TO BE CONSIDERED AN "AGENCY" OF THE STATE, THEY DEMONSTRATE THAT THE UNIFORM APPROACH OF THE ATTORNEY GENERAL HAS BEEN TO AFFORD DEFERENCE TO THE LEGISLATIVE DECLARATION THAT SUCH ENTITIES ARE AGENCIES OF THE STATE.
CONSISTENT WITH THIS APPROACH, A RURAL WATER DISTRICT SHOULD BE CONSIDERED "A GOVERNMENTAL AGENCY OF THE STATE OF OKLAHOMA" FOR PURPOSES OF APPLYING THE PLEDGE LIMITATIONS OF 6 O.S. 411 (1992). AS SUCH, A RURAL WATER DISTRICT IS ELIGIBLE TO RECEIVE A PLEDGE OF ASSETS FROM A BANK. ACCORDINGLY, IT IS THE OPINION OF THE UNDERSIGNED ASSISTANT ATTORNEY GENERAL THAT A STATE BANK MAY PLEDGE ITS ASSETS TO SECURE THE UNINSURED PORTION OF DEPOSITS OF A RURAL WATER DISTRICT.
A BANK THAT MAKES SUCH A PLEDGE MUST, OF COURSE, EXERCISE DUE CAUTION TO INSURE THAT ANY SUCH PLEDGE "IS MADE WITH THE SAME TYPE OF COLLATERAL AND IN THE SAME MANNER AND FORM AS PLEDGES MADE TO SECURE DEPOSITS BY THE STATE TREASURER" AS REQUIRED BY 411. THEREFORE, THE BANK MUST TAKE STEPS TO COMPLY WITH THE SECURITY FOR PUBLIC DEPOSITS ACT, 62 O.S. 72.1 (1991) ET SEQ.
(K. W. JOHNSON)