§70-6006. Types of advance tuition payment contracts.
A. At a minimum, the Trust shall offer advance tuition payment contracts of the two types set forth in paragraphs 1 and 2 of this subsection to be known as Plan A and Plan B, respectively. 1. Under Plan A: a.a payment or series of payments shall be required from the purchaser on behalf of […]
§70-9005. District boundary map – Assessed value.
A. The board of regents of the eligible institution shall cause a map to be prepared depicting the boundary of the proposed district with the assets constituting the main campus of the institution to be located at some point within such boundary. B. The county assessor of the county or counties within which the district […]
§70-6007. Payments on behalf of beneficiaries – Scholarship refunds.
A. Within thirty (30) days of written notice to the Regents that a qualified beneficiary is enrolled in and attending classes for a given semester, quarter, term, or session, the Regents shall pay to the appropriate institution of higher education the then actual in-state fees on behalf of the qualified beneficiary. B. If a qualified […]
§70-9006. Precinct boundary map – County election board.
The county election board of the county or counties within which the proposed higher education funding district is to be located shall provide a precinct boundary map of the proposed area to the board of regents which has approved the resolution to call for a vote to form and organize a higher education funding district. […]
§70-6008. Termination of advance tuition payment contracts – Refunds.
A. An advance tuition payment contract shall authorize a termination of the contract when any one of the following occurs: 1. The qualified beneficiary dies; 2. The qualified beneficiary is not admitted to a state institution of higher education after making proper application; 3. The qualified beneficiary certifies to the Regents, after attaining the age […]
§70-9007. Election on district formation and millage rate – Bonds – Special election – Election costs.
A. An election may be conducted in November of any even-numbered year in order to determine whether the proposed higher education funding district shall be formed and its initial operational millage rate, which shall not exceed the number of mills as prescribed by Section 9B of Article X of the Oklahoma Constitution. If the certified […]
§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 […]