Okla. Stat. tit. 62, § 62-541

Court proceedings to procure authority for investment in bonds of

other municipal subdivisions or for more than par and accrued

interest.

The Treasurer of the State of Oklahoma, the county treasurer in

any county when authorized by the board of county commissioners, and

the lawful treasurer of any city, town or board of education, when

authorized so to do by the lawfully constituted governing body of

such city, town, or board of education may invest the sinking funds

in his custody in United States bonds, United States Treasury notes,

United States Treasury certificates or Postal Savings certificates,

to the payment of which the faith and credit of the United States is

pledged by the terms of such bonds, notes or certificates, or in

State bonds, Public Building Bonds, State Warrants or State Treasury

notes of the State of Oklahoma issued under authority of legislative

enactment, or in the bonds or judgments of courts of record of the

particular and specific municipality whose sinking funds are to be

invested, or in current warrants of his own registration, provided

Oklahoma Statutes - Title 62. Public Finance Page 449

the securities so purchased mature prior to the time the money so

invested is required by law to be on hand in cash for the purpose of

meeting the bonded indebtedness of the state or the municipal

subdivision thereof whose sinking funds are so invested, and

further, provided the bonds of the particular municipality whose

sinking funds are to be so invested or the current warrants of such

treasurer's own registration, can be purchased at not to exceed par

and accrued interest. If deemed advisable to invest the sinking

funds in the custody of the county treasurer, or in the custody of

the lawful treasurer of any city, town or board of education, in

lawfully issued county, city, town, township, board of education, or

dependent school district bonds issued by a municipal subdivision of

the State of Oklahoma, other than the one whose sinking fund is

proposed to be invested, or if deemed advisable to invest the

sinking fund of such municipal subdivision in its own bonds at the

market for more than par and accrued interest, then the county

treasurer or the lawful treasurer of such city, town, or board of

education, if authorized by the duly constituted governing board to

whom he is by law required to render account, either at his own

instigation or by the lawfully constituted attorney of such county,

city, town or board of education, may file a duplicate application

in writing in the district court, in which application he shall set

forth the full nature and description of the securities which he

proposed to purchase, together with the estimated value thereof, the

aggregate amount thereof and the proposed price of purchase; and he

shall further disclose in said application, the condition of the

sinking fund account so proposed to be invested, and the bond,

coupon and judgment indebtedness payable therefrom with maturities

and accruals scheduled in detail. Thereupon it shall be the duty of

the court clerk of such county to docket such application, without

cost, upon the appearance docket of such district court as other

civil actions; and it shall be the immediate duty of such court

clerk to transmit the duplicate application, schedules, and exhibits

to the district attorney who shall enter his appearance in such

instance on behalf of the public and who may, at the discretion of

the court, require such further information by detailed exhibits,

schedules or statistics as may seem advisable. Within three (3)

days after the filing of such application, the judge of such

district court shall enter an order setting such application for

hearing, and directing the court clerk to give such notice to the

public of such application and the date of hearing thereof as said

district judge may deem proper for the protection of the public and
ts,

schedules or statistics as may seem advisable. Within three (3)

days after the filing of such application, the judge of such

district court shall enter an order setting such application for

hearing, and directing the court clerk to give such notice to the

public of such application and the date of hearing thereof as said

district judge may deem proper for the protection of the public and

the taxpayers of such county and/or the municipal subdivisions

thereof, and, if such notice be directed to be had by publication in

some newspaper named by the court, the expense thereof shall be

borne out of any appropriation for legal expense of such county,

city, town or board of education. It shall be the duty of the

Oklahoma Statutes - Title 62. Public Finance Page 450

district attorney to file in said proceedings, in writing, at the

date appointed for such hearing, a correct report setting forth the

opinion of such district attorney as to the soundness of such

investments and advisability thereof, the validity of such

securities, and particularly whether or not the municipality issuing

the same has a net bonded indebtedness in excess of five percent

(5%) of the netassessed valuation thereof as last certified by the

county assessor to its county excise board. Upon the date set for

such hearing, any taxpayer shall have the right to appear in person,

either with or without the aid of counsel, and make such protest or

objection to such investment as he may deem proper for the

protection of himself or the taxpayers of such county. Thereupon it

shall be the duty of the district judge, informally and in open

court to hear any and all evidence and protests, either in support

of or opposition to said proposed investment, and at the close of

such hearing, to enter an order with reference to such application

for investment as may be found and determined by the court for the

protection and best interest of the county or municipal subdivision

thereof whose sinking funds are proposed to be invested, and to the

best interest of the public and taxpayers thereof; and thereupon,

such district court may, by journal entry of judgment entered and

recorded in such proceedings, either authorize in whole or in part

that such investment be made, or deny such application.