Officials from Oklahoma’s 25 state-supported colleges and universities are seeking a special legislative appropriation of $2.8 million to meet debt service requirements on bonds issued by the Oklahoma Capital Improvement Authority in 2005 on behalf of the State Regents for Higher Education.
The schools face a shortfall of $8.8 million due to lower than expected revenues from the Oklahoma Lottery. There was a $6 million shortfall in 2007 that was filled by legislative appropriation. Anticipating a similar gap in 2008, the regents set aside another $6 million from funds allocated for distribution to state higher education institutions. But the shortfall ended up being $8.8 billion, so an additional $2.8 billion is needed to make up the difference.