§70-6012. Unauthorized loans and other transfers - Ceiling on

170 words·~1 min read·/ok/title-70-schools/70-6012

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

tuition aid grants.

A. Except as provided in subsection B of this section, the assets of the Trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in the Oklahoma Tuition Trust Act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of the Oklahoma Tuition Trust Act. This section shall not be construed to prohibit the Trust from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state, an agency of the state, or an instrumentality of the state.

B. Not less than three percent (3%) nor more than ten percent (10%), as determined by the Regents, of the interest income generated by the investment of the assets of the Oklahoma College Tuition Trust Fund shall be used for the purpose of making tuition aid grants pursuant to the Oklahoma Higher Education Tuition Aid Act.

Added by Laws 1988, c. 261, § 13, emerg. eff. June 29, 1988.