(Oklahoma City) Senator Cal Hobson and Representative Bill Nation said they are pleased, but not surprised that the Oklahoma State Supreme Court ruled Tuesday that 2004 legislation calling for the issuance of revenue bonds to fund endowed chairs at Oklahomas colleges and universities is constitutional.
This ruling is a huge victory for Higher Education in Oklahoma. Our university presidents have done a tremendous job of obtaining private donations for endowed chairs, but weve been unable to keep with the states matching funds. Todays decision by the courts will allow us to move forward with an important component in our higher education system, said Hobson, D-Lexington.
Hobson and Nations said that at the University of Oklahoma the increase in the number of endowed faculty positions in recent years is credited with increasing research funding from all sources to a record $193 million in 2003.
Adding the state matching funds to endowed chairs at OU and other colleges and universities across our state will pay huge dividends for future generations of Oklahomans, said Nations, D-Norman
Todays ruling will allow the issuance of bonds not to exceed $50 million to help the state fill in the remaining current gap in matching funds, Nations explained.