Okla. Stat. tit. 62, § 62-57.57
This is the official text of Okla. Stat. tit. 62, § 62-57.57, 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 State Treasurer upon payment of par and accrued
interest to the date of delivery thereof. The proceeds of the sale
of said bonds shall be deposited in the State Treasury of the State
of Oklahoma, in a fund which is hereby created and designated the
"1965 Building Bond Fund", where they shall remain subject to
disposition to be provided for by the Legislature of Oklahoma,
provided that the State Treasurer of the State of Oklahoma, when so
directed by the Oklahoma State Regents for Higher Education acting
on behalf of the governing board, as to the amounts available for
investment shall invest said designated amounts of the 1965 Building
Oklahoma Statutes - Title 62. Public Finance Page 224
Bond Fund in direct obligations of the United States of America or
in certificates of deposits from banks in the State of Oklahoma
acceptable as depositories by the State Treasurer when such
certificates of deposits are secured by acceptable collateral and
yield as much or more than direct obligations of the United States
of America, and provided further that, all such investments of said
monies must be so made that the same shall mature in time to enable
the State of Oklahoma 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. It shall be the duty of the Oklahoma State
Regents for Higher Education to promptly certify to the State
Treasurer the amount of all sums not needed for payment of
construction and other legal expenditures payable from the 1965
Building Bond Fund to meet the construction payment schedule, and
upon receipt of such certification the State Treasurer shall
forthwith make the afore-mentioned investment. All interest
received by the State Treasurer upon the above-mentioned securities
shall be deposited in the said sinking fund.
The bonds and interest coupons attached thereto shall be
delivered to the State Treasurer upon payment of par and accrued
interest to the date of delivery thereof. The proceeds of the sale
of said bonds shall be deposited in the State Treasury of the State
of Oklahoma, in a fund which is hereby created and designated the
"1965 Building Bond Fund", where they shall remain subject to
disposition to be provided for by the Legislature of Oklahoma,
provided that the State Treasurer of the State of Oklahoma, when so
directed by the Oklahoma State Regents for Higher Education acting
on behalf of the governing board, as to the amounts available for
investment shall invest said designated amounts of the 1965 Building
Oklahoma Statutes - Title 62. Public Finance Page 224
Bond Fund in direct obligations of the United States of America or
in certificates of deposits from banks in the State of Oklahoma
acceptable as depositories by the State Treasurer when such
certificates of deposits are secured by acceptable collateral and
yield as much or more than direct obligations of the United States
of America, and provided further that, all such investments of said
monies must be so made that the same shall mature in time to enable
the State of Oklahoma 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. It shall be the duty of the Oklahoma State
Regents for Higher Education to promptly certify to the State
Treasurer the amount of all sums not needed for payment of
construction and other legal expenditures payable from the 1965
Building Bond Fund to meet the construction payment schedule, and
upon receipt of such certification the State Treasurer shall
forthwith make the afore-mentioned investment. All interest
received by the State Treasurer upon the above-mentioned securities
shall be deposited in the said sinking fund.
Status: in_force · Read it on the official government site
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