The Oklahoma State Regents for Higher Education shall have authority to allocate state aid to community junior colleges meeting the standards and criteria for accreditation by the State Regents, for capital improvements purposes from funds appropriated by the State Legislature for this purpose, provided that a long-range comprehensive plan for the campus development of the junior college has been prepared by the institution and approved by the State Regents. After approval of the plan the State Regents may allocate from any funds available for such purpose not more than forty percent (40%) of the estimated cost of proposed construction of buildings and other capital improvements, provided that the institution shall have furnished assurance to the State Regents that the remaining sixty percent (60%) of the estimated cost of the construction project will be provided in the form of federal and/or local funds.
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