SB 283 — Oklahoma State System of Higher Education; expanding annual transaction limit of the master lease program. Effective date.

ENGROSSEDAn Act ENROLLED SENATE BILL NO.

Rader of the Senate and Kendrix of the House 5 An Act relating to The Oklahoma State System of Higher Education;

BESUBJECT: IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Master lease program BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

ENGR.2.

S.

B.

NO.

283 Page 1 2.

The Regents, with the approval of the Director of the Office of Management and Enterprise Services, may allot money to any constituent institution to set up and operate a petty cash fund at ENGR.said such institution.

S.

B.

NO.

283 Page 2 said such institution.

After these funds have been allocated and allotted as provided in this section, all institutional income shall operate as a continuing nonfiscal appropriation which may be spent for any educationalENR. and general purposes for which appropriated funds may be spent.

“Institutional income” for such purposes shall mean all income available for educational and general purposes, as defined in the uniform budget and accounting classifications recommended by the National Committee on Standard Reports, and including income defined by law as revolving fund income.

Expenditures shall be limited to the extent that obligations as they are incurred may not exceed the unencumbered balance of cash on hand in accordance with Section 23 of Article X of the Oklahoma Constitution.

ENGR.

283 Page 32 D.educational and general purposes for which appropriated funds may be spent.

“Institutional income” for such purposes shall mean all income available for educational and general purposes, as defined in the uniform budget and accounting classifications recommended by the National Committee on Standard Reports, and including income defined by law as revolving fund income.

Expenditures shall be limited to the extent that obligations as they are incurred may not exceed the unencumbered balance of cash on hand in accordance with Section 23 of Article X of the Oklahoma Constitution.

D.

The accounting classification is sufficient to reflect the purpose for which expenditures are to be made and that such classification is in accordance with the budget classifications adopted by the Director of the Office of Management and Enterprise Services and the Regents, which shall conform as nearly as possible ENGR.to the account classification recommended by the National Committee on Standard Reports for Institutions of Higher Education;

and ENR.

283 Page 43 to3. the account classification recommended by the National Committee on Standard Reports for Institutions of Higher Education;

and 3.

The State Regents and the Director of the Office of Management and Enterprise Services shall approve any request from the administrative head of a constituent institution for amendment of the approved schedule of positions and salaries, or transfers between items, so long as the currently approved allotment for such ENGR.purposes is not exceeded.

S.

B.

NO.

283 Page 5 purposes is not exceeded.

2.ENR.

The Regents, in making itemized allotments during the fiscal year, may reserve an amount sufficient to meet a reasonable failure of revenue until receipt of notice from the Director of the Office of Management and Enterprise Services that the realization of estimated revenues indicates that the total appropriation may be allotted for expenditure.

Upon receipt of notice from the Director of the Office of Management and Enterprise Services of a necessary reduction in the consolidated, or lump sum appropriation, to meet a failure in revenue, the Oklahoma State Regents for Higher Education shall immediately take action to control the approval of subsequent allotment requests sufficient to make the aggregate reduction in ENGR.

283 Page 64 allotments2. of all constituent institutions under their control equal the amount of reduction ordered against the lump sum appropriation made by the Legislature.

The Regents, in making itemized allotments during the fiscal year, may reserve an amount sufficient to meet a reasonable failure of revenue until receipt of notice from the Director of the Office of Management and Enterprise Services that the realization of estimated revenues indicates that the total appropriation may be allotted for expenditure.

Upon receipt of notice from the Director of the Office of Management and Enterprise Services of a necessary reduction in the consolidated, or lump sum appropriation, to meet a failure in revenue, the Oklahoma State Regents for Higher Education shall immediately take action to control the approval of subsequent allotment requests sufficient to make the aggregate reduction in allotments of all constituent institutions under their control equal the amount of reduction ordered against the lump sum appropriation made by the Legislature.

The Oklahoma State Regents for Higher Education shall submit an itemized list of the proposed projects and the terms of the financing to the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the State Senate and all members of the Legislature within the first seven (7) ENGR.legislative days of an annual legislative session and prior to the time any such obligations are sold.

The submission to such elected officials shall occur upon the same date for purposes of computing the time within which action must be taken as further prescribed by ENR.

283 Page 75 legislativethis dayssubsection. of an annual legislative session and prior to the time any such obligations are sold.