A. There shall be created a trust fund to be known as the "Heart of the Heartland Scholarship Fund". The trust fund shall be managed and controlled by a board of trustees. The Oklahoma State Regents for Higher Education shall constitute the board of trustees of the Heart of the Heartland Scholarship Fund.
B. The trust capital shall consist of all monies received from the sale of the Heart of the Heartland special license plates authorized pursuant to Section 14 of this act.
C. The board of trustees shall invest the trust capital in a reasonable and prudent manner which, consistent with any long-term investment needs, will produce the greatest trust income over the term of the investment while preserving the trust capital. All trust income shall be reinvested into the trust fund except as provided in subsection D of this section.
D. The trust fund shall be administered for the purpose of providing the necessary funds for students attending institutions in The Oklahoma State System of Higher Education who were injured or whose parent or legal guardian was killed in the April 19, 1995, bombing of the Alfred P. Murrah Federal Building in Oklahoma City, Oklahoma. The Oklahoma State Regents for Higher Education shall grant the monies from the trust fund to any student eligible. To be eligible to receive the trust funds, an applicant shall:
1. Be enrolled full-time in an undergraduate or graduate program at a member institution of The Oklahoma State System of Higher Education; and
2. Be a child injured or be the child of a parent or legal guardian killed as a result of the bombing at the Alfred P. Murrah Federal Building in Oklahoma City, Oklahoma.
E. Any trust capital or income remaining in the trust fund on July 1, 2025, shall be transferred and deposited into the General Revenue Fund, and the Heart of the Heartland Scholarship Fund shall terminate. The Oklahoma State Regents for Higher Education shall promulgate any necessary rules to implement this section.
Added by Laws 1995, c. 206, § 3, eff. July 1, 1995. Amended by Laws 2004, c. 504, § 19, eff. July 1, 2004.
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