Oklahoma’s Council of Bond Oversight approved the latest tranche of taxable bonds to provide the state match for private donations that support endowed chairs at 17 colleges and universities.
The Oklahoma Capitol Improvement Authority will issue the bonds. The first tranche of $34.4 million for the program was issued in 2006.
Proceeds of the bonds, which are expected to sell in early August, will provide $6 million to 14 of the schools, with the remaining $94 million split evenly between Oklahoma State University and the University of Oklahoma.
The Oklahoma State Regents for Higher Education said at least $365 million of private donations to the endowed chairs program await state matching funds.
The $100 million tranche was authorized by the Legislature in 2008.
The enabling legislation put a moratorium on the state match until the backlog is worked down. When the moratorium is lifted, the state will continue to match private donations up to $250,000, but only 25% of larger donations.