Revolving fund - Appropriation. The Oklahoma State Regents for Higher Education may establish and maintain as a part of the state system of higher education a system of televised instruction designed primarily for persons living in industrial communities remote from campuses of colleges and universities and for the interchange of classes and teachers between campuses of the state's public and private colleges and universities; and may enter into cooperative agreements with federal agencies, state agencies and public and private educational institutions and receive, use and administer grants, contributions and donations of funds and property for such purpose. All such funds shall be deposited in a revolving fund, which is hereby created, to be known as the Oklahoma State Regents for Higher Education Televised Instruction Revolving Fund, which revolving fund shall be nonfiscal and be used and expended by the State Regents for the aforesaid purpose. Up to One Million Dollars ($1,000,000.00) of the funds received by or credited to the account of the State Regents from investments by the State Treasurer from proceeds of building bonds as provided by Senate Bill No. 349 and Senate Bill No. 350 of the First Session of the Thirty-Second Legislature, or similar funds hereafter provided in legislation vitalizing Section 38, Article X, Oklahoma Constitution, may be used and expended by the State Regents for the purpose of planning and installing the televised instruction system. There is also hereby appropriated to the State Regents from any monies in the General Revenue Fund of the State Treasury, not otherwise appropriated, the sum of Two Hundred Thousand Dollars ($200,000.00) for the purpose of establishing, maintaining and operating the televised instruction system, the sum so appropriated to be nonfiscal and to be subject to encumbrance at any time within thirty (30) months after the effective date of this act.
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