(a) There are hereby established two revolving funds for each state educational institution and for each agency thereof. The Educational and General Operations Revolving Fund shall consist of any appropriations made by the Legislature for such purpose and shall include income received from student fees, sales and services of educational departments and all other income available to the institution or agency for educational and general purposes as defined in the uniform budget and accounting classifications recommended by the publications of the National Association of College and University Business Officers. The Capital Improvements Revolving Fund shall consist of any appropriations made by the Legislature for such purpose. Such revolving funds may be used for the specified purposes when allocated and allotted as provided by the Oklahoma Budget Law of 1947, Sections 41.1 et seq. of Title 62 of the Oklahoma Statutes.

(b) It is the intent of the Legislature that the State Regents promulgate appropriate rules and regulations for accomplishing prescribed procedures of this section. Said rules and regulations shall include requirements that regular maintenance and utility costs and other operating expenses of auxiliary enterprises not be paid from education and general purpose funds without documented adequate reimbursement and that the use of fees and other charges be restricted to the purpose for which collected.

Amended by Laws 1987, c. 229, § 8, eff. July 1, 1987; Laws 1988, c. 272, § 9, operative July 1, 1988.