All property, equipment, and other assets except cash and expendable supplies, and all debts and other obligations of Sayre Junior College shall, as of the effective date of this section, become assets and obligations of the Sayre Public Schools, District I-31, Beckham County, Oklahoma. All cash, expendable supplies, academic records and all other documents of Sayre Junior College that are not required by the Sayre Public Schools for the management of the district's assets and obligations shall, as of the effective date of this act, be transferred to and become the responsibility of Southwestern Oklahoma State University.
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