. invest any money of the Trust, at the discretion of the

Regents, in any instruments, obligations, securities or property

deemed proper by the Regents, and name and use depositories for its

money;

Oklahoma Statutes - Title 70. Schools

2. pay money to state institutions of higher education from the

fund;

3. impose reasonable residency requirements for qualified

beneficiaries consistent with the policies of the institution of

higher education which the qualified beneficiary attends;

4. impose reasonable limits on the number of participants in

the Trust if necessary to maintain the financial and actuarial

soundness of the Trust. Any refused purchaser shall receive a

priority over prospective new purchasers when additional contracts

are let;

5. contract for goods and services and engage personnel as is

necessary and engage the services of private consultants, actuaries,

managers, legal counsel, and auditors for rendering professional

management, and technical assistance and advice;

6. solicit and accept gifts, donations, grants, loans, and

other aids from any person, firm or corporation or the federal,

state, or local government or any agency of the federal, state, or a

local government, or to participate in any other way in any federal,

state, or local government program;

7. charge, impose, and collect administrative fees and charges

in connection with any transaction and provide for reasonable

penalties, including default, for delinquent payment of fees or

charges or for fraud;

8. procure insurance against any loss in connection with the

Trust's property, assets, or activities;

9. make, execute, and deliver contracts, conveyances, and other

instruments necessary or convenient to the exercise of its powers;

10. enter into contracts on behalf of the state;

11. invest, manage and administer the assets of the Trust;

12. indemnify or procure insurance indemnifying the Regents

from personal loss or accountability from liability resulting from a

member's action or inaction as a member of the Regents;

13. impose reasonable time limits on use of the tuition

benefits provided by the Trust, if the limits are made a part of the

contract;

14. provide for receiving contributions in lump sums or

periodic sums; and

15. promulgate reasonable rules and regulations and establish

policies, procedures, and eligibility criteria to implement the

Oklahoma Tuition Trust Act pursuant to the Administrative Procedures

Act.

B. The Regents shall make any arrangements that are necessary

or appropriate with institutions of higher education in order to

fulfill its obligations under advance tuition payment contracts,

which arrangements may include, but need not be limited to, the

payment by the Regents of the then actual tuition cost on behalf of

a qualified beneficiary to the institution of higher education.

Oklahoma Statutes - Title 70. Schools

C. The Trust may contract with others, public or private, for

the provision of all or a portion of the services necessary for the

management and operation of the Trust.

Added by Laws 1988, c. 261, § 5, emerg. eff. June 29, 1988.