Okla. Stat. tit. 62, § 62-57.69

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 to a fund which is hereby created

and designated the "State of Oklahoma Institutional Building Bonds

of 1965 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

Oklahoma Statutes - Title 62. Public Finance Page 233

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 State of

Oklahoma Institutional Building Bonds of 1965 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

the 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 made so 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 State of Oklahoma Institutional

Building Bonds of 1965 Fund to meet the construction payment

schedule, and upon receipt of such certification the State Treasurer

shall 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 State of Oklahoma

Institutional Building Bonds of 1965 Fund.