Oklahoma § 62-57.155 - Deposit of proceeds - Investment

§ 62-57.155. Deposit of proceeds - Investment

Notwithstanding the provisions of Section 57.133, Title 62 of

the Oklahoma Statutes, to the contrary, the proceeds from the sale

of such Series B Bonds shall be deposited in the State of Oklahoma

Building Bonds of 1968 Sinking Fund, where the proceeds shall remain

subject to disposition as provided for by the Legislature of

Oklahoma, provided that it shall be the duty of each agency to which

an appropriation therefrom is made by Senate Bill No. 656 of the

Second Session of the Thirty-second Legislature to advise in writing

the State Treasurer of the dates and amounts when each such

appropriated sum or portion thereof will be required by such agency

to satisfy its program for the expenditure thereof, such written

advice to be delivered by each such agency to the State Treasurer

within ten (10) days of the sale of such bonds, and it shall be the

duty of the State Treasurer to invest the proceeds from the sale of

such bonds in direct obligations of the United States of America or

in certificates of deposit from banks in Oklahoma acceptable as

depositories by the State Treasurer when such certificates of

deposit are secured by acceptable collateral and yield as much or

more than direct obligations of the United States of America,

maturing at such times and in such amounts as to enable the State of

Oklahoma to issue warrants in the amounts and at the times indicated

by the said agencies in their said written advices to the State

Treasurer, and the income from such investments after June 30, 1972,

shall be deposited by the State Treasurer in the State of Oklahoma

Building Bonds of 1968 Sinking Fund. Any appropriations of such

deposited interest enacted prior to June 30, 1972, for the agency

for which the investment was made may be expended as provided

therein. Any unappropriated amounts of such deposited interest

credited on June 30, 1972, to the agency for which the investment

was made, as formerly authorized by this section, shall be

transferred to the General Revenue Fund.

Laws 1970, c. 317, § 5, emerg. eff. April 27, 1970; Laws 1972, c.

238, § 7, operative July 1, 1972.