reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 62. Public Finance › §62-471. Public funds - Manner of disbursement - Direct deposit system - Instruments issued by boards of county commissioners.

A. Except as provided in Section 17-102 of Title 11 of the Oklahoma Statutes and subsection B of this section, all public funds of any county or of any subdivision thereof shall be disbursed only in the payment of legal warrants, bonds and interest coupons. Counties may implement a direct deposit system to have warrants transferred electronically to a financial institution. The State Auditor and Inspector shall promulgate rules as necessary for the implementation and administration of a direct deposit system.
B. Any board of county commissioners of a county of this state may issue a negotiable instrument which will serve as both a warrant on the treasury and a check ordering payment of the warranted amount of money from the account of the treasury. This instrument shall be prepared and issued in accordance with procedures and requirements provided by law for a warrant and a check and shall be signed by the chair of the board of county commissioners, the county clerk and the county treasurer. Printing on the instrument shall indicate that the instrument is a "warrant" of the county and a "check" drawn on the account of the county. The provisions of Sections 601 through 606 of this title shall apply to instruments authorized by this subsection.
Added by Laws 1910-11, c. 80, p. 180, § 1. Amended by Laws 1985, c. 82, § 2, eff. Nov. 1, 1985; Laws 1988, c. 90, § 5, operative July 1, 1988; Laws 1988, c. 330, § 13; Laws 1990, c. 221, § 3, operative July 1, 1990; Laws 1993, c. 318, § 8, emerg. eff. June 7, 1993; Laws 1997, c. 144, § 1, eff. July 1, 1997; Laws 2004, c. 361, § 4, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-472. Issuance of warrants, bonds and interest coupons in numerical order.

It is hereby made the duty of every officer authorized to allow, issue, draw or attest any warrant or certificate of indebtedness against the public funds of any county, city, town, township, or any other subdivision of the county, to issue, draw and record all warrants, bonds and interest coupons, in an orderly numerical system established by the county, city, town, or township. The items shall be designated by writing the fiscal year on the warrant or certificate of indebtedness for which the levy to pay the same has been made.
Added by Laws 1910-11, c. 80, p. 180, § 2. Amended by Laws 2004, c. 361, § 5, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-473. "Estimate made and approved" defined.

The term "estimate made and approved" as used herein, is defined to mean the itemized statement of the estimated needs of a municipality for its current expenses for the ensuing fiscal year, as approved and fixed by the excise board or by vote of the municipality, adding thereto the amount necessary to create a sinking fund to meet maturing bonds, judgments and interest coupons, but the amount or limit to which warrants and certificates of indebtedness may be issued, shall not include the ten percent (10%) to be added to the estimate for delinquent taxes.
Laws 1910-11, c. 80, p. 181, § 3.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-474. Warrants - How drawn.

Each and every warrant or certificate of indebtedness must be drawn against a specific appropriation or specific amount authorized by a bond issue for such purpose. As soon as said warrant, certificate of indebtedness or a bond is issued, the same shall be at once signed and delivered by the clerk to the treasurer of the county, city, or town, excluding a school district treasurer, issuing the same for registration.
Added by Laws 1910-11, c. 80, p. 181, § 4. Amended by Laws 1917, c. 226, p. 419, § 10; Laws 1967, c. 214, § 1, emerg. eff. May 1, 1967; Laws 2004, c. 361, § 6, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-475. Registration - Treasurer's duty - Effect - Notice of "funds on hand" - Interest.

It is hereby made the duty of the treasurer of the county, city, or town to whom a warrant, certificate of indebtedness or bond is directed for payment, to register the same by entering the number, the date, the name of the payee, the fund upon which it is drawn and the amount, and by writing on the warrant or evidence of indebtedness, the date of registration, his name and official title. All warrants, certificates of indebtedness or bonds, shall be registered in the order in which they have been issued, and when so registered shall be returned to the clerk of the county, city or town. No warrant, certificate of indebtedness or bond shall be a valid charge until registered by the treasurer of the municipality issuing the same as herein provided. Nothing herein shall prevent the appointment and compensation from time to time by the governing body of any county, city, or town of a registrar or transfer agent to effect the transfer of ownership or change of payee of any certificate of indebtedness or bonds issued by such county, city, or town and to maintain books and records relating thereto. Nothing in this section shall prohibit any governing board from using automated recordkeeping procedures or methods and recording different information in lieu of the information specified in this section, provided the information required in this section can be accessed. Warrants and all evidences of indebtedness shall draw a rate of interest to be fixed by the governing board not to exceed the maximum rate provided by Section 498.1 of this title from and after its registration by the treasurer, unless there is cash on hand to pay the same when presented for registration and then the treasurer shall make the same “payable” after registering the same, and no interest shall be computed or allowed thereon when paid. When the treasurer has money on hand to pay warrants duly registered, the treasurer shall publish notice thereof in one issue of a newspaper, or by posting five notices in public places, and interest shall cease on the warrants after thirty (30) days from the date of the publication or posting of said notice.
Added by Laws 1910-11, c. 80, p. 181, § 5. Amended by Laws 1945, p. 222, § 1, emerg. eff. April 28, 1945; Laws 1959, p. 256, § 1, emerg. eff. March 25, 1959; Laws 1967, c. 214, § 2, emerg. eff. May 1, 1967; Laws 1983, c. 170, § 56, eff. July 1, 1983; Laws 1985, c. 82, § 3, eff. Nov. 1, 1985; Laws 1988, c. 90, § 6, operative July 1, 1988; Laws 2004, c. 361, § 7, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-477. Limit of authority to issue - Liability of officer.

It shall be unlawful for any officer to issue, approve, sign or attest any warrant or certificate of indebtedness in any form in excess of the estimate of expenses made and approved for the current fiscal year or authorized for such a purpose by a bond issue, and any such warrant or certificate of indebtedness issued, approved or attested in excess of the estimate made and approved or authorized by a bond issue, shall not be a charge against the city or town upon which it is issued, but may be collected by civil action from any officer issuing, drawing, approving, signing or attesting the same, or from either or all of them, or from their bondsmen.
Added by Laws 1910-11, c. 80, p. 182, § 7. Amended by Laws 1991, c. 236, § 1, eff. Sept. 1, 1991; Laws 1993, c. 318, § 5, emerg. eff. June 7, 1993; Laws 2004, c. 361, § 8, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-478. Registration or payment of excess warrants - Misdemeanor.

Any treasurer, excluding a school district treasurer, who shall register or pay a warrant, or certificate of indebtedness, issued in excess of the estimate made and approved by the excise board for the current fiscal year, or in excess of a bond issue for such purpose, shall be guilty of a misdemeanor and upon conviction, shall be punished by a fine of not less than One Thousand Dollars ($1,000.00) or by imprisonment in the county jail not exceeding one (1) year, or by both such fine and imprisonment.
Added by Laws 1910-11, c. 80, p. 183, § 8. Amended by Laws 1991, c. 236, § 2, eff. Sept. 1, 1991; Laws 2004, c. 361, § 9, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-479. Incurring indebtedness or allowing bills in excess - Liability of officers.

A. It shall be unlawful for the board of county commissioners, the county purchasing agent, the city council or the commissioners of any city, the trustees of any town, township board, or any member or members of the aforesaid commissioners, or of any of the above-named boards, to willfully or knowingly make any contract for, incur, acknowledge, approve, allow or authorize any indebtedness against their respective city, town or county or authorize it to be done by others, in excess of the estimate made and approved by the excise board for such purpose for the current fiscal year, or in excess of the specific amount authorized for such purpose by a bond issue.
B. Any such indebtedness, contracted, incurred, acknowledged, approved, allowed or authorized in excess of the estimate made and approved for such purposes for the current fiscal year or in excess of the specific amount authorized for such purpose by a bond issue, shall not be a charge against the city, town or county whose officer or officers contracted, incurred, acknowledged, approved, allowed or authorized or attested the evidence of said indebtedness, but may be collected by civil action from any official willfully or knowingly contracting, incurring, acknowledging, approving or authorizing or attesting to the indebtedness, or from the bondsmen of the official.
Added by Laws 1910-11, c. 80, p. 183, § 9. Amended by Laws 1982, c. 249, § 15; Laws 1991, c. 236, § 3, eff. Sept. 1, 1991; Laws 1997, c. 88, § 1, eff. Nov. 1, 1997; Laws 2004, c. 361, § 10, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-480. Violations - Punishment.

Any officer willfully or knowingly contracting, incurring, acknowledging, authorizing, allowing or approving any indebtedness, or any officer issuing, drawing, or attesting any warrant or certificate of indebtedness in excess of the estimate made and approved by the excise board for such purpose for the current fiscal year or in excess of the specific amount authorized for such purpose by a bond issue, or who violates any other provision of Section 471 et seq. of this title, shall be deemed guilty of a misdemeanor, and upon conviction shall be punished by a fine of not less than One Thousand Dollars ($1,000.00) or imprisoned in the county jail for not to exceed one (1) year, or by both the fine and imprisonment, and shall forfeit and be removed from office pursuant to Section 1181 et seq. of Title 22 of the Oklahoma Statutes or Section 91 et seq. of Title 51 of the Oklahoma Statutes.
Added by Laws 1910-11, c. 80, p. 183, § 10. Amended by Laws 1991, c. 236, § 4, eff. Sept. 1, 1991; Laws 1997, c. 88, § 2, eff. Nov. 1, 1997.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-481. Purchase of county warrants by officer prohibited.

No officer of any county shall directly or indirectly contract for or purchase any warrant issued by the county of which he is an officer at any discount whatever, upon the sum due thereon; and if any such officer shall so purchase or contract to purchase any such warrant he shall not be allowed in settlement the amount of said warrant or any part thereof, but shall forfeit the full amount due thereon, to be recovered by civil action in the suit of the state for the use of the county.
R.L.1910, § 7434.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-482. Maturity of warrants - Right of action - Limitations.

From and after the passage of this act, without regard to the time when funds may be collected and are available to pay the same, any and all warrants issued in payment of obligations of counties, townships, cities, towns and other municipal subdivisions or corporations of this state, shall as to time of payment, become due one (1) year after the close of the fiscal year for which the same was issued, and action thereon may be commenced in any court of competent jurisdiction to enforce the liability evidenced thereby. Unless action be commenced by the filing of suit thereon and service of summons by the aforesaid due date, the same shall be forever thereafter barred, and it shall not be necessary that such lapse of time be asserted as a defense in any such action in order that the defendant be relieved of liability thereon.
Added by Laws 1935, p. 127, § 1, emerg. eff. May 8, 1935. Amended by Laws 1988, c. 90, § 7, operative July 1, 1988; Laws 2004, c. 361, § 11, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-485. Warrants of certificates in excess of unencumbered sum appropriated forbidden - Issuance and requisites.

It shall be unlawful for the governing board of any city or town to issue any warrant or certificate of indebtedness, in any form, in payment of, or representing or acknowledging any account, claim or indebtedness against such city or town, or to make any contracts for, or incur any indebtedness against such city or town, in excess of the amount then unexpended and unencumbered of the sum appropriated for the specific item of estimated needs for such purpose theretofore made, submitted, and approved, or authorized for such purpose by a bond issue. All warrants upon the lawful treasurer, for a city or town purpose, shall be issued upon the order of the governing board thereof, drawn by its clerk, signed by the chairman or lawfully designated presiding officer thereof, and the clerk. Each warrant shall be coded in such manner as may be necessary to designate the fund and appropriation upon which it is drawn. The signatures of the presiding officer and clerk shall be deemed as notification to the public that the warrant is for the purpose and within the amount of the appropriation charged.
Added by Laws 1945, p. 223, § 1, emerg. eff. April 28, 1945. Amended by Laws 1967, c. 214, § 3, emerg. eff. May 1, 1967; Laws 2004, c. 361, § 12, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-488. Check or cash voucher - Limitation of time for honoring - Disposition of funds held therefor.

No check issued or voucher registered by the treasurer of any county in this state shall be honored by the bank on which it is drawn or by his registration made payable if not presented within a reasonable time under the circumstances, or in any event unless presented within one (1) year of the date of issue.
When one (1) year shall have elapsed after the date of issue of any county treasurer's check drawn against any public funds in the county treasurer's custody or of any voucher drawn by any public officer against the public officer's official depository account with the county treasurer, other than checks and vouchers which may be issued to another public officer for the benefit of the state or a subdivision thereof, it shall be the duty of the county treasurer to make entry of cancellation opposite the record of the check or registration of the voucher, and shall forthwith credit the amount thereof to the fund on which it was drawn and report the action on forms and in the manner prescribed by the State Auditor and Inspector.
Provided, that nothing in this act shall supersede or repeal any of Section 693 of Title 58 of the Oklahoma Statutes.
Added by Laws 1947, p. 189, § 1. Amended by Laws 1949, p. 134, § 1; Laws 1965, c. 146, § 1, emerg. eff. May 24, 1965; Laws 1979, c. 30, § 102, emerg. eff. April 6, 1979; Laws 1995, c. 108, § 1, eff. Nov. 1, 1995.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-491. Allocation of funds.

All funds received by a county under the provisions of Section 33, Title III, of the Act of Congress known as The Bankhead-Jones Farm Tenant Act, approved July 22, 1937 (7 U.S.C.A. Section 1012), as revenue from the use of submarginal lands and certain other lands, shall be apportioned as follows: One-third (1/3rd) thereof shall be deposited in the County Highway Fund and the remaining two-thirds (2/3rds) thereof shall be apportioned to the affected school districts of the county in direct ratio of the number of acres of said lands within each school district to the total number of acres of such lands which were purchased by the federal government under the provisions of the Bankhead-Jones Farm Tenant Act.
Laws 1961, p. 471, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-492. Definitions.

As used in this act:
1. "Farm Credit System" means the Farm Credit System as defined in the Farm Credit Act of 1971, P.L. 92-181, as amended;
2. "Federal Land Bank" means a federal land bank within the Farm Credit System pursuant to the provisions of the Farm Credit Act of 1971, P.L. 92-181, as amended;
3. "Federal Land Bank Association" means a federal land bank association which is within the Farm Credit System pursuant to the provisions of the Farm Credit Act of 1971, P.L. 92-181, as amended; and
4. "Capital Corporation" means the Federal Credit System Capital Corporation as defined in the Farm Credit Amendments Act of 1985, P.L. 99-205.
Added by Laws 1986, c. 188, § 1, emerg. eff. May 21, 1986.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-493. One year deferment on certain foreclosure actions.

There is hereby declared a period of deferment of not longer than one (1) year from the date of the enactment of this act, during which time the Federal Land Bank of Wichita and any Federal Land Bank Association are prohibited from initiating a foreclosure action in the courts of this state. However, nothing in this act shall prohibit the Capital Corporation from initiating a foreclosure action from and after this date so long as the Capital Corporation has determined that the loan or loans held by the borrower or borrowers are ineligible for restructuring assistance.
Added by Laws 1986, c. 188, § 2, emerg. eff. May 21, 1986.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-495. Legislative intent as to bonds issued to develop industry.

The Legislature expressly states that its intention when submitting to a popular vote the proposed amendment to Article 10, Section 35, Oklahoma Constitution, in Senate Joint Resolution No. 12 of the Twenty-eighth Legislature, and its interpretation thereof as to making a tax levy not to exceed five (5) mills on the dollar on the bonds issued thereunder to secure and develop industry in the event the net taxable valuation of the counties or municipalities declines subsequent to the issuance of such bonds. This interpretation will assure the investing public that principal and interest of such bonds will be paid as they come due, and will aid the marketability of such bonds.
Added by Laws 1967, c. 64, § 1, emerg. eff. April 17, 1967.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-496. Special tax for payment of interest and principal.

Counties, cities and towns which shall or have issued bonds under authority of Article 10, Section 35 of the Constitution shall levy a special tax payable annually in a total amount not to exceed five (5) mills on the dollar in addition to the legal rate permitted on the real and personal taxable property therein to provide for the payment of the principal and interest as they mature of all bonds heretofore or hereafter issued under authority of Section 35, Article 10 of the Constitution; provided, however, the county or municipality may, initially and from time to time thereafter, suspend the collection of such annual levy when not required for the payment of the principal of and interest on its bonds; and provided further that in event total net taxable valuation of the issuing county or municipality has declined from that in existence at time bonds were issued, and if necessary to assure payment of principal and interest on the bonds, a special tax up to five (5) mills shall be levied on the real and personal taxable property therein based on the issuer's total net taxable valuation in existence at time bonds were issued.
Added by Laws 1967, c. 64, § 2, emerg. eff. April 17, 1967.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-498.1. Maximum interest rate on bonds or other obligations issued by counties, municipalities, school districts, etc.

Bonds or other obligations of any type or character authorized and issued by counties, municipalities, and school districts, including, but not limited to, bonds or obligations issued pursuant to Section 15-101 of Title 70 and Section 738 of Title 19, public housing authorities created pursuant to the Oklahoma Housing Authorities Act, Sections 1051 et seq. of Title 63, or port authorities created pursuant to Section 1102 of Title 82, may bear interest at a rate not to exceed ten percent (10%) per annum, payable not more often than semiannually, without regard to the limitations in any other law, general or special, except the Constitution of Oklahoma, except that said interest rate limitations shall not apply to any bonds or other obligations purchased by the federal government or any agency thereof.
Laws 1970, c. 236, § 1, emerg. eff. April 22, 1970; Laws 1978, c. 205, § 1, emerg. eff. April 14, 1978; Laws 1980, c. 126, § 6, emerg. eff. April 10, 1980.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-498.2. Applicability to bonds having higher or no interest rate limitation.

Nothing contained herein shall affect or apply to any bond or other obligation having a higher interest rate limitation than that provided in Section 498.1 of Title 62 or no interest rate limitation.
Laws 1970, c. 236, § 2, emerg. eff. April 22, 1970; Laws 1980, c. 126, § 7, emerg. eff. April 10, 1980.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-504. Claims of officers against counties - Penalty for violation.

Any county officer of any county of this state who files any claim against any contingent or special fund, of the county, must file a complete statement, setting out specifically each item covered by such claim, and if for money expended, receipts for money so expended must be filed with the claim, and any officer filing a claim against any special or contingent fund, and any board of county commissioners allowing claims on any contingent or special funds of the county, that does not comply with all the provisions as set forth in this act, shall be liable on their official bond to the county in double the amount of said claim or claims, so allowed, and it shall be the duty of the district attorneys within their respective counties to enter suit in the name of the county against the official bonds of said officer, or commissioners, to recover said amount so illegally allowed and the penalty as provided in this act.
Laws 1913, c. 119, p. 222, § 4.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-505. Statements - Other municipal funds.

Any officer of any city, town, township, school district, board of education, or other municipality, in any county in this state, who shall file a statement against any contingent or special fund of said city, town, township, school district, board of education or municipality, must file a complete statement setting out specifically each item covered by said claim, and if for money expended by him, receipt for the money so expended must be filed with said claim, and any of the officers enumerated herein, who files, or allows any claim against a contingent fund, unless same complies with the provisions of this act, shall be liable on his official bond in double the amount of said claim or claims so filed, or allowed, and it shall be the duty of the district attorneys within their respective counties to enter suit in the name of the county against the official bonds of such officer or commissioner to recover said amounts so illegally allowed and the penalty as provided in this act.
Laws 1913, c. 119, p. 222, § 5.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-511. Security for insured deposits not required.

Any custodian of public funds of any kind or character, required by law to secure proper collateral before depositing public funds in a bank or trust company, shall hereafter, in depositing public funds in a bank or trust company whose deposits are insured by the Federal Deposit Insurance Corporation, be required to secure proper collateral only for sums deposited in excess of the amount of deposit insured by such Federal Deposit Insurance Corporation.
Added by Laws 1935, p. 107, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-513. Deposits with federal instrumentalities.

The State Treasurer, and the treasurers of counties, school districts, cities, towns, municipalities and any other political subdivision of the state, and any other officer, board, department or commission having custody, control and management of any public or trust fund or funds charged with the safekeeping and deposit of said funds or funds are hereby specifically authorized to deposit said fund or funds in any federally-insured building and loan association wherever located, whether federally or state chartered, in an amount and to the extent that such deposit is fully insured by the Federal Savings and Loan Insurance Corporation or any other instrumentality of the United States Government. When any such insured deposit is made it shall not be necessary for such treasurer, officer, board, department or commission to require any security, and such insurance shall be accepted in lieu of any security, restriction or other limitation now required or imposed by law upon the deposit of public funds.
Laws 1947, p. 395, § 1.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.2. Definitions.

As used in the Security for Local Public Deposits Act:
1. “Financial institution” means any bank, savings bank, savings and loan association or credit union; and
2. “Public entity” means any county, city, town or board of education of a public school district or vocational-technical school district or other governmental or public entity of a local nature which is required or permitted by law to collateralize its deposits.
Added by Laws 2000, c. 136, § 9, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.3. Public deposits defined - Official depositories.

A. All public deposits made by a treasurer of a public entity in financial institutions shall be secured as provided for in the Security for Local Public Deposits Act. As used in this section, "public deposits" means all forms of demand deposits or time deposits, but shall not include other investments authorized by statute which are made by a treasurer of a public entity.
B. The treasurer of every public entity shall deposit daily, not later than the immediately next banking day, all funds and monies of whatsoever kind that shall come into the possession of the treasurer by virtue of the office, in one or more financial institutions that have been designated as either state or county depositories, or both, and the acceptance of any such deposit from any such treasurer shall be tantamount to adoption, in relation thereto, of the same privileges and conditions, other than collateral security, as are now provided by law in acceptance of designation as state or county depositories. The treasurer may establish a depository or depositories for demand accounts in financial institutions outside of the governmental or municipal area of the treasurer but within this state; provided, that the treasurer of a public entity may authorize any designated depository within this state to redeposit funds of the public entity into interest-bearing demand-deposit accounts in one or more federally insured financial institutions; and provided further, that the full amount of principal and any accrued interest of each such demand-deposit account shall be insured by the Federal Deposit Insurance Corporation. The State Treasurer is hereby authorized to be the official depository for the treasurer of any county, and for the treasurer of any city or board of education where such city or school district has a population of five thousand (5,000) or more inhabitants but only for deposit of remaining fund balances in inactive funds and not for checking purposes. The county treasurer is hereby authorized to be official depository for the treasurer of any city, town, or board of education.
Added by Laws 2000, c. 136, § 10, eff. July 1, 2000. Amended by Laws 2014, c. 207, § 1, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.4. Deposit of collateral securities or instruments to secure public deposits - Determination of market value.

A. A treasurer of a public entity shall require that financial institutions deposit collateral securities or instruments to secure the deposits of the public entity in each such institution. The amount of collateral securities or instruments to be pledged for the security of public deposits shall be established by the treasurer of the public entity consistent with the provisions of the Security for Local 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 treasurer of a public entity, 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 State Treasurer shall designate a number of such financial institutions authorized to serve as safekeeping or custodial institutions. The financial institution depositing collateral securities shall deliver to the treasurer of the public entity a power of attorney authorizing the treasurer to transfer or liquidate the securities in the event of a default, financial failure or insolvency of a public depository. The State Treasurer must approve any forms or pledge agreements used by public entities and financial institutions in securing public deposits of public entities.
C. Securities eligible for collateral shall be valued at market value. The treasurer shall review and determine the market value of collateral pledged for security not less than quarterly. The market value of pledged securities shall be provided to the treasurer by either the financial institution holding the deposit or the financial institution holding the collateral securities, which market value must have been obtained from an independent, recognized and documented source. The State Treasurer shall promulgate rules to provide for the valuation of collateral if the market value is not readily determinable. The State Treasurer shall prescribe reporting requirements and 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 12 of this act, to secure deposits of the public entity. Such rules shall require that sufficient documentation exists to establish that the provider of the collateral instrument will protect the public entity in the event of a default, financial failure or insolvency of a public depository.
E. All securities purchased by a treasurer of a public entity or held in custody for other departments of the public entity by the treasurer shall be held in financial institutions not involved in such transactions and shall not be held by the treasurer or a broker.
Added by Laws 2000, c. 136, § 11, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.5. Securities and other instruments that may be accepted as collateral.

A. For purposes of securing public deposits, the treasurer of a public entity may accept as collateral only those securities and other instruments listed below. To insure the safety of public funds, the 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. Any treasurer of a public entity may request the State Treasurer to determine the eligibility of an individual security for pledging under this section. The 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, and which has been approved by the State Treasurer,
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 the collateral is acceptable to the treasurer, and meets the requirements of this section and the rules of the State Treasurer.
Added by Laws 2000, c. 136, § 12, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.6. Default or insolvency of public depository - Procedures to be implemented - Sale and forfeiture - Attorney fees.

In the event of a default or insolvency of a public depository, the treasurer of a public entity shall implement the following procedures:
1. In cooperation with the State Department of Banking and other regulatory officials, the 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 public entity shall be calculated by the treasurer. The loss to the public entity 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 treasurer;
3. The securities, bonds or other forms of collateral shall become forfeited to and become the property of the public entity. If the securities, bonds or other forms of collateral are valued at less than the amount of principal and interest due to the public entity plus the cost of the ensuing sale, the securities, bonds and other forms of collateral shall be sold by the treasurer, and the 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 public entity plus the cost of the ensuing sale, the securities, bonds and other forms of collateral may be sold by the 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 2000, c. 136, § 13, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-517.7. Liability of treasurer of public entity.

When public deposits are made in accordance with the Security for Local Public Deposits Act, the treasurer of a public entity 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 treasurer.
Added by Laws 2000, c. 136, § 14, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-542. Sale of securities - Notice.

None of the invested securities authorized to be purchased according to the foregoing section of this act shall be sold except it be clearly for the best interest of a municipality whose sinking funds are so invested or upon the event of an emergency not contemplated by the statute authorizing such investment, it being the intention of the legislature to authorize investment of sinking fund monies only in securities that, in legal contemplation, will mature and be paid prior to the time when the money so invested is required by the constitution to be on hand in cash when the obligations payable from such sinking fund shall mature. Therefore, under no circumstances shall the treasurer of any county, city, town or board of education be authorized to sell securities represented by negotiable coupon bonds that have been invested in the sinking fund of the same municipality that issued them and from which sinking fund such bonds are payable when due; nor shall the treasurer of any county, city, town or board of education be authorized to sell any other bonds or securities in his custody which have been purchased from sinking funds as described and set forth in the first and foregoing section of this act, without following the procedure hereinabove set forth for the investment of such sinking funds in securities of municipalities other than those issuing the same and it is hereby made the duty of such treasurer when proposing to sell any such bonds or other securities, to file a duplicate application as provided in the foregoing section for the making of such investments and to attach or cause to be attached to such application a certified copy of a resolution by his lawfully constituted governing board setting forth specifically the reason for such proposed sale being for the best interest of the municipality or setting forth in detail the contingency creating an emergency requiring the sale of such securities. Thereafter the procedures and duties devolving upon the court clerk, district attorney and district judge necessary to carry out such proceedings with reference to the sale of such securities, shall be in all respects the same as the proceedings before the district court as set forth and provided by the first and foregoing section of this act, with reference to the judicial authorization of the investment of any sinking funds, before such treasurer is authorized to make such sale of such securities.
Laws 1919, c. 207, p. 294, § 2; Laws 1939, p. 147, § 1; Laws 1941, p. 288, § 2.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-543. Marking and record of securities purchased - Account of treasurer.

Each and every item of securities purchased as an investment under the first and foregoing section hereof shall be marked or stamped with a number, and so recorded as in form prescribed, which record shall not fail to disclose unmatured coupons attached to any negotiable coupon bond purchased; and the account of such treasurer with each such sinking fund shall distinguish between the cash and investments belonging thereto. Such record shall, as to any sale, make reference to the district court case authorizing the same and the effect of such order. Moreover, at the time investment is made, each and every item of such securities payable to bearer shall be marked or stamped: "This (item) is the property of the Sinking Fund of (naming the municipality) as an investment therein, and no assignment therein, and no assignment thereof shall have any force and effect unless it makes reference to the order of the district court authorizing the same.
Added by Laws 1941, p. 289, § 3, eff. April 21, 1941.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-544. Apportionment of interest.

On or before the last day of each month the State Treasurer and the treasurer of each county, city, town and board of education shall apportion and place to the credit of the sinking fund or sinking funds in his custody all interest earned and collected from the investment of such sinking funds, as provided in the first and foregoing section of this act; provided, that in counties, where invested securities have heretofore been purchased for the joint use and benefit of the several school districts and/or townships thereof, the amount so credited to each such sinking fund account shall bear the same ratio to the whole amount of interest so collected, as the amount of such investment credited to the sinking fund account of each such school district and/or township bears to the total amount so invested, in which last event the apportionment of such interest earnings shall be made immediately prior to the 30th day of June of each year.
Added by Laws 1941, p. 289, § 4, eff. April 21, 1941.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-545. Application of statute - Intention of Legislature.

It is hereby declared to be the intent of the Legislature that this act shall apply to any and all investments that may be made from and after the effective date of this act out of the sinking funds of the state or any of its municipal subdivision, and likewise to the sale of all bonds and securities now owned or held or that may hereafter be owned or held as investments for any of the sinking funds in the custody of the Treasurer of the State, or any county, city, town or board of education thereof. It is further declared to be the intent of the Legislature that all reference in this act to sinking funds in the custody of the county treasurer shall be deemed to include the sinking funds of such county, of the several townships, and of the several dependent school districts thereof; and with reference to such county treasurer, the board of county commissioners of such county shall be deemed his governing board, being the board to whom he is, by law, required to account, wherever the concurrence or authority of such governing board is required with reference to the making of investment in sinking fund monies or the sale of the securities so purchased.
Laws 1941, p. 289, § 5.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-551. Checks or warrants to be paid upon presentation - Maintenance of evidence of payment.

It shall be the duty of the State Treasurer and each county, city, or town treasurer to pay on presentation any check, warrant or order properly drawn on any funds in his custody by virtue of his office, when there is cash sufficient in such fund to do so and when any check, warrant or order is paid, such treasurer shall maintain evidence such check or warrant has been processed and paid.
R.L.1910, § 6782. Amended by Laws 1991, c. 124, § 28, eff. July 1, 1991; Laws 2004, c. 361, § 13, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-552. When no funds - Payment thereafter in order of presentation - Penalty for violation.

Whenever a warrant or order shall be presented to any treasurer named in the preceding section, and the same is not paid for the reason that there is not money sufficient in the fund on which same is drawn, the treasurer shall endorse on the back of such warrant or order, "Not paid for want of funds," number, date and sign the same; and he shall set down in a book to be kept for that purpose, the number, amount, the date and upon what fund drawn, to whom payable, and the date when presented for payment, and such warrants or orders shall be paid in the order of their presentation and registration as shown by such book, and such book shall be known in each such office as the "Warrant Register"; and any such treasurer who shall fail, neglect or refuse to pay any warrant or order drawn on the treasurer in the order of registration as shown by the warrant register, or shall pay any warrant or order so drawn out of its regular order, and give preference to the same over other warrants or orders, shall be deemed guilty of a misdemeanor, and upon conviction shall be subject to a fine of not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00).
R.L.1910, § 6783.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-553. Notice of ability to pay registered warrants - Publication.

It shall be the duty of all such treasurers, whenever any money comes into their hands by virtue of their respective office, to set apart a sufficient fund to pay any or all warrants or orders they may have registered in compliance with the provisions of Section 551 et seq. of this title, and to keep the same until called for; and the State Treasurer shall make regular calls, at least every sixty (60) days, by publishing notice in some newspaper of general circulation published at the state capital, giving notice that he has money in his hands with which to pay warrants, and give the numbers and the several funds, and requesting that the same be presented at the Treasury for payment and cancellation, and every county treasurer, city or town treasurer and the treasurer of every board of education, shall make calls for warrants or orders by posting notices in the manner as provided by Section 475 of this title or by publication of a like notice as that required of the State Treasurer, in some paper of general circulation published in the county, and the interest on any and all warrants or orders called as above specified, shall cease on and after thirty (30) days from the date of the publication of such notice: Provided, that each county treasurer shall transmit to the State Treasurer all state funds or warrants in his hands on the first day of each month: Provided, further, that any treasurer who violates any of the provisions of this article, shall be guilty of a misdemeanor, and punished as provided in Section 552 of this title: And provided, further, that each school district treasurer shall publish such notice by posting printed or written notices of the same in two or more public places in his district.
R.L. 1910, § 6784; Laws 1993, c. 318, § 6, emerg. eff. June 7, 1993.
2023 Oklahoma Statutes › Title 62. Public Finance › §62-554. Treasurer shall deliver warrant register to successor.

Every treasurer shall, upon the expiration of his term of office, deliver to his successor in office such warrant register, and each successor in office shall in all things act as though the entries of such warrants or orders were made and registered by himself and the registration of all warrants in such book of warrant registration shall be by each succeeding treasurer continued and no warrant shall draw interest until registered as herein provided for, and not paid for want of sufficient funds; and all warrants registered, as provided by this article, and not paid for want of sufficient funds, shall draw an annual rate of interest to be fixed by the governing board not to exceed five percent (5%) per annum, except state warrants which shall draw interest at a rate to be fixed by the State Board of Equalization not to exceed four percent (4%) per annum.
R.L.1910, § 6785; Laws 1937, p. 31, § 2; Laws 1941, p. 286, § 1.