§ 70-3951 — Trustees - Fund principal - Income or investment return -

Administrative expenses. A. There is hereby created a trust fund to be known as the "Oklahoma State Regents' Endowment Trust Fund". The Oklahoma State Regents for Higher Education shall be the trustees of the Trust Fund. B. The State Regents shall utilize the Trust Fund to implement the provisions of Section 3952 of this title. C. The Trust Fund principal shall consist of monies the Legislature appropriates or transfers to the Oklahoma State Regents for Higher Education for the Trust Fund, the proceeds of any obligations issued pursuant to Section 4019 of this title and any monies or assets contributed to the Trust Fund from any other source, public or private. In making investments, the State Regents shall exercise the judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but with regard to the permanent disposition of their funds, considering the probable safety of their capital as well as the probable income to be derived. 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 Section 3951 et seq. of this title. No such income or investment return shall be used for administrative expenses; expenses incurred by the State Regents in the administration of the Trust Fund and of the endowment program established by Section 3951 et seq. of this title shall be paid from monies appropriated to the State Regents' coordinating board for their general operating budget.

Legislative History

Added by Laws 1989, c. 375, § 1, emerg. eff. June 6, 1989. Amended by Laws 2004, c. 115, § 1, emerg. eff. April 19, 2004; Laws 2013, c. 216, § 1, eff. July 1, 2013.