Oklahoma State University on Friday officially launched a $1 billion fundraising effort that is the largest of its kind in the state’s history, said university President Burns Hargis.

Amid a cheering crowd of students and officials, Hargis called the fundraising effort “bold and audacious” and said the money will be used for scholarships and other academic purposes, including the construction of new buildings.

The crowd cheered with thunderous approval when Hargis announced that one of its most famous graduates, oil tycoon T. Boone Pickens, was giving a $100 million donation toward the effort.

The 81-year-old Pickens, who was standing at Hargis’ side, spoke to the audience, professing his love of Oklahoma State University and how much it has meant to him.

The fundraising effort, “Branding Success,” will take place during the next four years.

Although the campaign officially kicked off Friday, there has been a “silent” fundraising effort taking place during the past 26 months, according to Hargis.

Hargis said $437 million has been raised during those months, and the latest gift from Pickens raises that total amount to $537 million — more than halfway toward the $1 billion goal.

Pickens, who graduated from OSU in 1951, already had given $100 million in May 2008 toward this fundraising campaign. To date, he has given OSU $450 million, including $165 million in 2005 for athletic facilities.

His latest gift is a testamentary, which means OSU will collect the $100 million upon his death. This pledge of money, though, is being used to spur more donations to the total effort.

Half of the $1 billion will fund scholarships, either for prospective students who merit them or those in financial need, Hargis said.

Along that line, he said every student “willing and able should earn a degree at OSU.”

The other half of the $1 billion will be used to retain and attract top professors and researchers, construct and upgrade educational and research facilities and create and sustain programs and services for the public good, the university president said.

Hargis was met with resounding cheers when he mentioned the need for a performing arts center, and heartier applause followed when he said, “Maybe we can get new band uniforms.”

Recalling his days as a state higher-education regent, Hargis said he always felt OSU lacked the resources to prosper effectively.

So, when he took the helm as university president in December 2007, Hargis said he quietly began pushing for the millions in donations that have come in so far.

Hargis said the $1 billion is a “big goal, a bold goal.”

“We have a responsibility to build on the momentum we have established today. This campaign is indeed audacious and historic in its scope and magnitude.”

He called Friday the most historic day for OSU since its founding.

The Branding Success campaign will be led by Ross and Billie McKnight of Throckmorton, Texas, both OSU graduates.

The couple appeared at the announcement. Ross McKnight said: “This is a once-in-a-lifetime opportunity for Billie and me to give back in a big way to the university that means so much to the both of us.”

The McKnights, who founded and now operate several enterprises in banking, ranching and energy, met each other in 1969 while attending OSU.