Okla. Stat. tit. 62, § 62-348.4
This is the official text of Okla. Stat. tit. 62, § 62-348.4, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Securities lending program - Cities or counties which
Official statutory text
qualify - Collateral requirements.
A. As used in this section:
1. "Securities lending program" means any program, arrangement
or agreement whereby the city or the county deposits securities with
a trust company or a state or national bank for the purpose of such
institution lending such securities to a borrower approved by a city
treasurer or county treasurer in return for a fee or charge paid by
such borrower for the use of such securities; and
2. "Market value" shall mean on any date the average of the bid
and asked prices for such security for the business day preceding
the date on which such determination is made, in the principal
market on which such securities were traded or quoted in the Wall
Street Journal, plus any coupon interest accrued but not yet due and
owing at the date of determination.
B. The governing body of a city with a population of not less
than three hundred thousand (300,000) persons according to the
latest Federal Decennial Census or of a county with a population of
not less than four hundred thousand (400,000) persons according to
the latest Federal Decennial Census may authorize and direct the
city treasurer or county treasurer to enter into a securities
lending program with a trust company or a state or national bank
and to loan any securities held by such city or county pursuant to
any investment of the funds of the city or county in the investments
authorized by Section 348.1 or 348.3 of Title 62 of the Oklahoma
Statutes.
C. Any securities lending program entered into by the city
treasurer or county treasurer shall provide that the borrower shall
deposit with the securities lending institution, for the benefit of
the city or county, collateral consisting of cash or securities
insured by the United States government acceptable to the city
Oklahoma Statutes - Title 62. Public Finance Page 393
treasurer or county treasurer. The collateral shall have a market
value equal to one hundred percent (100%) of the principal amount of
any securities being loaned to such borrower and shall be revalued
and adjusted accordingly on each banking day.
A. As used in this section:
1. "Securities lending program" means any program, arrangement
or agreement whereby the city or the county deposits securities with
a trust company or a state or national bank for the purpose of such
institution lending such securities to a borrower approved by a city
treasurer or county treasurer in return for a fee or charge paid by
such borrower for the use of such securities; and
2. "Market value" shall mean on any date the average of the bid
and asked prices for such security for the business day preceding
the date on which such determination is made, in the principal
market on which such securities were traded or quoted in the Wall
Street Journal, plus any coupon interest accrued but not yet due and
owing at the date of determination.
B. The governing body of a city with a population of not less
than three hundred thousand (300,000) persons according to the
latest Federal Decennial Census or of a county with a population of
not less than four hundred thousand (400,000) persons according to
the latest Federal Decennial Census may authorize and direct the
city treasurer or county treasurer to enter into a securities
lending program with a trust company or a state or national bank
and to loan any securities held by such city or county pursuant to
any investment of the funds of the city or county in the investments
authorized by Section 348.1 or 348.3 of Title 62 of the Oklahoma
Statutes.
C. Any securities lending program entered into by the city
treasurer or county treasurer shall provide that the borrower shall
deposit with the securities lending institution, for the benefit of
the city or county, collateral consisting of cash or securities
insured by the United States government acceptable to the city
Oklahoma Statutes - Title 62. Public Finance Page 393
treasurer or county treasurer. The collateral shall have a market
value equal to one hundred percent (100%) of the principal amount of
any securities being loaned to such borrower and shall be revalued
and adjusted accordingly on each banking day.
Status: in_force · Read it on the official government site
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