Okla. Stat. tit. 70, § 70-3901
This is the official text of Okla. Stat. tit. 70, § 70-3901, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Revolving funds - Sources of income - Use - Rules and
Official statutory text
regulations.
(a) There are hereby established two revolving funds for each
state educational institution and for each agency thereof. The
Educational and General Operations Revolving Fund shall consist of
any appropriations made by the Legislature for such purpose and
shall include income received from student fees, sales and services
of educational departments and all other income available to the
institution or agency for educational and general purposes as
defined in the uniform budget and accounting classifications
recommended by the publications of the National Association of
College and University Business Officers. The Capital Improvements
Revolving Fund shall consist of any appropriations made by the
Legislature for such purpose. Such revolving funds may be used for
the specified purposes when allocated and allotted as provided by
the Oklahoma Budget Law of 1947, Sections 41.1 et seq. of Title 62
of the Oklahoma Statutes.
(b) It is the intent of the Legislature that the State Regents
promulgate appropriate rules and regulations for accomplishing
prescribed procedures of this section. Said rules and regulations
shall include requirements that regular maintenance and utility
costs and other operating expenses of auxiliary enterprises not be
paid from education and general purpose funds without documented
adequate reimbursement and that the use of fees and other charges be
restricted to the purpose for which collected.
(a) There are hereby established two revolving funds for each
state educational institution and for each agency thereof. The
Educational and General Operations Revolving Fund shall consist of
any appropriations made by the Legislature for such purpose and
shall include income received from student fees, sales and services
of educational departments and all other income available to the
institution or agency for educational and general purposes as
defined in the uniform budget and accounting classifications
recommended by the publications of the National Association of
College and University Business Officers. The Capital Improvements
Revolving Fund shall consist of any appropriations made by the
Legislature for such purpose. Such revolving funds may be used for
the specified purposes when allocated and allotted as provided by
the Oklahoma Budget Law of 1947, Sections 41.1 et seq. of Title 62
of the Oklahoma Statutes.
(b) It is the intent of the Legislature that the State Regents
promulgate appropriate rules and regulations for accomplishing
prescribed procedures of this section. Said rules and regulations
shall include requirements that regular maintenance and utility
costs and other operating expenses of auxiliary enterprises not be
paid from education and general purpose funds without documented
adequate reimbursement and that the use of fees and other charges be
restricted to the purpose for which collected.
Status: in_force · Read it on the official government site
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