reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 70. Schools › §70-3955. Fiduciary duties - Conflict of interest.

A. A fiduciary with respect to the Oklahoma State Regents' Endowment Trust Fund, the Oklahoma State Regents' Academic Scholars Trust Fund, the Oklahoma Higher Learning Access Trust Fund, the Oklahoma GEAR UP Scholarship Trust Fund, or the Oklahoma Tuition Equalization Grant Trust Fund, hereafter the "Trust Fund," shall not cause the Trust Fund to engage in a transaction if the fiduciary knows or should know that such transaction constitutes a direct or indirect:
1. Sale or exchange, or leasing of any property from the Trust Fund to a party in interest;
2. Lending of money or other extension of credit from the Trust Fund to a party in interest;
3. Furnishing of goods, services, or facilities from the Trust Fund to a party in interest; or
4. Transfer to, or use by or for the benefit of, a party in interest of any assets of the Trust Fund.
B. A fiduciary with respect to the Trust Fund shall not:
1. Deal with the assets of the Trust Fund in the fiduciary's own interest or for the fiduciary's own account;
2. In the fiduciary's individual or any other capacity act in any transaction involving the Trust Fund on behalf of a party whose interests are adverse to the interests of the Trust Fund; or
3. Receive any consideration for the fiduciary's own personal account from any party dealing with the Trust Fund in connection with a transaction involving the assets of the Trust Fund.
C. A fiduciary with respect to the Trust Fund may:
1. Invest all or part of the assets of the Trust Fund in deposits which bear the highest interest rate available for funds with the necessary degree of availability in a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan; or
2. Provide any ancillary service by a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan.
D. A person or a financial institution is a fiduciary with respect to the Trust Fund to the extent that the person or the financial institution:
1. Exercises any discretionary authority or discretionary control respecting management of the Trust Fund or exercises any authority or control respecting management or disposition of the assets of the Trust Fund;
2. Renders investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property of the Trust Fund, or has any authority or responsibility to do so; or
3. Has any discretionary authority or discretionary responsibility in the administration of the Trust Fund.
Added by Laws 1989, c. 375, § 12, emerg. eff. June 6, 1989. Amended by Laws 1992, c. 353, § 8, eff. July 1, 1992; Laws 1999, c. 320, § 43, eff. July 1, 1999; Laws 2000, c. 309, § 2, eff. Sept. 1, 2000; Laws 2002, c. 99, § 3, eff. July 1, 2002; Laws 2003, c. 207, § 6, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.2. Purpose.

It is the purpose of this act, given the cost of higher education, the importance of encouraging savings for tuition, and the correlation of economic growth and education, to permit Oklahomans to benefit from tax benefits for qualified college savings programs allowed by federal law.
Added by Laws 1998, c. 366, § 2, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.4. Board of Trustees.

A. There is hereby created the Board of Trustees of the Oklahoma College Savings Plan program composed of seven (7) members as follows:
1. The State Treasurer;
2. The State Auditor and Inspector;
3. The State Superintendent of Public Instruction;
4. The Chancellor of the Oklahoma State Regents for Higher Education; and
5. Three members, from the general public, each of whom possesses knowledge, skill and experience in accounting, risk management, investments, financial management, or actuarial science, one of whom is appointed by the Governor, one by the Speaker of the House of Representatives, and one by the President Pro Tempore of the Senate. The initial appointee of the Governor shall serve a term of two (2) years. The initial appointee of the President Pro Tempore of the Senate shall serve a term of three (3) years. The initial appointee of the Speaker of the House of Representatives shall serve a term of four (4) years. Upon expiration of the initial terms, subsequent terms shall be for four (4) years.
B. The State Treasurer shall serve as chair of the Board. The Board shall select a vice-chair.
C. Members of the Board may designate members of their respective staffs to attend meetings of the Board and to vote in their absence. Such designations shall be in writing to the chair of the Board and filed with the Secretary of State.
D. Members of the Board shall serve without compensation but shall receive reasonable reimbursement from their respective office or agency or in the case of appointed members from the appointing authority for actual and necessary travel expenses in accordance with the State Travel Reimbursement Act.
E. A majority of the members of the Board serving shall constitute a quorum for the transaction of business at a meeting of the Board. Voting upon action to be taken by the Board shall be conducted by a majority vote of the members present at the meeting of the Board.
F. The business of the Board shall be conducted at meetings of the Board held in compliance with the Oklahoma Open Meeting Act. The Board shall make available to the public records as required by the Oklahoma Open Records Act.
G. The Board may delegate to the Oklahoma State Regents for Higher Education some or all of the duties to carry out the day-to-day operations and responsibilities of the program. The State Regents shall provide staff for the Board. In exercising such delegation, the State Regents shall be authorized to exercise such powers as are vested in the Board which are necessary to fulfill the delegated duties and responsibilities, and may assign any such duties and responsibilities to the staff as the State Regents deem necessary and proper.
H. The members of the Board are immune from personal liability with respect to all actions that are taken in good faith and within the scope of the Board's authority.
Added by Laws 1998, c. 366, § 4, eff. July 1, 1998. Amended by Laws 1999, c. 142, § 1, emerg. eff. May 3, 1999.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.5. Board duties.

The Board of Trustees of the Oklahoma College Savings Plan shall:
1. Develop and implement the program in a manner consistent with this act through the adoption of guidelines and procedures;
2. Retain professional services, if necessary, including accountants, auditors, consultants and other experts;
3. Seek rulings and other guidance, if necessary, from the United States Department of the Treasury, the Internal Revenue Service, and the Oklahoma Attorney General relating to the program;
4. Make changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by Section 529 of the Internal Revenue Code;
5. Interpret, in policies, guidelines and procedures, the provisions of the Oklahoma College Savings Plan Act broadly in light of its purpose and objectives;
6. Develop a schedule of application fees and other necessary fees and charges in connection with any agreement, contract or transaction relating to the program that are sufficient to offset the administrative and staffing costs associated with the implementation and administration of this program;
7. Select the financial institution or institutions to act as the depositories and managers of the program accounts in accordance with this act. For purposes of selecting such institutions and managers, the Board shall be exempt from the Oklahoma Central Purchasing Act. The Board shall develop a competitive process by which the institutions and managers will be selected;
8. Develop procedures to assist in the administration and implementation of this act. Any guidelines or procedures affecting existing or potential participants in the Oklahoma College Savings Plan may only be implemented after reasonable notice to the public and a public hearing in a manner similar to requirements of the Administrative Procedures Act; and
9. Have the authority to implement affinity programs for plan participants.
Added by Laws 1998, c. 366, § 5, eff. July 1, 1998. Amended by Laws 1999, c. 142, § 2, emerg. eff. May 3, 1999; Laws 2006, c. 178, § 3, eff. Nov. 1, 2006.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.9. Balance to be treated as asset of parent - Exceptions.

A. Any student loan program, student grant program, or other financial assistance program established or administered by this state shall treat the balance in an account of which the student is a designated beneficiary as if it were an asset of the parent of the designated beneficiary and not as a scholarship or grant or as an asset of the student for determining a student's or parent's income, assets or financial need.
B. Subsection A of this section applies to any financial assistance program administered by a state-supported college or university.
C. Subsections A and B of this section shall not apply if any of the following conditions exist:
1. Federal law requires all or a portion of the amount in an account to be considered in a different manner;
2. Federal benefits could be lost if all or a portion of the amount in an account is not considered in a different manner; or
3. A specific grant establishing a financial assistance program requires that all or a portion of the amount in an account be considered as an asset of the student.
Added by Laws 1998, c. 366, § 9, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.10. Limitations.

A. Nothing in this act shall be construed to:
1. Give a designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner;
2. Guarantee that a designated beneficiary will be admitted to a higher education institution or be allowed to continue enrollment at or graduate from a higher education institution located in this state after admission;
3. Establish state residency for a person merely because the person is a designated beneficiary; or
4. Guarantee that amounts saved pursuant to the program will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
B. Nothing in this act establishes any obligation of this state or any agency or instrumentality of this state to guarantee for the benefit of any account owner, contributor to an account or designated beneficiary any of the following:
1. The return of any amounts contributed to an account;
2. The rate of interest or other return on any account;
3. The payment of interest or other return on any account; or
4. Tuition rates or the cost of related higher education expenditures.
C. Under rules adopted by the Board, every contract, application, deposit slip or other similar document that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and neither the principal deposited nor the investment return is guaranteed by this state.
Added by Laws 1998, c. 366, § 10, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 70. Schools › §70-3970.11. Reports.

The Board of Trustees of the Oklahoma College Savings Plan shall submit a report summarizing any findings and recommendations concerning the program to the Speaker of the House of Representatives, the President Pro Tempore of the Senate, and the Governor by February 1 of each year.
Added by Laws 1998, c. 366, § 11, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 70. Schools › §70-3980.3. Definitions.

As used in the Oklahoma Higher Education Promise of Excellence Act of 2005, and unless the context clearly requires otherwise:
1. “Authorized issuer” means:
a.
the Oklahoma State Regents for Higher Education acting for the benefit of any institution within The Oklahoma State System of Higher Education other than the University of Oklahoma or Oklahoma State University,
b.
the Board of Regents of the University of Oklahoma acting for the benefit of the University of Oklahoma,
c.
the Board of Regents for the Oklahoma Agricultural and Mechanical Colleges, acting for the benefit of Oklahoma State University,
d.
the Board of Regents of Oklahoma Colleges, also known as the Regional University System of Oklahoma (RUSO) pursuant to Section 3507.1 of this title, acting for the benefit of the institutions supervised and managed by RUSO, and
e.
the Oklahoma Capitol Improvement Authority;
2. “Bonds” means any bonds, notes, obligations, debentures, interim certificates, grant and revenue anticipation notes, interest in a lease, lease certificates of participation, lease purchase agreements, commercial paper, variable interest rate obligations of any kind, or other evidences of indebtedness, whether or not the interest on which is includable in the gross income of the recipients thereof for federal income tax purposes, issued by an authorized issuer pursuant to the Oklahoma Higher Education Promise of Excellence Act of 2005;
3. “Regents” means either the Oklahoma State Regents for Higher Education, the Board of Regents of the University of Oklahoma, the Board of Regents for the Oklahoma Agricultural and Mechanical Colleges, or RUSO; and
4. “State Regents” means the Oklahoma State Regents for Higher Education.
Added by Laws 2005, c. 2, § 3, emerg. eff. March 31, 2005. Amended by Laws 2005, c. 218, § 2, emerg. eff. May 24, 2005; Laws 2023, c. 186, § 3.
2023 Oklahoma Statutes › Title 70. Schools › §70-3980.8. Transfer and interest exempt from taxation.

The obligations issued pursuant to this act by an authorized issuer, the transfer thereof and the interest earned on such obligations, including any profit derived from the sale thereof, shall not be subject to taxation of any kind by the State of Oklahoma, or by any county, municipality or political subdivision therein.
Added by Laws 2005, c. 2, § 8, emerg. eff. March 31, 2005. Amended by Laws 2005, c. 218, § 9, emerg. eff. May 24, 2005.
2023 Oklahoma Statutes › Title 70. Schools › §70-3980.9. Application for credit rating.

The Oklahoma State Regents for Higher Education, the Board of Regents of the University of Oklahoma and the Board of Regents for the Oklahoma Agricultural and Mechanical Colleges shall make application for a credit rating from a nationally recognized rating agency with expertise in the evaluation of obligations issued by governmental entities as determined necessary and prudent by the State Bond Advisor.
Added by Laws 2005, c. 2, § 9, emerg. eff. March 31, 2005. Amended by Laws 2005, c. 218, § 10, emerg. eff. May 24, 2005.
2023 Oklahoma Statutes › Title 70. Schools › §70-3980.10. Audited financial statements.

A. Each authorized issuer and each institution within The Oklahoma State System of Higher Education that receives proceeds from the sale of any obligations issued pursuant to the Oklahoma Higher Education Promise of Excellence Act of 2005 shall issue financial statements audited by an independent certified public accountant within one hundred twenty (120) days after the close of the fiscal year.
B. Within thirty (30) days after completion of the audited financial statements pursuant to subsection A of this section, each institution shall cause the audited financial statement or a summary thereof to be made available to the general public on its web page.
Added by Laws 2005, c. 2, § 10, emerg. eff. March 31, 2005. Amended by Laws 2005, c. 218, § 11, emerg. eff. May 24, 2005; Laws 2008, c. 79, § 1.
2023 Oklahoma Statutes › Title 70. Schools › §70-4002.1. Legislative approval of bond issue.

Legislative approval expressed by concurrent resolution, except as provided by Section 121, Chapter 189, O.S.L. 1993, shall be required prior to commencing any action in anticipation of issuance by a Board of Regents of revenue bonds authorized by Section 4002 of Title 70 of the Oklahoma Statutes or any other bonds authorized by law to be issued by such Boards. The provisions of this section shall not apply to revenue bonds issued for the purpose of refundings or defeasance of existing revenue bonds.
Added by Laws 1982, c. 374, § 40, emerg. eff. July 20, 1982. Amended by Laws 1993, c. 189, § 122, emerg. eff. May 20, 1993; Laws 1999, c. 345, § 19, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 70. Schools › §70-4002.2. Construction of communications and telecommunications network - Revenue bonds.

The Oklahoma State Regents for Higher Education are hereby authorized to issue revenue bonds in the sum not to exceed Two Million Dollars ($2,000,000.00) for the purpose of planning and constructing a communications and telecommunications network and the purchase of necessary equipment for the use of The State System of Higher Education and state government generally.
Added by Laws 1986, c. 246, § 15, operative July 1, 1986. der
2023 Oklahoma Statutes › Title 70. Schools › §70-4003. Limitation on pledging or use of revenue - Bonds not obligations of State.

No provision of this article shall be construed to authorize the pledging or use of revenue of existing buildings and facilities other than auxiliary enterprises and other self-liquidating buildings and facilities, nor shall any provisions of this article be construed to authorize the pledging or use of any revolving funds. No bonds issued under the authorization of this article shall ever become an obligation or debt of the State of Oklahoma.
Laws 1965, c. 396, § 1003.
2023 Oklahoma Statutes › Title 70. Schools › §70-4005. Federal grant of funds.

The board may enter into any agreement or contracts with the United States of America or any agency or instrumentality thereof which it may consider advisable or necessary in order to obtain a grant of funds or other aid to be used in connection with the proceeds of the bonds in paying the cost of the construction, furnishing and equipment of the building.
Added by Laws 1965, c. 396, § 1005, eff. July 1, 1965.
2023 Oklahoma Statutes › Title 70. Schools › §70-4006. Disposition of proceeds of bonds - Contracts - Warrants.

The proceeds derived from the sale of the bonds herein authorized shall be deposited in the State Treasury to the credit of the board and kept in a separate fund and used solely for the purpose for which the bonds are authorized. The board is authorized to make all contracts and execute all instruments which in its discretion may be deemed necessary or advisable to provide for the construction, furnishing, and equipment of the building, and the State Treasurer is hereby directed and authorized to issue warrants against such funds for such amounts as he may from time to time find to be due upon audited itemized estimates and claims which bear the approval of the officials designated by the board for such purpose.
Laws 1965, c. 396, § 1006; Laws 1979, c. 47, § 86, emerg. eff. April 9, 1979.
2023 Oklahoma Statutes › Title 70. Schools › §70-4007. Disposition of proceeds of operation of buildings.

Except as to revenues paid directly to a trustee under the provisions of Section 1004(a) (5) hereof, all income and revenues derived from the operation of the building shall be deposited as collected in a fund in the State Treasury to be applied solely to the payment of the principal of and interest on the bonds and, to the extent so provided in the resolution authorizing the bonds, to the payment of the cost of maintaining and operating the building and the establishment of reserves for such purpose. As principal and interest becomes due from time to time the State Treasurer shall, not less than fifteen (15) days prior to the payment date, transmit to the paying agent for the bonds, money from said fund in an amount sufficient to pay the principal or interest so falling due. Said fund and the money therein is hereby irrevocably pledged to such purposes.
Laws 1965, c. 396, § 1007.
2023 Oklahoma Statutes › Title 70. Schools › §70-4008. Form of bonds - Approval by Attorney General.

All bonds issued hereunder shall have on the backs thereof the certificate required by Section 29 of Article X of the Constitution of Oklahoma. Such bonds and any bonds or other obligations issued under the Oklahoma Higher Education Promise of Excellence Act of 2005 shall be submitted to the Attorney General of Oklahoma for examination; and such bonds, when having been examined and certified as legal obligations by the Attorney General in accordance with such requirements as he or she may make, shall be incontestable in any court in the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction thereof within thirty (30) days from the date of such approval. Bonds so approved by the Attorney General shall be prima facie valid and binding obligations according to their terms, and the only defense which may be offered thereto in any suit instituted after such thirty-day period shall have expired shall be forgery, fraud or violation of the Constitution.
Added by Laws 1965, c. 396, § 1008. Amended by Laws 2009, c. 320, § 2, eff. July 1, 2009.
2023 Oklahoma Statutes › Title 70. Schools › §70-4009. Public funds, etc., may be invested in bonds.

Any bank, trust or insurance company organized under the laws of Oklahoma may invest its capital, surplus and reserves in bonds issued under the provisions of this article. The officers having charge of any sinking fund or any other fund of the state or any department, agency or institution thereof, including the various funds established by Article 17 of the Oklahoma School Code, or any county, city, town, or school district in the state, may invest such funds in bonds issued under the provisions of this article at the reasonable market value thereof. Such bonds are also approved as collateral security for the deposit of any public funds and for the investment of trust funds.
Laws 1965, c. 396, § 1009.
2023 Oklahoma Statutes › Title 70. Schools › §70-4010. Borrowing money and issuing notes in anticipation of bond issue.

Whenever the board shall have adopted a resolution authorizing the issuance of any series of bonds hereunder and said bonds have been sold but prior to the time as of which the bonds can be delivered the board finds it necessary to borrow money for the purpose for which the bonds were authorized, the board may, by appropriate resolutions, authorize the borrowing of money in anticipation of the issuance of the bonds, and the issuance of the note or notes of the board to evidence such borrowing. The amount so borrowed shall not exceed the principal amount of the bonds and shall not bear interest at a rate exceeding the average interest rate of the bonds. Such note or notes shall be signed in the manner prescribed by the board and shall be made payable at such time or times as the board may prescribe not later than one (1) year from their respective dates and may be renewed from time to time by the issuance of new notes hereunder. The proceeds of any loan made under this section shall be devoted exclusively to the purposes for which the bonds shall have been authorized and the note or notes and the interest thereon shall be paid with the proceeds of the bonds simultaneously with the delivery of the bonds. If for any reason the bonds shall not be issued, the holder or holders of the notes shall be entitled to all rights which would have been enjoyed by the holders of the bonds had they been issued, and the notes shall be paid from the revenues provided for the payment of the bonds and shall be entitled to the benefit of all covenants, agreements and rights appearing in the resolution authorizing the bonds for the benefit of the bonds.
Laws 1965, c. 396, § 1010.
2023 Oklahoma Statutes › Title 70. Schools › §70-4011. Approval of bonds by Supreme Court.

The board is authorized in its discretion to file an application with the Supreme Court of Oklahoma for the approval of any series of bonds to be issued hereunder, and exclusive original jurisdiction is hereby conferred upon the Supreme Court to hear and determine each such application. It shall be the duty of the Court to give such applications precedence over the other business of the Court and to consider and pass upon the applications and any protests which may be filed thereto as speedily as possible. Notice of the hearing on each application shall be given by a notice published in a newspaper of general circulation in the state that on a day named the board will ask the court to hear its application and approve the bonds. Such notice shall inform all persons interested that they may file protests against the issuance of the bonds and be present at the hearing and contest the legality thereof. Such notice shall be published one time not less than ten (10) days prior to the date named for the hearing and the hearing may be adjourned from time to time in the discretion of the Court. If the Court shall be satisfied that the bonds have been properly authorized in accordance with the provisions of this article and that when issued they will constitute valid obligations in accordance with their terms, the Court shall render its written opinion approving the bonds and shall fix the time within which a petition for rehearing may be filed. The decision of the Court shall be a judicial determination of the validity of the bonds, shall be conclusive as to the board, its officers and agents, and thereafter the bonds so approved and the revenues pledged to their payment shall be incontestable in any court in the State of Oklahoma.
Laws 1965, c. 396, § 1011.
2023 Oklahoma Statutes › Title 70. Schools › §70-4013. Control by Boards of Regents.

The Board of Regents which by the Constitution and/or by the laws of this State is charged with the control, management and government of one or more of the universities, colleges, schools or institutions of higher education shall have for each of the universities, colleges, schools and institutions under its jurisdiction exclusive determination of need, control, and management of all self-liquidating revenue bond matters as provided for in this article.
Laws 1965, c. 396, § 1013.
2023 Oklahoma Statutes › Title 70. Schools › §70-4014. Statement of Essential Facts.

For each of the proposed bond issues to be issued pursuant to Sections 4001 through 4014, Title 70 of the Oklahoma Statutes, a Statement of Essential Facts shall be prepared by the issuing Board of Regents for the use and information of prospective bond purchasers. It shall be the duty of the Oklahoma State Regents for Higher Education to examine such Statement of Essential Facts and determine that, based upon such facts and projections, the projected revenue will satisfy the financial obligation to be incurred under the proposed bond issue. If the facts are found by the State Regents to be substantially accurate and if the State Regents find that, based upon such facts and projections, the projected revenue will satisfy the financial obligation to be incurred under the proposed bond issue, then the Oklahoma State Regents for Higher Education shall certify such to the Attorney General of Oklahoma before the proposed bond issue can be approved by the Attorney General. The certificate shall be made in substantially the following form:
The Oklahoma State Regents for Higher Education do hereby certify that the provisions of Section 4014, Title 70 of the Oklahoma Statutes have been complied with in proper order, for the revenue bond issue mentioned above.
Added by Laws 1970, c. 250, § 2, emerg. eff. April 16, 1970.
2023 Oklahoma Statutes › Title 70. Schools › §70-4015. Community junior colleges - Social and recreation centers - Revenue bonds.

A. The board of trustees of any community junior college operating under the provisions of Sections 4401 through 4418 of Title 70, Oklahoma Statutes, may construct a building for use as a social and recreation center for the students and members of the faculty of the college, including lounges, meeting rooms, game rooms, bookstores, eating places and other facilities for the comfort, convenience and welfare of students and faculty members, and issue revenue bonds to pay the cost of constructing, equipping and furnishing the building. The Board of Trustees shall adopt rules and regulations for the use of the building and the operation of the center and facilities thereof; and may do all things necessary or convenient to make the center effective for the purposes for which it is maintained or operated.
B. Issuance of the revenue bonds shall be in accordance with procedures prescribed by the Attorney General. The bonds shall be special obligations, payable solely from revenues designated by the Board of Trustees, which may, subject to the approval of the Oklahoma State Regents for Higher Education, include fees and charges collected from students in attendance at the college, and income derived from operations of facilities of the center. Provided, such building shall not be constructed nor shall any revenue bonds be issued unless the Oklahoma State Regents for Higher Education shall have determined that the projected revenue will satisfy the financial obligation to be incurred under the proposed bond issue.
Laws 1971, c. 255, § 1, emerg. eff. June 16, 1971.
2023 Oklahoma Statutes › Title 70. Schools › §70-4016. Utility plants and systems - Jurisdiction and control.

The Board of Regents which by the Constitution and/or by the laws of this state is charged with the control, management and government of one or more of the universities, colleges, schools or institutions of higher education shall have for each of the universities, colleges, schools and institutions under its jurisdiction, and related institutions, exclusive jurisdiction and control, including exclusive and final rate-making power which shall not be subject to review or approval by any other state office, agency or commission, over the utility plants and systems serving such universities, colleges, schools, institutions and related institutions, which may include public, nonprofit or private entities.
Laws 1979, c. 281, § 17, emerg. eff. June 7, 1979.
2023 Oklahoma Statutes › Title 70. Schools › §70-4017. Boards of regents for educational institutions - Contractual arrangements with public trusts - Capital expenditures.

The boards of regents for educational institutions who are members of The Oklahoma State System of Higher Education are authorized to enter into loan agreements, investment agreements or other appropriate contractual arrangements, with any public trust created pursuant to Section 176 et seq. of Title 60 of the Oklahoma Statutes, which has the State of Oklahoma as its beneficiary. Said agreements may be entered into for the purpose of obtaining funds from such public trust to reimburse such educational institutions for capital expenditures made by them, and such trusts are authorized to provide such funds by issuing debt obligations pursuant to the terms and in the manner provided for in the Public Trust Laws, Section 176 et seq. of Title 60 of the Oklahoma Statutes.
Capital expenditures are defined as those capital expenditures allowed pursuant to Section 103 of the Internal Revenue Code of 1954, as amended, to be financed with tax-exempt bonds or notes. If such loan agreement, investment agreement or other appropriate contractual arrangement involves the repayment to such public trust of funds provided for capital expenditure reimbursement, the boards of regents of such educational institutions are authorized to provide for the repayment with the income and revenues from any existing revenue-producing buildings or facilities or from other income and revenues legally available and permitted for such purpose, including, but not limited to, the interest, income and rentals derived from the Section Thirteen Fund and the New College Fund, as provided for in Section 3904 of Title 70 of the Oklahoma Statutes.
It is the legislative intent that such income and revenues can be utilized by the boards of regents to the repayment, if necessary, of reimbursed capital expenditure funds received from such public trust. The boards of regents of such educational institutions are authorized to enter into contractual agreements with such financial institutions as may be necessary for such public trusts to issue the debt obligations contemplated herein. Said contractual agreements shall include, but not be limited to, investment contracts pursuant to which the State Treasurer is authorized to, and shall invest fund balances of such educational institutions.
Added by Laws 1986, c. 245, § 5, emerg. eff. June 12, 1986.
2023 Oklahoma Statutes › Title 70. Schools › §70-4018. Lease of buildings.

In any instance in which the board shall consider it preferable to acquire the building or additions to existing buildings or equipment in the manner authorized in this section rather than through the issuance of bonds by the board, it may do so by complying with this section. In each such case the board is authorized to lease to any nonprofit corporation organized for the benefit of the college or university affected, or to a public trust such portion or portions of the campus of the institution as may be necessary as sites therefor. The lease shall contain such provisions with respect to the type, construction and operation of any such building or addition as the board may consider desirable, and the board may enter into agreements as to the use which will be made of any such building, addition or equipment, the operation, maintenance and supervision thereof, the imposition of fees and charges by the board for the use of the building or addition, and the collection and disposition to be made of the proceeds of such fees and charges. The board may agree to make such fees and charges adequate to provide a sum sufficient to pay the cost of the maintenance and operation thereof and the amortization of the cost of the building or any addition to existing buildings or equipment therefor, over a specified period of years, and when such cost shall have been paid any obligations issued by any entity to finance such cost shall have been fully paid as to principal and interest, the lease shall terminate and title to the building or any addition to existing buildings or equipment shall vest in the board. The agreements herein authorized to be entered into by the board may, in the discretion of the board, include a lease of the buildings, additions or equipment and the payment of rentals therefor. The board may furnish without charge, heat, light, water, power and similar facilities for any building erected under the provisions of this section and all buildings and additions to existing buildings so erected and equipment therefor shall be exempt from taxation.
Added by Laws 1969, c. 396, § 1012. Amended by Laws 1984, c. 259, § 3, operative July 1, 1984; Laws 2000, c. 309, § 3, eff. Sept. 1, 2000. Renumbered from § 4012 of this title by Laws 2000, c. 309, § 5, eff. Sept. 1, 2000.
2023 Oklahoma Statutes › Title 70. Schools › §70-4103.1. Tuition Recovery Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Oklahoma State Regents for Higher Education to be designated the “Tuition Recovery Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the State Regents from fees collected pursuant to Section 4103 of Title 70 of the Oklahoma Statutes. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the State Regents for the purpose of offsetting student tuition losses in the event that an institution authorized pursuant to Section 4103 of Title 70 of the Oklahoma Statutes closes or ceases operations. 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.
Added by Laws 2023, c. 122, § 2, eff. July 1, 2023.
2023 Oklahoma Statutes › Title 70. Schools › §70-4104. Degrees.

A private educational institution shall grant only those degrees authorized by the Oklahoma State Regents for Higher Education unless approved otherwise by a national or regional accrediting agency which is recognized by the Secretary of the United States Department of Education as a reliable authority as to the quality of education or training offered by institutions of higher education for the purposes of the Higher Education Act of 1965, as amended.
Added by Laws 1965, c. 396, § 1104. Amended by Laws 1996, c. 284, § 2, eff. July 1, 1996.
2023 Oklahoma Statutes › Title 70. Schools › §70-4201. Establishment - Programs - Admission of nonresidents.

The Board of Education of any school district in this State may provide educational facilities and programs above the twelfth grade in an institution to be known as a Municipal Junior College. Programs offered may include, but shall not be limited to, vocational and adult education courses. Persons not residing in the district may be admitted upon payment of fees established by the Board of Education.
Laws 1965, c. 396, § 1201.
2023 Oklahoma Statutes › Title 70. Schools › §70-4204. Fees.

The Board of Education of a school district maintaining a Municipal Junior College may establish a schedule of student fees which will pay all or part of the costs of operation of the institution unless the school district has funds available together with a proportionate ratio of support from appropriations granted to Institutions of Higher Education to provide proper accreditation requirements.
Laws 1965, c. 396, § 1204.
2023 Oklahoma Statutes › Title 70. Schools › §70-4301. Oil and gas mining leases - Terms - Bids - Use of proceeds.

The Board of Regents of any state educational institution in the State System may sell and execute oil and gas leases, and other mining leases, on any of the lands of the State of Oklahoma under the control of the Board of Regents, whenever in the judgment of the Board such leasing of the lands will not interfere with the use to which the lands are being used by the state and will not injure the buildings or other property situated on tracts adjoining the lands leased, all sales to be made on a basis of a retained royalty of not less than one-eighth (1/8) of all of the oil, gas and other minerals produced therefrom, and such additional cash bonus as may be procured. All such leases shall contain a provision that in the event of the discovery of natural gas, such gas shall be furnished free of charge to any state educational institution located or thereafter located upon the lands covered by the lease. Such leases shall be sold only after advertisement for a period of three (3) weeks in a legal newspaper published and of general circulation in the county in which the lands are located. Sales shall be made to the highest and best bidder, and all bids for any tract shall be presented to the Board of Regents of the institution in sealed envelopes and shall all be opened and considered at the same time. The Board of Regents shall have the right to reject any and all of the bids submitted, and again readvertise the lease or leases for sale. The Board of Regents may make and promulgate such additional rules and regulations as it may deem necessary and for the best interest of the state in facilitating the sale of the leases. All monies derived from the sale of such leases, and from any royalties subsequently accruing, shall be deposited in the State Treasury and credited to a special fund for the institution, to be used by the institution upon approval by its Board of Regents for capital improvements, including buildings, repairs and modernization, classroom and laboratory equipment, and for such other purposes as may be approved by the State Regents.
Laws 1965, c. 396, § 1301.
2023 Oklahoma Statutes › Title 70. Schools › §70-4302. Assets and obligations of former Boards of Regents.

All property, funds and other assets of any Board of Regents that is replaced or abolished by the provisions of this Act are hereby transferred to the Board of Regents replacing or succeeding the former Board of Regents, which shall also assume and pay all liabilities and obligations of the former Board of Regents.
Laws 1965, c. 396, § 1302.
2023 Oklahoma Statutes › Title 70. Schools › §70-4303. Transfer of money in special funds created under prior laws.

Unless otherwise provided herein, monies in any special fund created by or established pursuant to any law or part of a law repealed by this act shall be transferred, at the direction of the State Regents, to a similar fund created or established pursuant to the provisions of this act. The term "special fund" as used in this section, shall include, but shall not be limited to, any revolving fund or fiscal account.
Laws 1965, c. 396, § 1303.
2023 Oklahoma Statutes › Title 70. Schools › §70-4305. Airports.

Any one of the institutions comprising The Oklahoma State System of Higher Education as defined in Section 1 of Article XIII-A of the Constitution of Oklahoma and any other institutions of Higher Education which have become coordinated with the Oklahoma State System of Higher Education under the provisions of Section 4 of said Article XIII-A of said Constitution may accept grants of airport property from the United States and hold and operate the same, and may accept, receive, receipt for, disburse, and expend federal monies granted by the United States in aid of airport development upon such terms and conditions as are prescribed by the United States and are consistent with state law, and consistent with the terms of the grants by which said properties are acquired or said federal monies are received from the United States, and any amendment to any grants or release of any restriction found in the grants; and such institutions operating or controlling any airport shall have exclusive management and control of such airport and are hereby permitted to authorize and regulate the use of such airports by aircraft not owned and operated by such institutions under the conditions and subject to the restrictions hereinafter set forth.
A state educational institution may make or amend such reasonable rules, regulations, and orders as it may deem necessary for the operation, government and use of any such airport under its control not inconsistent with this section, with the laws of this state or of the United States, or any rules, regulations or orders promulgated pursuant to either, or with the terms of any grant of airport property or money from the United States, or any amendment to any grants or release of any restriction in any grants. Such institution may fix and charge for such services and facilities for aircraft not owned and operated by it, either rented by it or under concession contract, as are customarily provided and deemed necessary at any public airport; provided that all income received from the services and facilities herein provided for shall be kept by such institution in a separate fund to be used solely for the operation, upkeep and maintenance of such institutional airport. A state educational institution airport may use, lease, rent, sell or otherwise dispose of any of the property acquired for any purpose not inconsistent with the terms of any grant or money from the United States or any amendment of any grants or release of restriction found in any grants.
Laws 1965, c. 396, § 1305. der
2023 Oklahoma Statutes › Title 70. Schools › §70-4308. Act not to affect prior obligations, proceedings, transactions, actions or rights accrued.

Nothing in this act, nor the repeal of any law or part of a law by this act, shall affect the validity of any obligation or contract incurred, or proceedings begun, or any official actions taken, or any rights accrued, before this act becomes effective. The payment of bonds and other obligations outstanding when this act becomes effective shall be governed by the laws under which such bonds were issued or such obligations were incurred.
Laws 1965, c. 396, § 1308.
2023 Oklahoma Statutes › Title 70. Schools › §70-4312. General public liability insurance on university employees.

Boards of Regents, institutions and agencies comprising the Oklahoma State System of Higher Education are hereby authorized to carry general public liability insurance on their employees limited to their official assigned duties at said university and to pay the premiums therefor out of non-state-appropriated funds for the following kinds of insurance, not to exceed the limits indicated:
1. Bodily injury liability, Ten Thousand Dollars ($10,000.00) each person, Fifty Thousand Dollars ($50,000.00) each accident;
2. Property damage liability, Ten Thousand Dollars ($10,000.00) each accident; and
3. Medical expense, One Thousand Dollars ($1,000.00).
Such insurance shall be on standard policy forms approved by the Insurance Commissioner with companies authorized to do business in Oklahoma. To the extent that an insurer has provided indemnity in a contract of insurance to the Board of Regents, an institution or an agency to which the act applies, the said insurer may not plead as a defense in any action involving insurance purchased pursuant to this act the governmental immunity of either the State of Oklahoma or of any political subdivision or agency thereof which has purchased insurance authorized by this act.
Added by Laws 1971, c. 272, § 1, emerg. eff. June 17, 1971. Amended by Laws 2006, c. 264, § 72, eff. July 1, 2006.
2023 Oklahoma Statutes › Title 70. Schools › §70-4313. Liability insurance for employees of various institutions - Payment of premiums.

It is the intent of the Legislature that the Oklahoma State Regents for Higher Education shall recognize the need for and the various boards of regents in the Oklahoma State System of Higher Education be and are hereby authorized to provide liability insurance to indemnify employees of institutions and members of boards of regents in The Oklahoma State System of Higher Education while performing their official duties, provided such liability shall not exceed One Million Dollars ($1,000,000.00) and provided further that boards of regents may in their discretion pay the premium for such insurance from regular operating budget funds of the State System.
Laws 1975, c. 294, § 16, emerg. eff. June 5, 1975; Laws 1980, c. 320, § 17, emerg. eff. June 16, 1980; Laws 1981, c. 130, § 1.
2023 Oklahoma Statutes › Title 70. Schools › §70-4314. Student loans - Loan agreement - Delinquency charge - Attorney fees - Collection fees.

Notwithstanding the provisions of Title 14A of the Oklahoma Statutes which otherwise limit enforceable charges for delinquent payments and collection of delinquent loans which are granted to students for educational costs while attending accredited institutions in The Oklahoma State System of Higher Education, as defined in the Oklahoma Constitution, Article XIII-A, Section 1, the loan agreement between the lender and the student who is borrowing to attend such an institution may lawfully provide for the collection of the following:
1. A delinquency charge on any installment not paid within ten (10) days after its scheduled due date in an amount not exceeding the greater of either Five Dollars ($5.00) or five percent (5%) of the unpaid amount of the installment; and
2. Reasonable attorney's fees and fees paid to collection agencies by the lender in the event the delinquent loan is referred to an attorney or a commercial collection agency for collection.
Provided that this section shall apply only to education loans for which the loan finance charge imposed under the agreement does not exceed an annual percentage rate of twelve percent (12%) per annum calculated according to the actuarial method.
Laws 1979, c. 119, § 1.
2023 Oklahoma Statutes › Title 70. Schools › §70-4315. Cause of action against third parties.

Any public or private institution of higher education that is a member of a governing authority shall have a cause of action against a third party who engages or conspires with another to engage in conduct in violation of the rules of the governing authority that causes the educational institution to incur sanctions by the governing authority or other economic penalties or losses. The educational institution may recover damages in the amount of the sanctions, penalties or economic losses incurred as a result of the conduct of the third party, and reasonable attorney fees and costs.
Added by Laws 2017, c. 46, § 1, eff. Nov. 1, 2017.