Oklahoma § 19-901.40 - Cash surpluses

§ 19-901.40. Cash surpluses

If and when an actual cash surplus accrues in any fund for any

prior fiscal year, such surplus shall forthwith be transferred to

the same fund for the fiscal year next succeeding the year for which

the assessments were originally imposed, and shall be used to pay

any warrants and interest thereon which may be outstanding and

unpaid for such year. After all warrants and interest on such

warrants for such year have been paid or reserved for the surplus,

if any, shall forthwith be transferred to the next succeeding year

for the same purpose. This procedure shall be followed for each

succeeding fiscal year or reserved for, and then any cash surplus

remaining shall accrue and be transferred to the current fiscal

year, to be used to pay any legal warrant and interest charges of

such year. The term "actual cash surplus" as used herein, is hereby

defined to mean an excess of actual cash actually on hand over and

above all legal obligations. Assessments in process of collection

shall not be considered in determining the actual cash surplus for

any fund for any fiscal year or years.

Added by Laws 1987, c. 202, § 10, eff. June 1, 1987. Amended by

Laws 1989, c. 222, § 5, operative July 1, 1989.