Okla. Stat. tit. 70, § 70-3912: Commingling of certain funds prohibited - Separate

accounting of funds - Uses of certain income of certain school

districts limited.

(a) Neither the ad valorem funds received by a local school

district which operates an institution of higher education nor the

ad valorem funds received by a technical area school district shall

be mingled with the funds of any institution of higher education.

(b) The board of education of a school district which, acting

as a board of trustees, governs an institution of higher education

shall state the assets, liabilities, income and expenditures of the

institution as an entity distinct from the local school district.

The income of the school district shall not be used for any purpose

other than the education of the residents of the district.

(c) The board of trustees of a technical area school district

operated in accordance with Section 4423 of Title 70 of the Oklahoma

Statutes shall state the assets, liabilities, income, and

expenditures of the district as an entity distinct from the

institution of higher education which the members of the board of

trustees, acting as the board of regents of the institution, also

govern. The income of the technical area district shall be used for

no other purpose than the provision of postsecondary technical

education to the residents of the district; provided, nothing herein

shall be construed as precluding the board members, with proper

regard for their respective responsibilities as trustees and as

regents, from making or approving agreements whereby the district

and the institution, by appropriate written contract, utilize the

same facilities, equipment, and services.