A. There is hereby created a trust fund to be known as the "Oklahoma Tuition Equalization Grant Trust Fund". The Oklahoma State Regents for Higher Education shall be the trustees of the Trust Fund.
B. The State Regents shall utilize the Trust Fund to implement the provisions of Sections 1 through 3 of this act.
C. The Trust Fund principal shall consist of monies the Legislature appropriates or transfers to the State Regents 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 1 through 3 of this act. The State Regents may also utilize the Trust Fund principal for the purposes provided in Sections 1 through 3 of this act. Except as otherwise provided by law, 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 Tuition Equalization Grant Program established by this act shall be paid from monies appropriated to the State Regents’ coordinating board for their general operating budget.
E. The State Regents shall adopt rules for accomplishing transfer of funds from the Oklahoma Tuition Equalization Grant Trust Fund to the appropriate private institution for payment of a portion of the tuition for eligible students pursuant to this act. Allocations from the Trust Fund may be made only for the purpose of payment of a portion of the tuition for eligible students. No portion of the Trust Fund may be used or allocated for administrative or operating expenses of any higher education institution.
Added by Laws 2003, c. 207, § 4, eff. July 1, 2003.