Okla. Stat. tit. 62, § 62-562
This is the official text of Okla. Stat. tit. 62, § 62-562, 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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Municipalities - Investment of sinking funds - Disposition
Official statutory text
of interest or dividends.
Notwithstanding the provisions of Section 399, Section 541 and
Section 544 of this Title 62, incorporated cities, towns or
municipalities possessing sinking funds may, when authorized so to
do by the lawfully constituted governing body of such city, town or
municipality, invest such sinking funds, when such funds are not
required for the payment or purchase of bonds, in bonds of the
United States, bonds of the State of Oklahoma or in any type of
interest or dividend-bearing account in a sum covered by the terms
of the Federal Deposit Insurance Corporation, or The Federal Savings
and Loan Insurance Corporation. Providing further, that any
interest or dividends accruing to the benefit of an incorporated
city, town or municipality from the investment of such sinking funds
may be credited to the general fund of such city, town or
municipality.
Oklahoma Statutes - Title 62. Public Finance Page 456
Notwithstanding the provisions of Section 399, Section 541 and
Section 544 of this Title 62, incorporated cities, towns or
municipalities possessing sinking funds may, when authorized so to
do by the lawfully constituted governing body of such city, town or
municipality, invest such sinking funds, when such funds are not
required for the payment or purchase of bonds, in bonds of the
United States, bonds of the State of Oklahoma or in any type of
interest or dividend-bearing account in a sum covered by the terms
of the Federal Deposit Insurance Corporation, or The Federal Savings
and Loan Insurance Corporation. Providing further, that any
interest or dividends accruing to the benefit of an incorporated
city, town or municipality from the investment of such sinking funds
may be credited to the general fund of such city, town or
municipality.
Oklahoma Statutes - Title 62. Public Finance Page 456
Status: in_force · Read it on the official government site
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