§70-9008. Elections – Threshold for approval.
If approved by sixty percent (60%) or more of the voters at the election provided for by Section 7 of this act, there shall be created a higher education funding district which shall be governed by the board of regents for the institution within The Oklahoma State System of Higher Education that has managerial control […]
§70-9009. Millage levy – Net assessed value of taxable property.
The millage levied by a higher education funding district shall be applied to the net assessed value of all taxable property located within the district each year in the same manner as provided by law for millage imposed by other ad valorem taxing jurisdictions. The county treasurer shall include the tax due resulting from such […]
§70-9010. Revenues – General fund of institution – Authorized expenditures.
A. All revenues derived from the net assessed value of property located within the boundary of the higher education funding district shall be paid by the county treasurer to the general fund of the eligible institution or to such fund as may be specified by the board of regents for the institution, and the board […]
§70-9011. Bond proceeds – Authorized expenditures – Final authority.
A. Proceeds from bonds or other evidence of indebtedness issued by the higher education funding district may be expended on such assets as authorized by the provisions of the Internal Revenue Code of 1986, as amended, or other provisions of federal or state law based on whether the interest income paid to bondholders is exempt […]
§70-9012. Modification of millage rate – Submission to voters – Petition – Limits.
After the formation of a higher education funding district authorized by this act, the question of modification of an operational millage rate may be submitted to the voters of the district by resolution of the board of regents of the institution within The Oklahoma State System of Higher Education for the benefit of which the […]
§70-9013. Annexation or deannexation of territory – Resolution by board of regents – Petition.
After the formation of a higher education funding district authorized by this act, the question of annexation or deannexation of territory comprising the district may be submitted either by resolution of the board of regents for the institution within The Oklahoma State System of Higher Education for whose benefit the district was created or by […]
§70-6009. Oklahoma College Tuition Trust Fund – Creation – Accountings – Expenditure and investment of assets.
A. There is hereby created in the State Treasury an “Oklahoma College Tuition Trust Fund” into which shall be deposited all assets accruing to the Trust including payments received by the Trust from purchasers on behalf of qualified beneficiaries, and from which, upon appropriation, shall be paid all expenditures of the Trust. The fund may […]
§70-6010. Ruling requests – United States Internal Revenue Service and Securities and Exchange Commission.
A. The Regents shall solicit answers to appropriate ruling requests from the United States Internal Revenue Service regarding the tax status of the value received under the contract to the purchaser or qualified beneficiary. The Regents shall attempt to ensure that purchasers and qualified beneficiaries receive the maximum federal and state tax benefits under this […]
§70-6011. Enforcement of act and contracts pursuant thereto.
State institutions of higher education, purchasers and qualified beneficiaries may enforce the Oklahoma Tuition Trust Act and any contract entered into pursuant to the Oklahoma Tuition Trust Act in the district court for Oklahoma County. Added by Laws 1988, c. 261, § 12, emerg. eff. June 29, 1988.
§70-6012. Unauthorized loans and other transfers – Ceiling on tuition aid grants.
A. Except as provided in subsection B of this section, the assets of the Trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in the Oklahoma Tuition Trust Act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the […]