expenditures. A. All revenues derived from the net assessed value of property located within the boundary of the higher education funding district shall be paid by the county treasurer to the general fund of the eligible institution or to such fund as may be specified by the board of regents for the institution, and the board of regents for the institution shall be authorized to expend such revenues in support of the operational expenses of the institution, including, without limitation, employee salaries, employee benefits, including retirement benefits and health care benefits, federal or state income or withholding taxes or related payroll taxes, utility costs, insurance expenses, books, electronic instructional materials, supplies for classrooms, upkeep of grounds and landscaping, maintenance of physical plants such as heating and air conditioning units, acquisition and maintenance of motor vehicles and such other expenditures as may be approved by the board of regents pursuant to such standards and procedures as the board of regents may establish. B. None of the revenues derived from any millage rate imposed within the boundary of a higher education funding district may be used by an institution within The Oklahoma State System of Higher Education to compete with the services or programs offered by any existing career technology district which is either contiguous to the boundary of the higher education funding district or located in sufficiently close proximity to the higher education funding district that the programs or services offered by such career technology district would be duplicated or adversely impacted by the expenditure of funds by the institution which causes the formation of the higher education funding district pursuant to the provisions of this act. C. The Oklahoma State Regents for Higher Education shall not take into consideration revenues derived from any millage levy imposed pursuant to the provisions of the Higher Education Institution Local Funding Act when allocating state-appropriated funds for support of the institution which established a higher education funding district pursuant to the provisions of this act.
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