§ 62-701. Self-Liquidating Facilities Revolving Loan Fund - Creation - Administration.

Section 701.  There is hereby created in the State Treasury a revolving fund for the Oklahoma State Regents for Higher Education, to be designated the Self-Liquidating Facilities Revolving Loan Fund from which loans may be made to institutions in The Oklahoma State System of Higher Education which show evidence of need to meet payments on dormitory revenue bonds when previously anticipated revenues for such payments have become insufficient. Loans may be made from the fund only after documented evidence has been provided to the Regents showing that officials of the institution have put forth every effort possible in the operation of the dormitories to generate the revenues required for the sinking fund to meet debt service payments on schedule and upon presentation of a plan to the State Regents for operating the dormitories in the future in such manner as will yield the revenues required for a repayment of the loan and to meet future bond payment requirements.  The fund shall be administered in accordance with the Revolving Fund Procedures Act.