reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.3. Necessity of security - Exemptions.

All public deposits made by the State Treasurer in financial institutions shall be secured as provided for in the Security for Public Deposits Act. As used in this section, "public deposits" shall not include those types of investments specified in paragraphs 1, 3, 4, 5, 6, 7 and 8 of subsection A of Section 89.2 of this title.
Added by Laws 1987, c. 194, § 7, operative July 1, 1987. Amended by Laws 1999, c. 292, § 4, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.4. Deposit of collateral securities or instruments.

A. The State Treasurer shall require that financial institutions deposit collateral securities or instruments to secure the deposits of the state in each such institution. The amount of collateral securities or instruments to be pledged for the security of public deposits shall be established by rules and regulations promulgated by the State Treasurer consistent with the provisions of the Security for Public Deposits Act; provided, such amount shall not be less than the amount of the deposit to be secured, less the amount insured.
B. Upon authorization by the State Treasurer, a financial institution shall place required collateral securities in a restricted account at a Federal Reserve Bank which serves Oklahoma, a Federal Home Loan Bank which serves Oklahoma or with another financial institution located in this state that is not owned or controlled by the same institution or holding company. The depositor shall deliver to the State Treasurer a power of attorney authorizing the State Treasurer to transfer or liquidate the securities in the event of a default, financial failure or insolvency of a public depository.
C. Securities eligible for collateral shall be valued at market value. The State Treasurer shall review and determine the market value of collateral pledged for security not less than quarterly. The State Treasurer shall adopt rules and regulations to provide for the valuation of collateral if the market value is not readily determinable. The State Treasurer shall prescribe forms for financial institutions to list collateral securities pursuant to this section.
D. The State Treasurer shall promulgate rules for the acceptance of collateral instruments described in Section 72.5 of this title, to secure deposits of the state. Such rules shall require that sufficient documentation exists to establish that the provider of the collateral instrument will protect the state in the event of a default, financial failure or insolvency of a public depository.
E. All securities purchased by the State Treasurer or held in custody for other state agencies by the State Treasurer shall be held in financial institutions as defined in Section 71 of this title not involved in such transactions and shall not be held by the State Treasurer or a broker.
Added by Laws 1987, c. 194, § 8, operative July 1, 1987. Amended by Laws 1991, c. 207, § 3, eff. July 1, 1991; Laws 1998, c. 85, § 8, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.4a. Public trusts - Restrictions on deposits - Exceptions.

A. To the extent that public trusts that have the state or any city, town or county as a beneficiary deposit monies in financial institutions, the public trust shall place its monies only in collateralized or insured certificates of deposit and other evidences of deposit. To the extent that public trusts that have the state as a beneficiary deposit monies in financial institutions, such trusts may act directly on their own behalf and for their own account to document, implement and administer the collateralizing of such deposits, so long as the collateralizing or pledge of assets by financial institutions 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 under the Security for Public Deposits Act.
B. This section shall not be applicable to proceeds or other funds, including the revenue stream, relating to bond issues which shall be invested pursuant to the indenture established for such bonds.
Added by Laws 1989, c. 354, § 1, emerg. eff. June 3, 1989. Amended by Laws 1992, c. 235, § 1, eff. Sept. 1, 1992; Laws 2002, c. 140, § 1, emerg. eff. April 29, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.5. Securities eligible for securing public deposits.

A. For purposes of securing public deposits, the State Treasurer may accept as collateral only those securities and other instruments listed below. To insure the safety of public funds, the State Treasurer may establish standards which restrict, or limit further, any of the types or classes of securities or instruments listed below which may be accepted. The State Treasurer may select the following securities and instruments for the purpose of securing public deposits:
1. Obligations, including letters of credit of the United States Government, its agencies and instrumentalities;
2. Obligations of this state or of a county, municipality, or school district of this state or of an instrumentality of this state or a county, municipality or school district of this state;
3. General obligation bonds of any other state of the United States; and
4. A surety bond if:
a.
subject to the terms and conditions of the bond, it is irrevocable and absolute,
b.
the surety bond is issued by an insurance company authorized to do business in Oklahoma,
c.
the issuer of the surety bond does not provide surety bonds for any one financial institution in an amount that exceeds ten percent (10%) of the surety bond insurer's policyholders' surplus and contingency reserve, net of reinsurance, and
d.
the claims-paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the State Treasurer.
B. A financial institution may substitute different forms of collateral from time to time, provided that each meets the requirements of this section and the rules and regulations of the State Treasurer.
Added by Laws 1987, c. 194, § 9, operative July 1, 1987. Amended by Laws 1997, c. 164, § 4, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.6. Default or insolvency of public depository.

In the event of a default or insolvency of a public depository, the State Treasurer shall implement the following procedures:
1. In cooperation with the State Department of Banking and other regulatory officials, the State Treasurer shall ascertain the amount of public funds on deposit at the defaulting institution and the amount of deposit insurance applicable to such deposit.
2. The potential loss to the state shall be calculated by the State Treasurer. The loss to the state shall be satisfied, insofar as possible, first through any applicable deposit insurance and then through the sale of securities pledged, or through the proceeds of collateral instruments pledged, by the defaulting depository institution. Such sales shall be conducted by the State Treasurer.
3. The securities, bonds or other forms of collateral shall become forfeited to and become the property of the state. If the securities, bonds or other forms of collateral are valued at less than the amount of principal and interest due to the state plus the cost of the ensuing sale, the securities, bonds and other forms of collateral shall be sold by the State Treasurer, and the State Treasurer shall be entitled to recover from the financial institution such balances with costs and attorney's fees. If the market value of the securities, bonds or other forms of collateral exceeds the principal and interest due to the state plus the cost of the ensuing sale, the securities, bonds and other forms of collateral may be sold by the State Treasurer and the excess of the proceeds shall be returned to the pledging financial institution or its receiver, without further process of law.
Added by Laws 1987, c. 194, § 10, operative July 1, 1987. Amended by Laws 1998, c. 85, § 9, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-72.7. Liability of State Treasurer on default or insolvency of public depository.

When public deposits are made in accordance with the Security for Public Deposits Act, the State Treasurer shall not be liable for any loss resulting from the default or insolvency of a public depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of the State Treasurer.
Added by Laws 1987, c. 194, § 11, operative July 1, 1987.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-74. State Treasurer as official depository for state officers, boards and commissions - Bonds of treasurer.

The State Treasurer is hereby designated and made the official depository for all monies, funds, rentals, penalties, costs, proceeds of sale of property, fees, fines, forfeitures and public charges of every kind that may be received by any state officer, state board, state commission or by any employee of either of such officers, boards, or commissions by virtue or under color of office. Before receiving any such money or funds, as such official depository, the State Treasurer shall execute a bond to the state, with good and sufficient sureties, to be approved by the Governor in the penal sum of Fifty Thousand ($50,000.00) Dollars, conditioned for the faithful performance of duty; provided, that before any funds under the charge and management of the Commissioners of the Land Office by virtue of section 32, of article 6 of the Constitution or other provision of law, shall be received or paid over to the State Treasurer as such official depository, he shall execute a bond in a surety company in the penal sum of Two Hundred Thousand Dollars ($200,000.00), payable to the state and to be approved by the Governor, conditioned for the faithful performance of his duties and especially to account for all funds coming into his possession as such depository from the Commissioners of the Land Office, or anyone acting for them.
Laws 1915, c. 238, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-79. Monies belonging to general revenue funds - Payment into state treasury - Report to State Auditor and Inspector.

All monies that shall be received during any calendar month by any state officer, state board, state commission or the members or employees of either thereof, accruing as a part of state's general revenue or any other appropriated funds, unless otherwise specifically provided by statute, shall be paid into the State Treasury,--that is, transferred from the official depository to the funds in the State Treasury to which the same belongs by the authority so receiving the same on or before the second Monday following the close of the calendar month in which such monies shall have been received.
Laws 1915, c. 238, § 7; Laws 1943, p. 138, § 1; Laws 1979, c. 30, § 23, emerg. eff. April 6, 1979.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-80. Actions to enforce provisions of act.

It shall be the duty of the State Treasurer and he is hereby empowered to institute in the name of the state the necessary suits, actions and proceedings to enforce the provisions of this act, and in the event of the neglect, failure or refusal of the State Treasurer to bring such suits, actions and proceedings, then the same may be instituted and maintained on the relation of any citizen of the state.
Added by Laws 1915, c. 238, § 8.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-81. Penalty for violation.

Any official or employee thereof or any member or employee of any state board or state commission who shall fail, neglect or refuse to comply with the requirements of Section two (2) hereof, or any other provision of this act, shall forfeit and pay to the use of the State of Oklahoma the sum of Twenty-five Dollars ($25.00) per day for each and every day that he shall so fail, neglect or refuse to comply with requirements of said act, and shall forfeit and be removed from office; and any such official who shall issue, sign, attest or utter any false or illegal voucher against any monies deposited, as in this act provided, shall be liable to the state on his official bond for a sum double in amount of any such illegal or fraudulent voucher, and shall be deemed guilty of a felony, and upon conviction thereof shall be punished by a fine in a sum of not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00) and by imprisonment in the State Penitentiary for a term of not less than one (1) year nor more than five (5) years.
Added by Laws 1915, c. 238, § 9. Amended by Laws 1997, c. 133, § 518, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 376, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 518 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-82. Commissioner of Highways, interest on funds to credit of.

All interest which shall be received by the State Treasurer upon monies paid into the state depository, to the credit of the Commissioner of Highways, by any county, to be expended for the construction of bridges or highways, shall be credited to the fund which shall earn the same; and all interest heretofore earned by any such deposits or funds, and by the State Treasurer credited to the general revenue fund, shall be transferred from said fund and credited to the fund which earned said interest; Provided, there is any unexpended balance of such fund to which to credit said interest.
Laws 1921, c. 49, p. 69, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-88.1B. Investment of linked deposit program monies.

A. The amount that the State Treasurer may invest in all linked deposit programs authorized by law shall not exceed the lesser of Two Hundred Twenty-five Million Dollars ($225,000,000.00) or fifteen percent (15%) of all monies available to the State Treasurer for investment as calculated by taking the average of the quarter-end amount for the previous four (4) quarters.
B. The State Treasurer shall on a quarterly basis review the percentage of total investable state funds invested in all linked deposit programs created by law to determine compliance with subsection A of this section.
C. If the State Treasurer determines that more than the amount allowable pursuant to subsection A of this section is invested in all linked deposit programs created by law, the State Treasurer shall suspend any renewal or any initiation of new linked deposit program investments until the time that the State Treasurer determines the investment percentage limitation established by this section has been met and except as provided by Section 88.1A of this title.
Added by Laws 1994, c. 277, § 14. Amended by Laws 1994, c. 382, § 25, eff. Sept. 1, 1994; Laws 1995, c. 88, § 4, eff. July 1, 1995; Laws 2002, c. 287, § 10, eff. July 1, 2003.
NOTE: Editorially renumbered from Title 62, § 88.1 to avoid duplication in numbering.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-88.2. Definitions.

As used in the Oklahoma Small Business Linked Deposit Act:
1. "Eligible participant" means:
a.
any small business organized for profit, including any business related to tourism, doing business in and from the State of Oklahoma, which employs not more than two hundred (200) employees or has gross annual receipts of not more than Four Million Dollars ($4,000,000.00),
b.
any industrial park that has been certified by the Oklahoma Department of Commerce as meeting minimum guidelines necessary for an industrial park, and
c.
any public trust authorized in accordance with Section 176 of Title 60 of the Oklahoma Statutes engaged in industrial development as determined by the Department of Commerce. Such public trusts are limited to fifteen percent (15%) of the total available funds and a nonrenewable term not to exceed six (6) months unless their purpose is to make package passthrough loans to other private nontrust recipients for industrial development purposes in which case the other conditions contained in this act shall apply. Subsequent loans made by an eligible trust cannot exceed the interest rate established by this act.
2. "Eligible lending institution" means a financial institution that:
a.
is eligible to make commercial loans,
b.
is a public depository of state funds, and
c.
agrees to participate in the linked deposit program, or
d.
is an institution of the farm credit system organized under the federal "Farm Credit Act of 1971", 12 U.S.C. 2001, as amended.
3. "Enterprise zone" means those areas designated as enterprise zones or districts in accordance with the Oklahoma Enterprise Zone Act, Sections 690.1 through 690.19 of this title.
4. "Priority Enterprise Zones" means an enterprise zone selected by the Department of Commerce which has demonstrated unusual commitment as provided by this act.
5. "Small business linked deposit" means a certificate of deposit placed by the State Treasurer with an eligible lending institution.
6. "Board" means the Oklahoma Linked Deposit Review Board.
Added by Laws 1988, c. 183, § 2, eff. July 1, 1988. Amended by Laws 1990, c. 321, § 7, emerg. eff. May 30, 1990.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-88.4. Administration and implementation of program - Annual report.

A. The State Treasurer is hereby authorized to administer the Oklahoma Small Business Linked Deposit Program. The State Treasurer is further authorized to issue guidelines in a manner similar to the Administrative Procedures Act, Section 250 et seq. of Title 75 of the Oklahoma Statutes.
B. The State Treasurer shall take any and all steps necessary to implement the Oklahoma Small Business Linked Deposit Program and monitor compliance of eligible lending institutions and eligible participants, including the development of guidelines as necessary.
C. The State Treasurer shall submit an annual report outlining the status of the Oklahoma Small Business Linked Deposit Program to the Governor, the Lieutenant Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives.
Added by Laws 1988, c. 183, § 4, eff. July 1, 1988.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-88.6. Funding of approved loans.

A. Applications approved by the Board shall be subject to available funds, and if a loan or loan package is not funded for such reason, it will be funded in the chronological order of its approval.
B. The State Treasurer shall reject any small business linked deposit loan package if the participant requesting such loan is not in good standing with the Oklahoma Tax Commission and the Oklahoma Employment Security Commission. Notwithstanding any provision of law to the contrary, said agencies shall provide the State Treasurer with such information as to the standing of each participant loan applicant within ten (10) days of the request for the information.
C. Upon acceptance of the small business linked deposit loan package or any portion thereof, the State Treasurer shall notify the Board, the lending institution and the borrower. Upon acceptance the State Treasurer may place certificates of deposit with the eligible lending institution at up to three percent (3%) below the comparable Treasury Bill rate, as determined and calculated by the State Treasurer. When necessary, the State Treasurer may place certificates of deposit prior to acceptance of a small business linked deposit loan package.
D. Upon the placement of a small business linked deposit with an eligible lending institution, the institution shall fund the loan to each approved eligible participant listed in the small business linked deposit loan package in accordance with the small business linked deposit agreement between the institution and the State Treasurer. The percentage rate of the loan shall be reduced by at least the same number of percentage points that the certificate of deposit was reduced upon placement. A certification of compliance with this subsection in the form and manner as prescribed by the State Treasurer shall be required of the eligible lending institution. Deposits placed by the State Treasurer shall be secured by collateralization as determined by and in accordance with the State Treasurer's policy for securing state deposits. The objective of said policy shall be to adequately secure the collateralization of deposits without requiring unnecessary over-collateralization by the institution.
Added by Laws 1988, c. 183, § 6, eff. July 1, 1988. Amended by Laws 1990, c. 321, § 9, emerg. eff. May 30, 1990; Laws 1991, c. 334, § 5, eff. Sept. 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-88.7. Liability of state and State Treasurer on loans - Default in payment of loan.

The State of Oklahoma and the State Treasurer shall not be liable to any eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible participant. Any delay in payments in default on the part of an eligible participant does not in any manner affect the small business linked deposit agreement between the eligible lending institution and the State Treasurer.
Added by Laws 1988, c. 183, § 7, eff. July 1, 1988.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-89.1a. Investment with state financial institutions at less than competitive market rate.

In order to help provide for the capital needs of this state, the State Treasurer may invest monies at less than competitive market rates with financial institutions of this state. Not more than ten percent (10%) of all monies available to the State Treasurer for investment purposes or One Hundred Million Dollars ($100,000,000.00), whichever is less, shall be invested as provided for in this section. Such investments shall earn not less than the rate for comparable maturities on United States Treasury obligations.
Provided, no more than Ten Million Dollars ($10,000,000.00) of monies specified in this section shall be invested in any one financial institution and no monies specified in this section shall be invested in a financial institution that has a loan-to-deposit ratio of less than fifty percent (50%).
Added by Laws 1987, c. 194, § 4, operative July 1, 1987.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-89.5. State Treasurer's Revolving Fund - Employees; duties and compensation.

A. There is hereby created in the State Treasury a revolving fund for the Office of the State Treasurer to be designated the "State Treasurer's Revolving Fund". The fund shall be a continuing fund not subject to fiscal year limitations, and shall consist of all monies received by the Office of the State Treasurer from fees and receipts collected pursuant to the Oklahoma Open Records Act, Section 24A.1 et seq. of Title 51 of the Oklahoma Statutes; monies received, including, but not limited to, reasonable and customary service-related charges, any monies received from the sale of surplus property, and any grants-in-aid received from the federal government for the operations of the Office of the State Treasurer unless otherwise provided by federal law or regulation. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Office of the State Treasurer for the operating expenses of the said office. Expenditures from said fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
B. The State Treasurer shall appoint and fix the duties and compensation of employees, not otherwise prescribed by law, necessary to perform the duties imposed upon the Office of the State Treasurer by law.
Laws 1976, c. 233, § 3, emerg. eff. June 15, 1976; Laws 1979, c. 47, § 51, emerg. eff. April 9, 1979; Laws 1983, c. 215, § 1, operative July 1, 1983; Laws 1987, c. 194, § 12, operative July 1, 1987; Laws 1993, c. 260, § 28, operative July 1, 1993; Laws 2008, c. 108, § 7, emerg. eff. May 2, 2008; Laws 2012, c. 304, § 440.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-89.6. Fees

A. The State Treasurer may charge and collect the following fees:
1. For any returned check or electronic debit that is returned, a fee of Twenty-five Dollars ($25.00);
2. For handling and processing rejected warrant items processed by the State Treasurer, a fee of Five Dollars ($5.00) per item;
3. For handling a stop-payment item processed by the State Treasurer on behalf of a state agency, a fee of Fifteen Dollars ($15.00) for each item up to a maximum fee of Three Hundred Twenty-five Dollars ($325.00) per day; and
4. Beginning July 1, 2010, for expenses incurred in managing the state blended portfolio, an annual fee of not more than two and one-half (2 1/2) basis points which may be charged monthly against the average daily balance of the portfolio; provided, the fees shall be collected at the time earnings are deposited to participants.
B. Beginning July 1, 2012, a state agency may direct the State Treasurer to purchase, sell, hold or otherwise manage investment transactions on its behalf outside of the blended portfolio, provided that the agency shall not pay more for investment services than the rate established by the State Treasurer which shall not exceed the amount necessary for recovering the cost to the State Treasurer's office for providing such services.
Added by Laws 1993, c. 260, § 29, operative July 1, 1993. Amended by Laws 1996, c. 219, § 3, eff. July 1, 1996; Laws 2009, c. 433, § 9, eff. Nov. 1, 2009; Laws 2010, c. 241, § 8, emerg. eff. May 10, 2010; Laws 2011, c. 261, § 4, eff. Nov. 1, 2011; Laws 2012, c. 222, § 2; Laws 2016, c. 296, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-89.9. Statements and affidavits regarding collusion activities and employee nepotism - Forms to be prescribed by Attorney General.

A. The Attorney General shall prescribe and provide forms to the Office of the State Treasurer for sworn statements and affidavits regarding collusion activities. Such sworn statement form shall be similar to the sworn statement forms provided for in Sections 85.22 and 85.23 of Title 74 of the Oklahoma Statutes. All concerns, including but not limited to financial institutions and investment companies, entering into an agreement or contract awarded by the Office of the State Treasurer shall have on file with the Office of the State Treasurer a current sworn statement.
B. The Attorney General shall prescribe and provide forms to the Office of the State Treasurer for sworn statements and affidavits regarding employee nepotism. Such sworn statement and affidavit shall state that the Office of the State Treasurer employee is not related by affinity or consanguinity within the third degree to any person offering investment services to the Office of the State Treasurer. The statement and affidavit shall be signed by each employee of the Office of the State Treasurer employed prior to the effective date of this act and by any new employee of the Office of the State Treasurer hired after the effective date of this act.
Added by Laws 1991, c. 207, § 6, eff. July 1, 1991.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-89.11. Recording and auditing of transactions.

A. The State Treasurer shall develop and implement a system of procedures to record and audit all transactions, including electronic investment bidding transactions with outside financial concerns. Said system of procedures shall be promulgated pursuant to the Administrative Procedures Act and must be approved by the Cash Management and Investment Oversight Commission not later than October 1, 1994.
B. The Executive Review Committee must approve any proposed destruction or changes of any transaction records, including electronic investment bidding transactions. Any approved destructions or changes of such transactions shall be detailed in writing by the Executive Review Committee. The provisions of this subsection shall not apply to corrections of scrivener error in transaction records; however, for purposes of this section, “scrivener error” shall not be defined to include any deliberate change in a transaction record made:
1. For the purpose of causing a record to reflect a transaction having occurred which did not in fact occur;
2. For the purpose of causing a record to reflect that a transaction did not occur when in fact it did occur; or
3. Resulting in inaccuracy in a record which is material to determining whether an act or omission occurred if such act or omission constitutes a violation of any law, rule or requirement.
C. The State Auditor and Inspector, the Attorney General and other authorized law enforcement officers are authorized to inspect any transaction records or documents, including electronic investment bidding transactions created pursuant to this section.
D. The willful interference with the inspections authorized by subsection C of this section or the deliberate falsification or destruction of transaction records, other than as permitted by subsection B of this section, by the State Treasurer, any employee of the State Treasurer, or any other person or firm shall, upon conviction, be a felony and shall be punishable by imprisonment in the State Penitentiary for a term not to exceed three (3) years, by a fine of Ten Thousand Dollars ($10,000.00), or by both such imprisonment and fine, and shall also constitute grounds for termination of such employee. A violation of the requirements of subsection C of this section, shall be grounds for disciplinary action, including termination from employment.
Added by Laws 1991, c. 207, § 8, eff. July 1, 1991. Amended by Laws 1994, c. 227, § 4, emerg. eff. May 24, 1994; Laws 1997, c. 133, § 519, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 377, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 519 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90. Securities lending program - Securities Lending and Custodial Fee Revolving Fund.

A. The State Treasurer may implement and engage in a securities lending program. As used in this section, "securities lending program" means any program, arrangement or agreement whereby the state deposits securities with a federally or state-chartered savings and loan association, a trust company, a state or national bank, or a broker-dealer registered with the National Association of Securities Dealers, Inc. and insured by the Securities Investors Protection Corporation, for the purpose of permitting the financial institution or broker-dealer to lend securities to a borrower approved by the State Treasurer in return for a fee or charge paid by the borrower for the use of such securities. All income from securities lending, less fees, shall be deposited into the Securities Lending and Custodial Fee Revolving Fund created in this section; provided, securities lending income in excess of amounts necessary to pay custodial or other banking fees, shall be deposited into the General Revenue Fund. Securities loaned under this program shall be subject to the collateral requirements specified by the State Treasurer. The State Treasurer must receive collateral equal to at least one hundred percent (100%) of the market value of the securities loaned, consisting of securities or instruments which the State Treasurer can purchase pursuant to Section 89.2 of this title. Nothing herein shall be deemed to prohibit the implementation of securities lending programs by the state retirement systems which are designed and managed by the boards of trustees of such systems.
B. There is hereby created in the State Treasury a revolving fund for the Office of the State Treasurer, to be designated the "Securities Lending and Custodial Fee Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of any monies transferred thereto by act of the Legislature and any monies which may be deposited thereto by the State Treasurer's Office as provided by this section. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Office of the State Treasurer for the purposes of paying custodial or other banking fees. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
Added by Laws 1988, c. 280, § 7, operative July 1, 1988. Amended by Laws 1996, c. 219, § 4, eff. July 1, 1996; Laws 1998, c. 85, § 11, eff. July 1, 1998; Laws 2002, c. 95, § 2, eff. July 1, 2002; Laws 2012, c. 304, § 441.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90.2. Definitions.

As used in the Rural Economic Development Loan Act:
1. "Department" means the Oklahoma Department of Agriculture, Food, and Forestry;
2. "Financial institution" means any office or branch of a bank, savings bank, savings association, building and loan association, savings and loan association, credit union or nonprofit lender exempt from taxation pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code of the United States located in the State of Oklahoma;
3. "Participating financial institution" means a financial institution which pledges at least Three Million Dollars ($3,000,000.00) but not to exceed Ten Million Dollars ($10,000,000.00) to the Rural Economic Development Loan Revolving Fund;
4. "Qualified economic development project" means:
a.
the development, construction, restoration, or replacement of a physical facility located or to be located in a rural area of this state, which has been initiated by a participating financial institution which has been certified by the Department, and
b.
the commencement or expansion of economic activities that result in or that will, within three (3) years of the commencement of such activities, result in the employment of five (5) or more full-time-equivalent employees at a location in a rural area of this state in positions that did not exist prior to the commencement of such activities and which has been certified by the Department; and
5. "Rural area" means an area designated as such by the Office of Rural Development of the United States Department of Agriculture.
Added by Laws 2002, c. 486, § 2, eff. Jan. 1, 2003. Amended by Laws 2003, c. 87, § 1, emerg. eff. April 15, 2003; Laws 2013, c. 118, § 19, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90.3. Rural Economic Development Loan Program.

There is hereby created the Rural Economic Development Loan Program. The Oklahoma Department of Agriculture, Food, and Forestry shall administer the Program, under which reduced rate loans may be made by participating financial institutions to finance qualified economic development projects from the Rural Economic Development Loan Revolving Fund created in Section 90.8 of this title. The Department shall promulgate rules and take such other actions as may be necessary to implement the Program and monitor compliance of participating financial institutions and loan applicants and recipients.
Added by Laws 2002, c. 486, § 3, eff. Jan. 1, 2003. Amended by Laws 2003, c. 87, § 2, emerg. eff. April 15, 2003; Laws 2013, c. 118, § 20, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90.7. Rules and forms.

The Department, in consultation with the State Banking Commissioner, shall promulgate rules and prescribe forms to implement the provisions of the Rural Economic Development Loan Act, which shall include, but not be limited to, those necessary to effect contractual arrangements between participating financial institutions pursuant to the making and collection of loans pursuant to the provisions of subsection B of Section 90.6 of this title.
Added by Laws 2002, c. 486, § 7, eff. Jan. 1, 2003. Amended by Laws 2003, c. 87, § 6, emerg. eff. April 15, 2003; Laws 2013, c. 118, § 23, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90.8. Rural Economic Development Loan Revolving Fund.

There is hereby created in the State Treasury a revolving fund for the Oklahoma Department of Agriculture, Food, and Forestry to be designated the "Rural Economic Development Loan Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Department as provided in the Rural Economic Development Loan Act. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Department for the purpose of implementing the Rural Economic Development Loan Act. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.
Added by Laws 2002, c. 486, § 8, eff. Jan. 1, 2003. Amended by Laws 2003, c. 87, § 7, emerg. eff. April 15, 2003; Laws 2012, c. 304, § 442; Laws 2013, c. 118, § 24, eff. Nov. 1, 2013.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-90.9. Employment created not to be counted in determination of gross payroll.

No employment created pursuant to the provisions of this act shall be counted in a determination of “gross payroll” pursuant to the Oklahoma Quality Jobs Program Act, the Saving Quality Jobs Act, the Former Military Facilities Development Act or the Small Employer Quality Jobs Incentive Act.
Added by Laws 2002, c. 486, § 9, eff. Jan. 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-91.2. Purpose.

A. Oklahoma's rural areas suffer from a lack of interim financing for builder-developers of housing in rural areas, inadequate profit incentives for builder-developers, economy of scale problems which work against economics of developing projects consistent with local market needs, and lack of available interim financing from local lenders to fund land acquisition, site development, or construction of housing in rural areas.
B. It is the purpose of the Oklahoma Rural and Affordable Housing Linked Deposit Act to provide funding for eligible rural housing developers to build affordable housing in rural Oklahoma. It is the specific intent of the Legislature that any funding provided to eligible rural housing developers for the purpose of building affordable rural housing shall assist in the development of Oklahoma's rural areas in order to broaden Oklahoma's economic base.
C. The Oklahoma Rural and Affordable Housing Linked Deposit Act will meet rural housing needs by creating a revolving capacity of no more than Twenty-five Million Dollars ($25,000,000.00) to enable eligible rural housing developers to finance land acquisition, site development, rehabilitation, and construction of single-family or multifamily housing units in rural areas. For purposes of determining whether this twenty-five-million-dollar maximum is met, the State Treasurer shall consider amounts approved for link deposit participation, whether or not a borrower has actually used the entire amount approved.
Added by Laws 2002, c. 287, § 2, eff. July 1, 2002. Amended by Laws 2003, c. 224, § 14, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-91.3. Definitions.

As used in the Oklahoma Rural and Affordable Housing Linked Deposit Act:
1. "Eligible rural housing developer" means any individual, partnership, domestic limited liability company, or domestic corporation within the State of Oklahoma which is engaged in the construction, building or development of rural housing, as certified by a state agency or instrumentality selected by the State Treasurer to perform a certification process. The certification shall be designed to select developers who will meet new construction needs in designated, underserved rural target markets;
2. "Eligible lending institution" means a financial institution that agrees to participate in the Oklahoma Rural and Affordable Housing Linked Deposit Program, and:
a.
is eligible to make commercial loans, and
b.
is a public depository of state funds, or
c.
is an institution of the farm credit system organized under the federal Farm Credit Act of 1971, 12 U.S.C., Section 2001, as amended;
3. "Rural housing" means any single-family or multifamily dwelling to be constructed or rehabilitated in rural areas of Oklahoma;
4. “Rural areas" means areas of the state outside of high population centers and already well-developed metropolitan areas, which are not adequately served by existing home builders and developers in meeting supply needs for adequate rural housing. The certifying agency shall be responsible to adopt guidelines to identify the specific rural areas which are not adequately served in meeting supply needs for adequate housing; provided, for purposes of this act, a "rural area" shall include a specific geographic area which meets the definition of an "opportunity zone" as the term is defined in paragraph 2 of subsection G of Section 3604 of Title 68 of the Oklahoma Statutes;
5. "Rural housing linked deposit" means a certificate of deposit placed by the State Treasurer with an eligible lending institution or an investment in bonds, notes, debentures, or other obligations or securities issued by the federal farm credit bank with regard to an eligible lending institution for the purpose of carrying out the intent of this act;
6. "Rural housing linked deposit loan package" means the forms provided by the State Treasurer for the purpose of applying for a rural housing linked deposit; and
7. "Certifying agency" means the state agency or instrumentality selected by the State Treasurer to perform the certification process for rural housing developers, to develop guidelines required by this act, and to review individual rural housing linked deposit loan packages.
Added by Laws 2002, c. 287, § 3, eff. July 1, 2002. Amended by Laws 2003, c. 224, § 15, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-91.5. Administrator and certifying agency – Powers and duties.

A. The State Treasurer is hereby authorized to administer the Oklahoma Rural and Affordable Housing Linked Deposit Program. The State Treasurer and the certifying agency shall be exempt from Articles I and II of the Administrative Procedures Act when taking actions pursuant to this act. The State Treasurer and the certifying agency are authorized to issue guidelines in a manner similar to the Administrative Procedures Act, Section 250.1 et seq. of Title 75 of the Oklahoma Statutes.
B. The certifying agency will develop guidelines which, after review and approval by the State Treasurer, will address maximum possible participation amounts per each unit of single-family or multifamily housing for land acquisition, site development, and construction, as well as eligibility requirements as to sale or rental price limitations and type of housing.
C. The State Treasurer shall submit an annual report outlining the status of the Oklahoma Rural and Affordable Housing Linked Deposit Program to the Governor, the Lieutenant Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives.
Added by Laws 2002, c. 287, § 5, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-91.8. Funding of loans – Reduced interest rate.

A. Upon the placement of a rural housing linked deposit with an eligible lending institution, the institution shall fund the loan to each approved eligible rural housing developer listed in the rural housing linked deposit loan package in accordance with the rural housing linked deposit agreement between the institution and the State Treasurer. The loan shall be at a rate that reflects a percentage-rate reduction below the present borrowing rate applicable to each developer that is equal to the percentage-rate reduction below market rates at which the certificate of deposits that constitute the rural housing linked deposit were placed or at which the investments in bonds, notes, debentures, or other obligations or securities that constitute the rural housing linked deposit were made. A certification of compliance with this section in the form and manner as prescribed by the State Treasurer shall be required of the eligible lending institution.
B. The State Treasurer shall take any and all steps necessary to implement the Oklahoma Rural and Affordable Housing Linked Deposit Program and monitor compliance of eligible lending institutions and eligible rural housing developers, including the development of guidelines as necessary.
Added by Laws 2002, c. 287, § 8, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-91.9. Liability of state and certifying agency for loan payments.

The state, the State Treasurer, and the certifying agency shall not be liable to any eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible rural housing developer. Any delay in payments or default on the part of an eligible rural housing developer does not in any manner affect the rural housing linked deposit agreement between the eligible lending institution and the State Treasurer.
Added by Laws 2002, c. 287, § 9, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-111. Registered bonds issued on surrender of coupon bonds.

Upon application of the holders of any coupon bonds heretofore issued or hereafter to be issued by the State of Oklahoma, the right to exchange which is not expressed on the face of such bonds, and upon the surrender of such bonds at the office of the State Treasurer, he, the State Treasurer or an appointed agent as provided in the Registered Public Obligations Act of Oklahoma, is hereby authorized to issue to and in the name of such holders, registered bonds of the State of Oklahoma of like tenor, maturity and amount in one or more certificates of the denomination of One Thousand Dollars ($1,000.00), or any multiple thereof, equal to the face value of the coupon bonds surrendered, and the coupon bonds so surrendered, and the coupons attached thereto, shall be canceled by the State Treasurer immediately upon being surrendered to him. Sections 111 through 117 of this title shall be construed in light of the provisions of the Registered Public Obligations Act of Oklahoma and nothing in Sections 111 through 117 of this title shall be construed to prohibit options available under the Registered Public Obligations Act of Oklahoma.
Amended by Laws 1983, c. 170, § 40, eff. July 1, 1983.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-112. Forms, terms and conditions of bonds issued.

The State Treasurer shall have prepared registered bonds in blank form similar in tenor to the respective issues of coupon bonds of the State of Oklahoma, and upon the surrender of any coupon bonds of said state shall insert in such blanks the names of the registered owner, the amount of the bond, the date of maturity, the numbers and such other matter as may be necessary to complete the same to correspond in other respects to the coupon bonds surrendered; provided, that no registered bond or bonds shall exceed in face value the par or face value of the coupon bonds surrendered in exchange therefor, and provided also that said registered bonds shall have printed on the face thereof a clause substantially in the following form:
"This registered bond is issued in substitution for and in lieu of coupon bonds of the State of Oklahoma, dated _____, 19__, Series ______ Nos. _____, to ______ inclusive, which have been surrendered and canceled simultaneously with the execution and issuance of this registered bond. This registered bond may be transferred by executing the transfer or assignment on the reverse side hereof and by presentation to the State Treasurer or appointed agent as provided in the Registered Public Obligations Act of Oklahoma, who shall register said bond in the name of the transferee."
Amended by Laws 1983, c. 170, § 41, eff. July 1, 1983.