Okla. Stat. tit. 62, § 62-57.39
This is the official text of Okla. Stat. tit. 62, § 62-57.39, 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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Delivery of bonds upon payment - Deposit and investment
Official statutory text
of proceeds - Interest.
The bonds and interest coupons attached thereto shall be
delivered to the purchaser thereof only upon payment of par and
accrued interest to the date of delivery thereof, together with any
premium bid. The proceeds of the sale of said bonds shall be
deposited in the State Treasury of this state, in a fund which is
hereby created and designated the "1961 Building Bond Fund", where
they shall remain subject to disposition to be provided for by the
Legislature of this state, provided that the State Treasurer, when
so directed by the Director of the Office of Management and
Enterprise Services and the Oklahoma State Regents for Higher
Education acting on behalf of the governing boards, according to the
funds allocated, as to the amounts available for investment shall
invest said designated amounts of the 1961 Building Bond Fund in
direct obligations of the United States of America or in
certificates of deposits from banks in this state acceptable as
depositories by the State Treasurer when such certificates of
deposits are secured by acceptable collateral and yield as much as
or more than direct obligations of the United States of America.
All such investments of said monies must be so made that the same
shall mature in time to enable this state to issue warrants for
payment of the valid indebtedness incurred for the purpose for which
said bonds are issued, when the said indebtedness has been incurred
pursuant to legislative authority. The Director of the Office of
Management and Enterprise Services and the Oklahoma State Regents
for Higher Education shall promptly certify to the State Treasurer
the amount of all sums not needed for payment of construction and
other legal expenditures payable from the 1961 Building Bond Fund to
meet the construction payment schedule, and upon receipt of such
certification the State Treasurer shall forthwith make the
investment specified in this section. All interest received by the
State Treasurer upon the securities referred to in this section
shall be deposited in the 1961 Building Bond Fund.
The bonds and interest coupons attached thereto shall be
delivered to the purchaser thereof only upon payment of par and
accrued interest to the date of delivery thereof, together with any
premium bid. The proceeds of the sale of said bonds shall be
deposited in the State Treasury of this state, in a fund which is
hereby created and designated the "1961 Building Bond Fund", where
they shall remain subject to disposition to be provided for by the
Legislature of this state, provided that the State Treasurer, when
so directed by the Director of the Office of Management and
Enterprise Services and the Oklahoma State Regents for Higher
Education acting on behalf of the governing boards, according to the
funds allocated, as to the amounts available for investment shall
invest said designated amounts of the 1961 Building Bond Fund in
direct obligations of the United States of America or in
certificates of deposits from banks in this state acceptable as
depositories by the State Treasurer when such certificates of
deposits are secured by acceptable collateral and yield as much as
or more than direct obligations of the United States of America.
All such investments of said monies must be so made that the same
shall mature in time to enable this state to issue warrants for
payment of the valid indebtedness incurred for the purpose for which
said bonds are issued, when the said indebtedness has been incurred
pursuant to legislative authority. The Director of the Office of
Management and Enterprise Services and the Oklahoma State Regents
for Higher Education shall promptly certify to the State Treasurer
the amount of all sums not needed for payment of construction and
other legal expenditures payable from the 1961 Building Bond Fund to
meet the construction payment schedule, and upon receipt of such
certification the State Treasurer shall forthwith make the
investment specified in this section. All interest received by the
State Treasurer upon the securities referred to in this section
shall be deposited in the 1961 Building Bond Fund.
Status: in_force · Read it on the official government site
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