A. There is hereby created a trust fund to be known as the "Oklahoma GEAR UP Scholarship Trust Fund". The Oklahoma State Regents for Higher Education shall be the trustees of said Trust Fund.
B. The State Regents shall utilize said Trust Fund to fund scholarships in accordance with the federal Gaining Early Awareness and Readiness for Undergraduate Program (GEAR UP) grant.
C. The Trust Fund principal shall consist of monies received from the GEAR UP grant for scholarship purposes, any monies the Legislature appropriates or transfers to the Oklahoma State Regents for Higher Education for the Trust Fund, and any monies or assets contributed to the Trust Fund from any other source, public or private.
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 subsection B of this section. The State Regents may also utilize the Trust Fund principal for the purpose provided in subsection B of this section. Except as otherwise provided by law, no such income or investment return or principal shall be used for administrative expenses.
E. The State Regents shall adopt rules for accomplishing transfer of funds from the Oklahoma GEAR UP Scholarship Trust Fund to the appropriate institutional Educational and General Operations Revolving Funds, as provided in Section 3901 of Title 70 of the Oklahoma Statutes, to private institutions, and to the appropriate vocational-technical area school district to cover scholarships for eligible students pursuant to the GEAR UP grant. Allocations from the Trust Fund may be made only for the purpose of covering the scholarship costs. No portion of the Trust Fund may be used or allocated for administrative or operating expenses of any higher education or vocational-technical institution.
Added by Laws 2000, c. 309, § 4, eff. Sept. 1, 2000.
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