Okla. Stat. tit. 62, § 62-34.92: Oklahoma Student Aid Revolving Fund

A. There is hereby created in the State Treasury a revolving

fund for the Oklahoma State Regents for Higher Education to be

designated the "Oklahoma Student Aid Revolving Fund". The fund

shall be a continuing fund, not subject to fiscal year limitations,

and shall consist of monies received pursuant to the provisions of

subparagraph c of paragraph 2 and subparagraph c of paragraph 3 of

subsection A of Section 1004 of Title 68 of the Oklahoma Statutes

and any funds previously deposited in the Oklahoma Tuition

Scholarship Fund. All monies accruing to the credit of the fund are

hereby appropriated and may be budgeted and expended by the Oklahoma

State Regents for Higher Education as authorized by the Oklahoma

Legislature. Expenditures from said fund shall be made upon

warrants issued by the State Treasurer against claims filed as

prescribed by law with the Director of the Office of Management and

Enterprise Services for approval and payment.

B. Beginning with fiscal year 2003, monies accruing to the

credit of the Oklahoma Student Aid Revolving Fund shall be

appropriated for and budgeted and expended for providing student aid

in the form of state tuition aid grants awarded pursuant to the

Higher Education Tuition Aid Act and scholarships awarded pursuant

to the Oklahoma State Regents' Academic Scholars Program.