Okla. Stat. tit. 62, § 62-57.89
This is the official text of Okla. Stat. tit. 62, § 62-57.89, 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 - Deposit of proceeds - Investment of surplus
Official statutory text
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, in a fund which is hereby created
and designated the "1965 Institutional Building Bond Fund Series C",
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 1965 Institutional Building
Bond Fund Series C 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 1965
Institutional Building Bond Fund Series C 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 1965
Institutional Building Bond Fund Series C.
Added Laws 1967, c. 289, § 9, emerg. eff. May 8, 1967. Amended by
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, in a fund which is hereby created
and designated the "1965 Institutional Building Bond Fund Series C",
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 1965 Institutional Building
Bond Fund Series C 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 1965
Institutional Building Bond Fund Series C 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 1965
Institutional Building Bond Fund Series C.
Added Laws 1967, c. 289, § 9, emerg. eff. May 8, 1967. Amended by
Status: in_force · Read it on the official government site
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