Section 34.87 - Transfer of funds to Higher Learning Access Trust Fund In order to ensure that the Oklahoma Higher Learning Access Program will be fully funded and all eligible and qualifying students receive scholarships, the following procedures shall be observed:
1. Not later than November 1, 2007, and November 1 of each subsequent year, the Oklahoma State Regents for Higher Education shall estimate the amount of revenue they deem necessary to fund awards allowed pursuant to the Oklahoma Higher Learning Access Act, for the fiscal year which begins the following July 1 and provide such estimate to the State Board of Equalization;2. At its meeting in December 2007, and December of each subsequent year, held pursuant to the provisions of paragraph 1 of Section 23 of Article X of the Oklahoma Constitution, the State Board of Equalization shall determine the total amount of revenue necessary to fund awards allowed pursuant to the Oklahoma Higher Learning Access Act for the fiscal year which begins the following July 1 and reflect such amount as it certifies amounts available for appropriation from the General Revenue Fund by the Legislature for such fiscal year and identify the amount to be authorized pursuant to paragraph 3 of this section; and3. Notwithstanding any other provisions of law directing the apportionment of revenues, beginning with the fiscal year ending June 30, 2009, and for each subsequent fiscal year, the Director of the Office of Management and Enterprise Services shall transfer on a periodic basis as needed the amount of revenue to be deposited to the Oklahoma Higher Learning Access Trust Fund, provided that the total amount of such transfers in any fiscal year shall not exceed the amount authorized for transfer by applicable budget legislation for such fiscal year.Okla. Stat. tit. 62, § 34.87
Amended by Laws 2024, c. 409,s. 1, eff. 7/1/2024.Added by Laws 2007 , SB 820, c. 355, §4, emerg. eff. 6/4/2007; Renumbered from 62 O.S. § 10.4 by Laws 2009 , HB 2015, c. 441, §64, emerg. eff. 7/1/2009; Amended by Laws 2012 , HB 3079, c. 304, §404.