Oklahoma § 62-542 - Sale of securities - Notice

§ 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

Oklahoma Statutes - Title 62. Public Finance

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.