Wednesday, April 14th 2010, 5:16 pm
Associated Press
OKLAHOMA CITY -- Gov. Brad Henry has signed a bill designed to reduce a backlog of almost $365 million in the state's endowed chairs program for Oklahoma colleges and universities.
The bill by House Speaker Chris Benge, R-Tulsa, and Senate President Pro Tem Glenn Coffee, R-Oklahoma City, authorizes the restructuring of a bond issue to generate additional resources to help match private donations to the program.
Henry signed the bill Wednesday.
In June 2008, the state placed a moratorium on its dollar-for-dollar matching program for endowed chairs, but at that point, state higher education regents had about $364.8 million in donations waiting to be matched.
The previous month, state lawmakers approved a $100 million bond issue intended to catch up on part of that backlog. But because enough money was not allocated for debt service, the bonds never were issued.
April 14th, 2010
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