A. There is hereby created a trust fund to be known as the "Oklahoma State Regents' Academic Scholars Trust Fund." The Oklahoma State Regents for Higher Education shall be the trustees of said Trust Fund.
B. The State Regents shall utilize said Trust Fund to implement the provisions of Sections 4 through 10 of this act.
C. The Trust Fund principal shall consist of monies the Legislature appropriates or transfers to the Oklahoma State Regents for Higher Education 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 4 through 10 of this act. The State Regents may also utilize the Trust Fund principal for the purposes provided in Sections 4 through 10 of this act. 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 State Regents Academic Scholarship Program established by this act shall be paid from monies appropriated to the State Regents coordinating board for their general operating budget.
Added by Laws 1989, c. 375, § 3, emerg. eff. June 6, 1989.