Oklahoma § 3-517 - Treasurer of Authority — Disbursement of funds —

§ 3-517. Treasurer of Authority — Disbursement of funds —

Depositories — Investments.

A. 1. The Board of Directors shall employ a person who is a

resident of this state or may appoint a member of the Board to serve

as treasurer of the Oklahoma Space Industry Development Authority,

who shall have charge of the funds of the Authority. Such funds

Oklahoma Statutes - Title 3. Aircraft and Airports

shall be disbursed only upon the order of or pursuant to the

resolution of the Board by warrant, check, authorization or

automatic deposit signed or authorized by the treasurer or the

treasurer’s representative or by such other persons as may be

authorized by the Board. The Board may give the treasurer such

other powers and duties as the Board may deem appropriate, and shall

establish the treasurer’s compensation.

2. The Board shall require the treasurer to give a bond in a

minimum amount of One Hundred Thousand Dollars ($100,000.00) and on

such terms and with such sureties as may be deemed satisfactory to

the Board to secure the performance by the treasurer of the powers

and duties of the treasurer. Provided, if the treasurer is a member

of the Board, such bond shall be in lieu of the bond required under

Section 5207 of this title.

3. The Board shall audit or have audited the books of the

treasurer at least once a year.

B. The Board is authorized to select as depositories in which

the funds of the Board and of the Authority shall be deposited any

bank or other financial institution organized under the laws of this

state or under the laws of the United States, doing business in this

state, upon such terms and conditions as to the payment of interest

by such depository upon the funds so deposited as the Board may deem

just and reasonable.

C. The Board of Directors may in its discretion invest funds of

the Authority in the following:

1. Direct obligations of or obligations guaranteed by the

United States of America or for the payment of the principal and

interest of which the faith and credit of the United States is

pledged;

2. Bonds or notes issued by any of the following federal

agencies: Bank for Cooperatives; Federal Intermediate Credit Banks;

Federal Home Loan Bank System; Federal Land Banks; or the Federal

National Mortgage Association, including debentures or participating

certificates issued by such Association;

3. Public housing bonds issued by public housing authorities

and secured by a pledge or annual contributions under an annual

contribution contract or contracts with the United States of

America;

4. Bonds or other interest-bearing obligations of any county,

district, city or town located in this state for which the full

faith and credit of such political subdivision is pledged; or

5. Any investment authorized for insurers under the Oklahoma

Insurance Code.

Added by Laws 1999, c. 164, § 8, eff. July 1, 1999. Amended by Laws

2000, c. 286, § 1, emerg. eff. June 5, 2000. Renumbered from § 5208

of Title 74 by Laws 2025, c. 274, § 24, eff. July 1, 2025.

Oklahoma Statutes - Title 3. Aircraft and Airports