Oklahoma § 62-517.3 - Public deposits defined - Official depositories

§ 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

Oklahoma Statutes - Title 62. Public Finance

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 interestbearing 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.