Okla. Stat. tit. 70, § 70-3953.3: Trust fund - Scholarships

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

"Oklahoma GEAR UP Scholarship Trust Fund". The Oklahoma State

Regents for Higher Education shall be the trustees of said Trust

Fund.

B. The State Regents shall utilize said Trust Fund to fund

scholarships in accordance with the federal Gaining Early Awareness

and Readiness for Undergraduate Program (GEAR UP) grant.

C. The Trust Fund principal shall consist of monies received

from the GEAR UP grant for scholarship purposes, any 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.

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 subsection B of this section. The State

Regents may also utilize the Trust Fund principal for the purpose

provided in subsection B of this section. Except as otherwise

provided by law, no such income or investment return or principal

shall be used for administrative expenses.

E. The State Regents shall adopt rules for accomplishing

transfer of funds from the Oklahoma GEAR UP Scholarship Trust Fund

to the appropriate institutional Educational and General Operations

Revolving Funds, as provided in Section 3901 of Title 70 of the

Oklahoma Statutes, to private institutions, and to the appropriate

vocational-technical area school district to cover scholarships for

eligible students pursuant to the GEAR UP grant. Allocations from

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

scholarship costs. No portion of the Trust Fund may be used or

allocated for administrative or operating expenses of any higher

education or vocational-technical institution.