A. The Oklahoma State Regents for Higher Education and the Director of the Office of Management and Enterprise Services shall jointly establish a system for the settlement of claims, except for payroll, by institutions of The Oklahoma State System of Higher Education. The settlement system shall include policy, procedures, and performance criteria for participation. The State Regents may approve or disapprove the participation of any institution or other entity of the State System in the claims settlement system.
B. The Department of Education and the Oklahoma Department of Career and Technology Education may establish a preaudit and settlement system for claims and/or payments of state-funded assistance to school districts and institutions within The Oklahoma State System of Higher Education. The payment system shall be neutral as to interest income to the state and the school districts.
Added by Laws 2009, c. 441, § 55, eff. July 1, 2009. Amended by Laws 2012, c. 304, § 399.