Okla. Stat. tit. 62, § 62-57.5

Land Office.

(a) The State Treasurer of the State of Oklahoma is hereby

authorized and required to purchase from the Commission at private

sale, all or any part of said bonds, or interim bonds, as an

investment of the public monies in his possession. In the event of

such sale or sales, the Commission shall determine and fix the rate

of interest the bonds so sold shall bear, such rate of interest not

to exceed the maximum hereinbefore authorized. All interest earned

by such bonds as are held by the State Treasurer pursuant to such

investment shall, as collected, be paid into the General Revenue

Fund in the State Treasury.

(b) If the State Treasurer is unable to purchase all of the

bonds at the original sale thereof as provided in subsection (a)

hereof, then it shall be the mandatory duty of the Commissioners of

the Land Office to purchase, at private sale, the bonds which the

State Treasurer is unable to purchase. In such event, the

Commissioners of the Land Office shall, to the extent necessary to

carry out the provisions of this subsection, sell and liquidate such

of their investments as they may constitutionally sell and

liquidate, and shall purchase such bonds with the proceeds thereof.

All State of Oklahoma Building Bonds purchased by the Commissioners

of the Land Office under the provisions of this subsection shall

provide for a rate of interest equal to the average interest yield

of the securities sold and liquidated to make such purchase, but in

no event more than two and one-half percent (2 1/2%) per annum.

(c) In the event any or all of the bonds are sold to the State

Treasurer under the provisions of subsection (a) hereof and

thereafter the uninvested cash on hand and in solvent banks should

fall short of demand orders on the State Treasury, it shall be the

duty of the State Treasurer to sell such part or all of the bonds as

are necessary to be converted into cash to meet such demands, and,

if confirmed and authorized as aforesaid, such bonds shall be sold

to the Commissioners of the Land Office at par and accrued interest

for either permanent or temporary investment. It shall be the

mandatory duty of the Commissioners of the Land Office to purchase

such of said bonds as it is necessary for the State Treasurer to

sell and, to the extent necessary to carry out the provisions of

this subsection, the Commissioners of the Land Office shall sell and

liquidate such of their investments as they may constitutionally

sell and liquidate and shall purchase such bonds with the proceeds

thereof.

(d) If the Commissioners of the Land Office cannot purchase said

bonds as offered by the State Treasurer as provided in subsection

(c) hereof, it shall be the further duty of the State Treasurer to

publish, advertise and, on the date given in the notice, sell at not

less than par and accrued interest, to the highest and best bidder

Oklahoma Statutes - Title 62. Public Finance Page 198

for cash, only so many of the bonds as will enable the state to meet

such demand orders, provided, however, in lieu of so selling such

bonds at the market, the State Treasurer and the Commission may

agree to the refunding of part or all of such bonds, in accordance

with the method and procedure for refunding provided in this act.