Okla. Stat. tit. 70, § 70-3953.4

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

Oklahoma Statutes - Title 70. Schools Page 1581

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.