Fund. A. Twenty Dollars ($20.00) of the fee authorized by Section 1135.5 of Title 47 of the Oklahoma Statutes for the Elk City Education Foundation plates shall be deposited by Service Oklahoma to the Elk City Education Foundation License Plate Revolving Fund created in subsection B of this section. B. There is hereby created in the State Treasury a revolving fund for the State Department of Education to be designated the “Elk City Education Foundation License Plate Revolving Fund”. The fund shall consist of all monies received pursuant to subsection A of this section. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the State Department of Education for grants to the Elk City Education Foundation to fund scholarships and teacher grants to Elk City School District’s students and teachers. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
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