[Cobo] FW: Update on Endowed Chairs

[Mauck, Sheri]

From: Johnson, Dr. Glen
Sent: Tuesday, May 19, 2020 9:50 AM
To: Subject: Update on Endowed Chairs

OKLAHOMA STATE REGENTS FOR HIGHER EDUCATION


Memo


To:                  State Regents
Presidents
Higher Education Network
From:             Chancellor Glen D. Johnson
Date:               Tuesday, May 19, 2020
Subject:          Update on Endowed Chairs Legislation


I wanted to provide you with an update regarding legislation for the Endowed Chairs program. As a reminder, HB 2749 and HB 2750 passed the House and Senate last week and were sent to Governor Stitt for his consideration.

HB 2750 increased the total bonding cap for the Endowed Chairs program to $314.4 million, which would address the current unmatched balance for the Endowed Chairs program of $161 million.  While HB 2750 increased the bonding capacity for the Endowed Chairs program, the legislation did not contain funding for a new bond issuance.

HB 2749 provided that no more than $671.2 million in state matching funds shall be used for the Endowed Chairs Program. This would sunset the state match for the Endowed Chairs program.

Late yesterday afternoon, Governor Stitt vetoed HB 2749 and HB 2750. Copies of the veto message for HB 2749 (Attachment 1) and the veto message for HB 2750 (Attachment 2) have been attached for your review.

Thanks.

Glen

Glen D. Johnson
Chancellor
Oklahoma State Regents for Higher Education
655 Research Parkway, Suite 200
Oklahoma City, Oklahoma 73104
405.225.9122
gjohnson at osrhe.edu<mailto:gjohnson at osrhe.edu>
follow us on Twitter @okhighered


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