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Gov. Brad Henry is asking state lawmakers to develop a permanent funding source for a planned $1 billion endowment to help fund research projects in Oklahoma.
Henry last week urged the Legislature to dedicate a revenue stream for the Economic Development Generating Excellence, or EDGE, fund. The Legislature voted to create the endowment in 2004, but only $150 million has been deposited so far. Interest from the fund is used to pay for research projects that attract capital and high paying jobs to the state.
Henry previously has suggested setting aside a portion of state investment earnings, gross production receipts or reserve fund interest earnings. Under his latest plan, designated funding would not begin flowing to the endowment until the state’s budget crisis is over.