A. There is hereby created a trust fund to be known as the "Tulsa Reconciliation Education and Scholarship Trust Fund". The trust fund shall be managed and controlled by a board of trustees. The Oklahoma State Regents for Higher Education shall constitute the board of trustees of the Trust Fund.

B. The State Regents shall utilize said Trust Fund to implement the provisions of the Tulsa Reconciliation Education and Scholarship Act.

C. The Trust Fund capital shall consist of monies the Legislature appropriates or transfers to the Oklahoma State Regents for Higher Education for the Trust Fund, monies transferred from the donations from taxpayers pursuant to Section 12 of this act, and any monies or assets contributed to the Trust Fund from any other source, public or private.

D. The board of trustees shall invest the trust capital in a reasonable and prudent manner which, consistent with any long-term investment needs, will produce the greatest trust income over the term of the investment while preserving the trust capital. All trust income shall be reinvested into the trust fund except for the purposes of awarding scholarships pursuant to the Tulsa Reconciliation Education and Scholarship Act.

E. The Regents shall adopt rules for accomplishing transfer of funds from the Tulsa Reconciliation Education and Scholarship Trust Fund to the appropriate institutional Educational and General Operations Revolving Funds, as provided in Section 3901 of this title, to private institutions of higher education, and to the appropriate technology center school. Allocations from the Trust Fund may be made only for the purpose of covering the scholarship award of eligible participants. No portion of the Trust Fund may be used or allocated for administrative or operating expenses of any higher education institution or technology center school.

Added by Laws 2001, c. 315, § 20. Amended by Laws 2002, c. 395, § 11, eff. Nov. 1, 2002.