New Measure to Boost State's Endowed Chair Program

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.