accounting of funds - Uses of certain income of certain school districts limited. (a) Neither the ad valorem funds received by a local school district which operates an institution of higher education nor the ad valorem funds received by a technical area school district shall be mingled with the funds of any institution of higher education. (b) The board of education of a school district which, acting as a board of trustees, governs an institution of higher education shall state the assets, liabilities, income and expenditures of the institution as an entity distinct from the local school district. The income of the school district shall not be used for any purpose other than the education of the residents of the district. (c) The board of trustees of a technical area school district operated in accordance with Section 4423 of Title 70 of the Oklahoma Statutes shall state the assets, liabilities, income, and expenditures of the district as an entity distinct from the institution of higher education which the members of the board of trustees, acting as the board of regents of the institution, also govern. The income of the technical area district shall be used for no other purpose than the provision of postsecondary technical education to the residents of the district; provided, nothing herein shall be construed as precluding the board members, with proper regard for their respective responsibilities as trustees and as regents, from making or approving agreements whereby the district and the institution, by appropriate written contract, utilize the same facilities, equipment, and services.
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