Okla. Stat. tit. 70, § 70-3953.1: Oklahoma Higher Learning Access Trust Fund

A. There is hereby created a trust fund to be known as the

“Oklahoma Higher Learning Access 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 2601 through 2605 of this title and

Sections 1 through 3 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. All monies accruing to the credit of the fund are hereby

appropriated and may be budgeted and expended by the State Regents.

Expenditures from the 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.

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 2601 through 2605 of this title and

Sections 1 through 3 of this act. The State Regents may also

utilize the Trust Fund principal for the purposes provided in

Sections 2601 through 2605 of this title and 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 Higher Learning

Access Program established by the Oklahoma Higher Learning Access

Act and the Oklahoma Access and Achievement Program established by

the Oklahoma Access and Achievement 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 Higher Learning Access Trust

Fund to the appropriate institutional Educational and General

Operations Revolving Funds, as provided in Section 3901 of this

title, to private institutions, and to the appropriate technology

center school district to cover general enrollment fees or tuition

for eligible students pursuant to the Oklahoma Higher Learning

Access Act and the Oklahoma Access and Achievement Act. Allocations

from the Trust Fund may be made only for the purpose of covering the

general enrollment fees or tuition of eligible students. No portion

of the Trust Fund may be used or allocated for administrative or

operating expenses of any higher education institution or technology

center school.