Oklahoma § 62-562 - Municipalities - Investment of sinking funds - Disposition

§ 62-562. Municipalities - Investment of sinking funds - Disposition

of interest or dividends.

Notwithstanding the provisions of Section 399, Section 541 and

Section 544 of this Title 62, incorporated cities, towns or

municipalities possessing sinking funds may, when authorized so to

do by the lawfully constituted governing body of such city, town or

municipality, invest such sinking funds, when such funds are not

required for the payment or purchase of bonds, in bonds of the

United States, bonds of the State of Oklahoma or in any type of

interest or dividend-bearing account in a sum covered by the terms

of the Federal Deposit Insurance Corporation, or The Federal Savings

and Loan Insurance Corporation. Providing further, that any

interest or dividends accruing to the benefit of an incorporated

city, town or municipality from the investment of such sinking funds

may be credited to the general fund of such city, town or

municipality.

Oklahoma Statutes - Title 62. Public Finance

Laws 1963, c. 223, § 1, emerg. eff. June 11, 1963.