For Immediate Release:
April 12, 2004
Senate Approves Bond Issue for Endowed Chairs
The Oklahoma State Senate voted
41-1 Thursday in favor of legislation that calls for the
issuance of revenue bonds to help Oklahoma “catch
up” on state matching funds for endowed chairs at
the state’s colleges and universities.
The measure, which was amended by the Senate, will now return
to the House of Representatives.
“Our university presidents have done a tremendous
job of obtaining private donations for endowed chairs, but
we’ve been unable to keep up with the state’s
matching funds. With this legislation lawmakers can do their
part.” Senate President Pro Tempore Cal
Hobson said.
Hobson said the history of the endowment program has shown
that the state’s matching funds are an investment
in the future of Oklahoma.
“The legislation will pay huge educational dividends
for the next generation of Oklahomans,” Hobson said.
At the University of Oklahoma, for example, the increase
in the number of endowed faculty positions is credited with
increasing research funding – from all sources –
to a record $193 million in 2003, Hobson said.
The endowment program was established to enhance the quality
of higher education in Oklahoma by providing state funds
as a match for private donations for endowed chairs, distinguished
professorships, visiting professorships, artists-in-residence,
and lectureships.
The program has enabled colleges and universities to attract
approximately $191 million in private gifts to establish
endowed positions. To date, the state has matched $147.7
million.
House Bill 1904 will allow the issuance of bonds not to
exceed $50 million to help the state fill in the remaining
current gap in matching funds, said Senate Appropriations
Committee Chairman Mike
Morgan.
Morgan, D-Stillwater, and House Appropriations and Budget
Committee Chairman Billy
Mitchell, D-Lindsay, are authors of the measure.
For
more information contact:
President
Pro Tempore's Office - (405) 521-5605
