Okla. Stat. tit. 74, § 74-110.4: Higher Education Facilities Revolving Fund – Accounts

and purpose.

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

fund for the Oklahoma State Regents for Higher Education to be

designated the “Higher Education Facilities Revolving Fund”. The

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

limitations, and shall consist of all monies received by the

Oklahoma State Regents for Higher Education from the assessment

imposed pursuant to Section 354 of Title 17 of the Oklahoma

Statutes.

B. There shall be two accounts established in such fund. It is

the intent of the Legislature that one account shall be for the

purpose of transfer and allocation to the University of Oklahoma for

funding construction of a weather center on the campus of the

University of Oklahoma and one account shall be for the purpose of

transfer and allocation to Oklahoma State University for funding the

purchase of equipment and renovation of facilities on the campus of

Oklahoma State University for work on the application of advanced

sensor technology for the detection of chemical and biological

threats to homeland security. Any monies accruing to the credit of

said fund shall be divided equally for deposit into the two accounts

provided for herein. No funds deposited into one account shall be

transferred into the other account. All monies in each account are

hereby appropriated and may be budgeted and expended by the Oklahoma

State Regents for Higher Education for the purpose of allocation and

transfer to the University of Oklahoma and Oklahoma State University

as specified herein. The monies deposited into the Higher Education

Facilities Revolving Fund shall be in addition to and not a part of

the appropriations made by the Legislature pursuant to Section 3 of

Article XIII-A of the Oklahoma Constitution.