(a) There is hereby created in the State Treasury a Revolving Loan Fund to be designated "Revolving Loan Fund of the Oklahoma State Regents for Higher Education." Such fund shall be a continuing fund, and the State Regents may allocate on a loan basis any of the monies therein to any of the state educational institutions under their jurisdiction, for projects authorized by the Board of Regents of the institution and approved by the State Regents.
(b) Monies in such fund shall be disbursed by claims approved by the President of the institution to which the monies were allocated. The State Regents shall prescribe rules and regulations for the safekeeping and proper expenditure, repayment procedures, and reports covering the expenditure, of moneys used for projects authorized.
Laws 1965, c. 396, § 211.