Oklahoma § 68-3018 - Cash fund balance - Transfer - "Cash fund balance"

§ 68-3018. Cash fund balance - Transfer - "Cash fund balance"

defined.

If and when an actual cash fund balance shall accrue in any fund

for any prior fiscal year, such fund balance shall forthwith be

transferred to the same fund for the fiscal year next succeeding the

year for which the taxes were originally levied, and shall be used

to pay any warrants and interest thereon which may be outstanding

and unpaid for such year. After all warrants and interest on such

warrants for such year have been paid or reserved for, the fund

balance, if any, shall forthwith be transferred to the next

succeeding year for the same purpose. This procedure shall be

followed for each succeeding fiscal year until all warrants issued

prior to the current fiscal year are paid or reserved for, and then

any cash fund balance remaining shall accrue and be transferred to

the current fiscal year, to be used to pay any legal warrant and

interest charges of such year. The term "actual cash fund balance",

as used herein, is hereby defined to mean an excess of actual cash

actually on hand over and above all legal obligations. Taxes in

process of collection shall not be considered in determining the

actual cash fund balance for any fund for any fiscal year or years.

Laws 1965, c. 501, § 2; Laws 1988, c. 90, § 12, operative July 1,

1988. Renumbered from § 2498 by Laws 1988, c. 162, § 163, eff. Jan.

1, 1992 and Laws 1991, c. 249, § 3, eff. Jan. 1, 1992.