{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6009","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6009","heading":"Oklahoma College Tuition Trust Fund - Creation -","body":"Accountings - Expenditure and investment of assets.\n\nA. There is hereby created in the State Treasury an \"Oklahoma\n\nCollege Tuition Trust Fund\" into which shall be deposited all assets\n\naccruing to the Trust including payments received by the Trust from\n\npurchasers on behalf of qualified beneficiaries, and from which,\n\nupon appropriation, shall be paid all expenditures of the Trust. The\n\nfund may be divided into separate accounts. Any unexpended balance\n\nin the fund at the end of any fiscal year shall not be transferred\n\ninto the General Revenue Fund. All interest or other increase\n\nearned from the investment of money in the Oklahoma Tuition Trust\n\nFund shall be credited to and deposited to the fund. Monies in the\n\nfund shall not be commingled with any other monies of the Regents.\n\nB. The Regents shall annually prepare or cause to be prepared\n\nan accounting of the Trust and shall transmit a copy of the\n\naccounting to the Governor and to each house of the Legislature. The\n\naccounts of the Regents shall be subject to annual audits by the\n\nState Auditor and Inspector.\n\nC. 1. The fund shall be administered by the Regents in a\n\nmanner reasonably designed to be actuarially sound such that the\n\nassets of the fund will be sufficient to defray the obligations of\n\nthe fund. The actuarial assumptions shall take into consideration\n\nthe age of each qualified beneficiary, the projected earnings of the\n\nfund investments and the estimated cost of tuition payments for\n\nqualified beneficiaries to institutions of higher education; and\n\n2. In the accounting of the Trust made pursuant to this\n\nsection, the Regents shall annually evaluate or cause to be\n\nevaluated the actual soundness of the Trust and determine the\n\nadditional assets needed, if any, to defray the obligations of the\n\nTrust. If there are not sufficient funds to ensure the actual\n\nsoundness of the Trust, the Regents shall adjust payments of\n\nsubsequent purchases to ensure its actuarial soundness. In no case\n\nshall there be an appropriation of monies from general revenue to\n\nthe Regents for purposes of the Oklahoma Tuition Trust Act; however,\n\nnothing in this subsection shall prevent state agencies from\n\nproviding assistance to the Regents. The assets and earnings of the\n\nTrust shall be the sole source for payment of the liabilities\n\nincurred by the Trust pursuant to the Oklahoma Tuition Trust Act.\n\nD. Unless otherwise provided by resolution of the Regents,\n\nassets of the Trust shall be expended in the following order of\n\npriority:\n\n1. to make payments to institutions of higher education on\n\nbehalf of qualified beneficiaries;\n\n2. to make refunds upon termination of an advance tuition\n\npayment contract; and 3. to pay the costs of administration and\n\norganization of the Trust and the fund.\n\nE. Assets of the Trust may be invested in any instrument,\n\nobligation, security, or property considered appropriate by the\n\nTrust and may be pooled for investment purposes with investments of\n\nthe state, including, but not limited to, state pension funds, on\n\nsuch terms and conditions as are agreeable to the Trust.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"15cc50120d14ca291e291eda1bf7ee54ace8e9707eb055f2fd3deedd8f93ca71","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6008","next":"us-ok/okla.-stat.-tit.-70-70-6010"},"notice":"GroundRules: Original legal text. Not legal advice."}