There is hereby created in the State Treasury a revolving fund for the Oklahoma State Regents for Higher Education to be designated the “Tuition Recovery Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the State Regents from fees collected pursuant to Section 4103 of Title 70 of the Oklahoma Statutes. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the State Regents for the purpose of offsetting student tuition losses in the event that an institution authorized pursuant to Section 4103 of Title 70 of the Oklahoma Statutes closes or ceases operations. 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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