Legislation Would Establish Permanent Funding Source For Endowed Chairs

Thursday, November 22nd 2007, 1:04 pm
By: News On 6

OKLAHOMA CITY (AP) -- A state senator has filed legislation that could change the way the state provides matching funds for endowed chairs at colleges and universities.
Sen. Kenneth Corn of Poteau says his measure to create a permanent funding source represents a strong commitment to improving higher education in Oklahoma.

Since 2004, the state has issued revenue bonds to provide matching funds for endowed chairs. Corn's bill would establish a permanent funding source by diverting a portion of casino gaming revenues to the Oklahoma State Regents Endowment Trust Fund.

Corn's plan would apportion 12 % of revenues from casino gaming to establish a permanent funding source. Corn says between $9 million and $11 million annually would be needed to cover the cost of endowed chairs.