Okla. Stat. tit. 62, § 62-517.3
This is the official text of Okla. Stat. tit. 62, § 62-517.3, 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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Public deposits defined - Official depositories
Official statutory text
A. All public deposits made by a treasurer of a public entity
in financial institutions shall be secured as provided for in the
Security for Local Public Deposits Act. As used in this section,
"public deposits" means all forms of demand deposits or time
deposits, but shall not include other investments authorized by
statute which are made by a treasurer of a public entity.
B. The treasurer of every public entity shall deposit daily,
not later than the immediately next banking day, all funds and
monies of whatsoever kind that shall come into the possession of the
treasurer by virtue of the office, in one or more financial
institutions that have been designated as either state or county
depositories, or both, and the acceptance of any such deposit from
any such treasurer shall be tantamount to adoption, in relation
thereto, of the same privileges and conditions, other than
collateral security, as are now provided by law in acceptance of
designation as state or county depositories. The treasurer may
establish a depository or depositories for demand accounts in
financial institutions outside of the governmental or municipal area
Oklahoma Statutes - Title 62. Public Finance Page 445
of the treasurer but within this state; provided, that the treasurer
of a public entity may authorize any designated depository within
this state to redeposit funds of the public entity into interest-
bearing demand-deposit accounts in one or more federally insured
financial institutions; and provided further, that the full amount
of principal and any accrued interest of each such demand-deposit
account shall be insured by the Federal Deposit Insurance
Corporation. The State Treasurer is hereby authorized to be the
official depository for the treasurer of any county, and for the
treasurer of any city or board of education where such city or
school district has a population of five thousand (5,000) or more
inhabitants but only for deposit of remaining fund balances in
inactive funds and not for checking purposes. The county treasurer
is hereby authorized to be official depository for the treasurer of
any city, town, or board of education.
in financial institutions shall be secured as provided for in the
Security for Local Public Deposits Act. As used in this section,
"public deposits" means all forms of demand deposits or time
deposits, but shall not include other investments authorized by
statute which are made by a treasurer of a public entity.
B. The treasurer of every public entity shall deposit daily,
not later than the immediately next banking day, all funds and
monies of whatsoever kind that shall come into the possession of the
treasurer by virtue of the office, in one or more financial
institutions that have been designated as either state or county
depositories, or both, and the acceptance of any such deposit from
any such treasurer shall be tantamount to adoption, in relation
thereto, of the same privileges and conditions, other than
collateral security, as are now provided by law in acceptance of
designation as state or county depositories. The treasurer may
establish a depository or depositories for demand accounts in
financial institutions outside of the governmental or municipal area
Oklahoma Statutes - Title 62. Public Finance Page 445
of the treasurer but within this state; provided, that the treasurer
of a public entity may authorize any designated depository within
this state to redeposit funds of the public entity into interest-
bearing demand-deposit accounts in one or more federally insured
financial institutions; and provided further, that the full amount
of principal and any accrued interest of each such demand-deposit
account shall be insured by the Federal Deposit Insurance
Corporation. The State Treasurer is hereby authorized to be the
official depository for the treasurer of any county, and for the
treasurer of any city or board of education where such city or
school district has a population of five thousand (5,000) or more
inhabitants but only for deposit of remaining fund balances in
inactive funds and not for checking purposes. The county treasurer
is hereby authorized to be official depository for the treasurer of
any city, town, or board of education.
Status: in_force · Read it on the official government site
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