Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB86 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 86 By: Hall of the Senate
7	37
8	38		and
9	39
10	40		Moore of the House
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15	45		An Act relating to higher education; amending 70 O.S.
16	46		2021, Section 3510, which relates to the Board of
17	47		Regents of Oklahoma Colleges; adding statutory
18	48		reference; allowing the Regional University System of
19	49		Oklahoma (RUSO) to issue certain obligations for
20	50		certain purposes; amending 70 O.S. 2021 , Sections
21	51		3980.2, 3980.3, and 3980.4, which relate to the
22	52		Oklahoma Higher Education Promise of Excellence Act
23	53		of 2005; adding statutory reference; stating
24	54		legislative intent that RUSO become an issuer of
25	55		certain obligations; modifying certain definitions;
26	56		modifying certain authority to issue certain
27	57		indebtedness; authorizing RUSO to issue indebtedness
28	58		for certain projects; providing for pledging of
29	59		certain revenue for repayment; updating references;
30		-	updating statutory language; and making language
31		-	gender neutral.
	60	+	updating statutory language; making language gender
	61	+	neutral; providing an effective d ate; and declaring
	62	+	an emergency.
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36		-	SUBJECT: Higher education
37		-
38	67		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOM A:
39		-
40	68		SECTION 1. AMENDATORY 70 O.S. 2021, Section 3510, is
41	69		amended to read as follows:
42		-
43	70		Section 3510. The Board of Regents of Oklahoma Colleges, also
44	71		known as the Regional University Sys tem of Oklahoma (RUSO) pursuant
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45	99		to Section 3507.1 of this title, shall have the supervision,
46	100		management, and control of the Un iversity of Central Oklahoma, East
47		-
48		-	ENR. S. B. NO. 86 Page 2
49	101		Central University, North eastern State University, Northwestern
50	102		Oklahoma State University, Sout heastern Oklahoma State University,
51	103		and Southwestern Oklahoma State University; and i t shall have the
52	104		following additional powers and d uties:
53		-
54	105		(a) Adopt such rules and regula tions as it deems nece ssary to
55	106		govern each of the institutions under its jurisdicti on.
56		-
57	107		(b) Employ and fix the compensation and duties of such personnel
58	108		as it deems necessary, including architects, attorneys, engineers ,
59	109		and other professional and technical persons for its operat ion and
60	110		for the operation of the institutions under its juris diction. Any
61	111		of such personnel having custody of public funds or other public
62	112		property may be required to furnish corporate surety bon ds in such
63	113		amounts as may be deemed ne cessary by the Board, payable to the
64	114		State of Oklahoma this state and conditioned upon a faithful
65	115		accounting of all such funds and property.
66		-
67	116		(c) Enter into contracts, purchase supplies, materials and
68	117		equipment, and incur such oth er expenses as may be necessary to mak e
69	118		any of its powers effective.
70		-
71	119		(d) Authorize officials at the several in stitutions under its
72	120		jurisdiction to act in its behalf in the making of contracts, or in
73	121		carrying out the powers conferred upon it.
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75	149		(e) Receive and make disposition of monies, grants , and property
76	150		from federal agencies, and administer the same in accordanc e with
77	151		federal requirements.
78		-
79	152		(f) Accept gifts of real and personal property, money, and other
80	153		things, and use or dispose of the same in accordance with the
81	154		directions of the donors or grantors thereof.
82		-
83	155		(g) Direct the disposition of all monies appropriated by the
84	156		Legislature or by the Congress or derived from the sale of bonds or
85	157		received from any other source by the institutions under its
86	158		jurisdiction.
87		-
88	159		(h) Acquire and take title to real and personal property in its
89	160		name, on behalf of any of the institutions under its jurisdiction,
90	161		and convey, exchange, or dispose of, or otherwise manage or control,
91		-
92		-	ENR. S. B. NO. 86 Page 3
93	162		such property in the interest of such institutions , including the
94	163		granting of leases, perm its, easements, and licenses over or upon
95	164		any such real property. The B oard shall have the power to institute
96	165		any legal action in the name of the Board before any court having
97	166		jurisdiction of such actions. The Board shall have custody of
98	167		abstracts of title and instruments affecting the ownership of or
99	168		title to real property acquired for or belonging to such
100	169		institutions.
101		-
102	170		(i) Have supervision and charge of the construction of all
103	171		buildings at institutions under its jur isdiction.
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105	199		(j) Determine the need for and cause to be constructed
106	200		dormitories and other buildings, on a self -liquidating basis, at any
107	201		institution under its jurisdiction.
108		-
109	202		(k) Establish and maintain plans for tenure and retirement of
110	203		employees of the Board and of the institutions under its
111	204		jurisdiction, and for payment of deferred compensation of such
112	205		employees; and provide hospital and medical benefits, accident,
113	206		health, and life insurance, and annuity contracts, for such
114	207		employees and their dependents. Th e Board may pay for all or a part
115	208		of the cost thereof for employees, with funds available for the
116	209		operation of the institution. Amounts payable by an employee for
117	210		such insurance or annuity contracts may, with the consent of the
118	211		employee, be deducted from his or her salary.
119		-
120	212		(l) Maintain an inventory of all property belonging to each of
121	213		the institutions under its jurisdiction.
122		-
123	214		(m) Audit all accounts against the funds allocated to the
124	215		institutions under its jurisdiction.
125		-
126	216		(n) Provide penalties and forfeitures by way of damages and
127	217		otherwise for the viola tion of rules and regulations of the Board,
128	218		which may be sued for and collected in the name of the Board before
129	219		any court having jurisdiction of such actions.
130		-
131	220		(o) Do all things necessary or convenient to carry out the
132	221		powers expressly granted to it by Arti cle XIII-B of the Oklahoma
133	222		Constitution and the Statutes of Oklahoma, or to make institutions
134	223
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136	250		under its jurisdiction effective for the purposes for which they are
137	251		maintained or operated.
138		-
139	252		(p) Issue, on behalf of the institutions supervised and managed
140	253		by RUSO, special and limited obligations for purposes of such
141	254		capital projects as RUSO may deem proper.
142		-
143	255		SECTION 2. AMENDATORY 70 O.S. 2021, Secti on 3980.2, is
144	256		amended to read as follows :
145		-
146	257		Section 3980.2. A. It is the intent of the Legislature t o
147	258		authorize the Board of Regents of the University of Oklahoma, acting
148	259		for the benefit of the University of Oklahoma, the Board of Regents
149	260		for the Oklahoma Agricultural and Mechanical Colleges, ac ting for
150	261		the benefit of Oklahoma State University, the Oklah oma State Regents
151	262		for Higher Education, acting for the benefit of other institutions
152	263		within The Oklahoma State System of Higher Education, the Board of
153	264		Regents of Oklahoma Colleges, also known as the Regional University
154	265		System of Oklahoma ( RUSO) pursuant to Section 3507 .1 of this title,
155	266		acting for the benefit of the institutions supervise d and managed by
156	267		RUSO, and the Oklahoma Capitol Improvement Authority to become
157	268		issuers of obligations according to the provisions and for the
158	269		purposes authorized by this act the Oklahoma Higher Education
159	270		Promise of Excellence Act of 2005.
160		-
161	271		B. Obligations issued by any of the authorized issuers pursuant
162	272		to this act the Oklahoma Higher Education Promise of Excellence Act
163	273		of 2005 supported by appropriation of reven ues from the Oklahoma
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164	301		Education Lottery Trust Fund pursuant to Section 41 of Article X of
165	302		the Oklahoma Constitution shall be considered and deemed to have
166	303		been authorized for the purposes of construction or acquisition of
167	304		educational facilities or equipment owned by or under the co ntrol of
168	305		the Oklahoma State Regents for Higher Education within the meaning
169	306		of paragraph 4 of subsection B of Section 41 of Article X of the
170	307		Oklahoma Constitution and/or capital outlay projects within the
171	308		meaning of paragraph 5 of subsection B of Section 4 1 of Article X of
172	309		the Oklahoma Constitution.
173		-
174	310		C. Obligations issued pursuant to the authority of this act the
175	311		Oklahoma Higher Education Promise of Excellence Act of 2005 shall
176	312		not be deemed or considered to be general obligat ions of the State
177	313		of Oklahoma this state, but shall be limited and special obligations
178		-
179		-	ENR. S. B. NO. 86 Page 5
180	314		of the authorized issuer for the benefit of the applicable
181	315		institutions within The Okl ahoma State System of Higher Education
182	316		under their respective auspices and control.
183		-
184	317		D. Neither the appropriations powers of the Legislature
185	318		pursuant to Article V of the Oklahoma Constitution nor the powers
186	319		described by Section 3 of Article XIII -A of the Oklahoma
187	320		Constitution with respect to monies lawfully app ropriated to the
188	321		Oklahoma State Regent s for Higher Educati on nor the power of the
189	322		Legislature to impose taxes, generally, shall be pledged to the
190	323		repayment of any obligations issued pursuant to the pr ovisions of
191	324		this act the Oklahoma Higher Education Promise of Excellence Act of
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192	352		2005 and any obligation issued by any authorized issuer hereunder
193	353		shall affirmatively state this restriction.
194		-
195	354		E. It is the intent of the Legislature to improve the ability
196	355		of the Oklahoma State Regents for Higher Education and the other
197	356		specifically designated Boards of Regents within The Oklahoma State
198	357		System of Higher Education to finance capital improvements and to
199	358		provide a method by which the total revenues available to ea ch
200	359		respective authorized issuer of obligations, or revenues available
201	360		within The Oklahoma State System of Higher E ducation as prescribed
202	361		by this act the Oklahoma Higher Education Promise of Excellence Act
203	362		of 2005, may be pledged to the repayment of the obl igations,
204	363		resulting in a higher credit rating and an interest cost savings to
205	364		The Oklahoma State System of Higher Education.
206		-
207	365		SECTION 3. AMENDATORY 70 O.S. 2021, Section 3980.3, is
208	366		amended to read as follows:
209		-
210	367		Section 3980.3. As used in this act the Oklahoma Higher
211	368		Education Promise of Excellence Act of 2005, and unless the context
212	369		clearly requires otherwise:
213		-
214	370		1. “Authorized issuer” means:
215		-
216	371		a. the Oklahoma State Regents for Higher Education acting
217	372		for the benefit of any insti tution within The Oklahoma
218	373		State System of Higher Education other than the
219	374		University of Oklahoma or Oklahoma State Univer sity,
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222		-	ENR. S. B. NO. 86 Page 6
223	402		b. the Board of Regents of the University of Oklahoma
224	403		acting for the benefit of the University of Oklahoma,
225		-
226	404		c. the Board of Regents for the Oklahoma Agricultural and
227	405		Mechanical Colleges, acting for the benefit of
228	406		Oklahoma State University , and
229		-
230	407		d. the Board of Regents of Oklahoma Colleges, also known
231	408		as the Regional Univ ersity System of Oklahoma (RUSO)
232	409		pursuant to Section 3507.1 of this title, acting for
233	410		the benefit of the institutions supervised and managed
234	411		by RUSO, and
235		-
236	412		e. the Oklahoma Capitol Improve ment Authority;
237		-
238	413		2. “Bonds” means any bonds, notes, obligations, debent ures,
239	414		interim certificates, grant and revenue anticipation notes, i nterest
240	415		in a lease, lease certificates of participation, lease purchase
241	416		agreements, commercial paper, variable interes t rate obligations of
242	417		any kind, or other evidences of indebtedness, whe ther or not the
243	418		interest on which is includable in the gross income of the
244	419		recipients thereof for federal income tax purposes, issued by an
245	420		authorized issuer pursuant to this act the Oklahoma Higher Education
246	421		Promise of Excellence Act of 2005;
247		-
248	422		3. “Regents” means either the Oklahoma State Regents for Higher
249	423		Education, the Board of Regents of the University of Oklahoma or,
250	424		the Board of Regents for the Oklahoma Agricultural and Mechanical
251	425		Colleges, or RUSO; and
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253	453		4. “State Regents” means the Oklahoma State Reg ents for Higher
254	454		Education.
255		-
256	455		SECTION 4. AMENDATORY 70 O.S. 2021, Section 3980.4, is
257	456		amended to read as follows:
258		-
259	457		Section 3980.4. A. The Oklahoma State Regents for Higher
260	458		Education shall be authorized to issue indebtedness for capit al
261	459		projects to benefit each and every institution within The Oklahoma
262	460		State System of Higher Education except the Unive rsity of Oklahoma
263	461		and Oklahoma State University .
264		-
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267	462		B. The Board of Regents of the University of Oklahoma shall be
268	463		authorized to issue indebtedness for capital projects to benefit the
269	464		University of Oklahom a as provided by paragraph (n) of Section 3305
270	465		of this title. The Board of Regents of the University of Oklahoma,
271	466		acting for the benefit of the University of Oklahoma, shall be
272	467		authorized to pledge any lawfully available source of revenue other
273	468		than revenues appropriated by the Legislature from tax receipts, but
274	469		inclusive of revenues derived from the Oklahoma Education Lo ttery
275	470		Act accruing to the credit of the University of Oklahoma to the
276	471		repayment of obligations issued pursuant to this subsection and,
277	472		with respect to obligations issued for the purpose specified in
278	473		Section 160.1 of Title 62 of the Oklahoma Statutes, inclu sive of
279	474		monies accruing to the credit of the Comprehensive Can cer Center
280	475		Debt Service Revolving Fund.
281	476
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282	503		C. The Board of Regents for the Ok lahoma Agricultural and
283	504		Mechanical Colleges shall be authorized to issue indebtedness for
284	505		capital projects to benefit O klahoma State University pursuant to
285	506		paragraph 16 of Section 3 412 of this title. The Board of Regents
286	507		for the Oklahoma Agricultural and Mechanical Colleges, acting for
287	508		the benefit of Oklahoma State University, shall be authorized to
288	509		pledge any lawfully av ailable source of revenue, other than revenues
289	510		appropriated by the Legislature from tax receipts, but inclusive of
290	511		revenues derived from the Oklahoma Education Lottery Act, accruing
291	512		to the credit of Oklahoma State University to the repayment of
292	513		obligations issued pursuant to this subsection.
293		-
294	514		D. The Board of Regents of Oklahoma Colleges, also known as the
295	515		Regional University System of Oklahoma ( RUSO) pursuant to Section
296	516		3507.1 of this title, shall be authorized to issue indebtedness for
297	517		capital projects to benefit the institutions supervised and managed
298	518		by RUSO. RUSO shall be authorized to pledge any lawfully available
299	519		source of revenue, other t han revenue appropriated by the
300	520		Legislature from tax receipts, but inclusive of revenues derived
301	521		from the Oklahoma Education Lottery Act, accruing to the credit of
302	522		institutions supervis ed and managed by RUSO to the repayment of
303	523		obligations issued pursuant to this subsection.
304		-
305	524		E. The Oklahoma State Regents for Higher Educ ation shall be
306	525		required to affirmatively approve the issuance of obligations
307	526		pursuant to the provisions of this act the Oklahoma Higher Education
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308	554		Promise of Excellence Act of 2005 by either the Board of Regents of
309		-
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311	555		the University of Oklahoma, act ing for the benefit of the University
312	556		of Oklahoma or, the Board of Regents for the Oklahoma Agricultural
313	557		and Mechanical Colleges, acting for the benefit of Oklahoma State
314	558		University, or RUSO, acting for the benefit of institutions
315	559		supervised and managed by RUSO. For each of the proposed bond
316	560		issues authorized pur suant to this act the Oklahoma Higher Education
317	561		Promise of Excellence Act of 2005, a Statement of Essential Facts
318	562		shall be prepared by the issuing Board of Regents for the use and
319	563		information of prospective bond purchasers. It shall be the duty of
320	564		the Oklahoma State Regents for Higher Education to examine such
321	565		Statement of Essential Facts and determine that, based upon such
322	566		facts and projections, the projected revenue will satisfy the
323	567		financial obligation to be incurred under the proposed bond issue.
324	568		If the facts are found by the State Regents to be substantially
325	569		accurate and if the State Regents find that, based upon such facts
326	570		and projections, the projected revenue will satisfy the fina ncial
327	571		obligation to be incurred under the proposed bond issue, then t he
328	572		Oklahoma State Regents for Higher Education shall certify such to
329	573		the Governor, the Speaker of the Oklahoma House of Representative s,
330	574		and the President Pro Tempore of the Oklahoma State Senate. The
331	575		certificate shall be made in substantially the followi ng form:
332	576
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333	603		The Oklahoma State Regents for Higher Education do hereby
334	604		certify that the provisions of this section have been complied with
335	605		in proper order, for the bond issue mentioned above.
336		-
337	606		E. F. All obligations except refunding or defeasance
338	607		obligations proposed to be issued by an authorized issuer pursuant
339	608		to the Oklahoma Higher Education Promise of Excellence Act of 2005
340	609		shall be subject to final approval by the Legislature as provided b y
341	610		this subsection. The authorized issuer shall communicate the
342	611		proposed projects and the terms of the financing to the Governor,
343	612		the Speaker of the House of Representatives, and the President Pro
344	613		Tempore of the State Senate prior to the time any such obli gations
345	614		are sold. The communication required by this subsection shal l be
346	615		made not later than April 1 each year. The communication to such
347	616		elected officials shall occur upon the same date for purposes o f
348	617		computing the time within which action must be take n as further
349	618		prescribed by this subsection. The Legislature shall ha ve a period
350	619		of forty-five calendar days from the date as of which the
351	620		information is communicated to the presiding officers of both
352	621		chambers in order to pass a Concurrent Resolution disap proving the
353		-
354		-	ENR. S. B. NO. 86 Page 9
355	622		proposed issuance. If the Concurrent Resolution has not received a
356	623		majority of votes of those elected to and constituting both the
357	624		Oklahoma House of Representatives and the Oklahoma State Senate by
358	625		the end of the forty-fifth day following the date upon which the
359	626		proposed issuance is communicated to the presidin g officers of both
	627	+
	628	+	SB86 HFLR Page 13
	629	+	BOLD FACE denotes Committee Amendments. 1
	630	+	2
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360	654		chambers, the proposed issuance shall be deemed to h ave been
361	655		approved by the Legislature.
362		-
363	656		F. G. With the approval of the Oklahoma State Regents for
364	657		Higher Education, the total revenues described by subsection B and
365	658		subsection C of this section may be pledged to the repayment of
366	659		obligations issued by either the Board of Regents of the University
367	660		of Oklahoma or obligations issued by the Board of Regents for the
368	661		Oklahoma Agricultural and Mechanical Colleges in order to obtain the
369	662		highest possible credit rating. If the Board of Regents of the
370	663		University of Oklahoma and the Board of Regents for the Ok lahoma
371	664		Agricultural and Mechanical Colleges agree to the use of the total
372	665		revenues available to each such Board of Regents pursuant to this
373	666		subsection for a project that benefits either the Uni versity of
374	667		Oklahoma or Oklahoma State University or both such c omprehensive
375	668		universities, there shall be an agreement executed by both such
376	669		Boards of Regents describing the project, the principal amount of
377	670		the indebtedness, the terms of the financing , and such other matters
378	671		as the two Boards of Regents may mutually ag ree. Such agreement
379	672		shall be executed prior to the sale of any obligations by either
380	673		Board of Regents with respect to the proposed project or projects.
381	674		The agreement shall provide for one or the other Board of Regents to
382	675		be the authorized issuer with res pect to the project or projects.
383	676		The agreement shall also provide for the ownership or control of any
384	677		real or personal property to be improved or acquired with the
	678	+
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	680	+	BOLD FACE denotes Committee Amendments. 1
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385	705		proceeds from the sale of an y such obligations, including any
386	706		requirements for the transfer of real or personal property from one
387	707		comprehensive university to the other comprehensive university if
388	708		such transfer is required in order to promote or ensure the
389	709		marketability of any obligat ions sold by either Board of Regents.
390		-
391	710		G. H. The Oklahoma State Regents for Higher Education may
392	711		pledge all lawfully available revenues, other than revenues
393	712		appropriated by the Legislat ure from tax receipts, but inclusive of
394	713		revenues derived from the Oklah oma Education Lottery Act, and other
395	714		than the revenues describe d by subsection B or subsection, C, or D
396		-
397		-	ENR. S. B. NO. 86 Page 10
398	715		of this section, to the repayment of obligations issued by the State
399	716		Regents.
400		-
401	717		H. I. The authorized issuers shall be subject to the following
402	718		restrictions governing the issuance of the obligations authorized by
403	719		this act the Oklahoma Higher Education Promise of Excellence Act of
404	720		2005:
405		-
406	721		1. Obligations used to pay for the following assets shall be
407	722		repaid in a period not to exceed five (5) years:
408		-
409	723		a. computers,
410		-
411	724		b. portable telecommunications equipment costing less
412	725		than Fifty Thousand Dollars ($50,000.00),
413		-
414	726		c. motor vehicles, and
415		-
416	727		d. any other item of tangible personal property with an
417	728		original useful life of six (6) years or less;
418	729
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419	756		2. Obligations used to pay for the following assets shall be
420	757		repaid in a period not to exceed ten (10) years:
421		-
422	758		a. equipment with an original cost of less than One
423	759		Hundred Thousand Dollars ($100,000.00 ), per item, and
424		-
425	760		b. renovation of existing structures, unless the cost of
426	761		the renovation exceeds the fair market value of the
427	762		existing structure or unl ess the improvement extends
428	763		the useful life of the existing stru cture, but in no
429	764		case shall the maturity period exceed the period by
430	765		which the life of the existing structure is extended;
431	766		and
432		-
433	767		3. Obligations used to pay for all other assets shall be repaid
434	768		in a period not to exceed thirty (30) years and in no case shall the
435	769		latest maturity date of an obligatio n exceed the expected useful
436	770		life of the asset.
	771	+	SECTION 5. This act shall become effective July 1, 2023.
	772	+	SECTION 6. It being immediately necessary for the preservation
	773	+	of the public peace, health , or safety, an emergency is hereby
	774	+	declared to exist, by reason whereof this act shall take effect and
	775	+	be in full force from and after its passage and approval.
437	776
438		-
439		-
440		-	ENR. S. B. NO. 86 Page 11
441		-	Passed the Senate the 7th day of March, 2023.
442		-
443		-
444		-
445		-	Presiding Officer of the Senate
446		-
447		-
448		-	Passed the House of Representatives the 25th day of April, 2023.
449		-
450		-
451		-
452		-	Presiding Officer of the House
453		-	of Representatives
454		-
455		-	OFFICE OF THE GOVERNOR
456		-	Received by the Office of the Governor this _______ _____________
457		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
458		-	By: _______________________________ __
459		-	Approved by the Governor of the State of Oklahoma this _____ ____
460		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
461		-
462		-	_________________________________
463		-	Governor of the State of Oklahoma
464		-
465		-
466		-	OFFICE OF THE SECRETARY OF STATE
467		-	Received by the Office of the Secretary of State this _______ ___
468		-	day of __________________, 20 _______, at _______ o'clock _______ M.
469		-	By: _______________________________ __
	777	+	COMMITTEE REPORT BY: COMMITTEE ON HIGHER EDUCATION AND CAREER TECH,
	778	+	dated 04/10/2023 - DO PASS.