Okla. Stat. tit. 62, § 62-757
This is the official text of Okla. Stat. tit. 62, § 62-757, 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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Moneys in escrow or trust account - Investment - Security
Official statutory text
- Sufficiency.
A. Moneys placed in any escrow or trust account shall not
necessarily be limited to proceeds of refunding bonds but may
include other moneys legally available for that purpose.
B. Any moneys in an escrow or trust account, pending use for
their intended purpose, may be invested or reinvested only in
federal securities.
C. The escrow agent shall continuously secure any moneys placed
in an escrow or trust account and not so invested or reinvested in
federal securities by a pledge of federal securities with a market
value determined on a daily basis at least equal to the total
uninvested moneys held in such escrow or trust account in strict
accordance with the provisions of the escrow agreement. The
requirements of this subsection shall not apply to any said
uninvested moneys insured by the Federal Deposit Insurance
Corporation.
D. Such moneys and investments in the escrow or trust account,
together with the interest or other gain to be derived from any such
investments, shall at all times be at least sufficient to make all
of the payments required to be made pursuant to the escrow agreement
in the manner and at the times specified in the escrow agreement.
The computations made in determining such sufficiency shall be
verified by a certified public accountant. Said computations shall
be certified within five (5) days prior to the delivery of and
payment for the refunded bonds.
A. Moneys placed in any escrow or trust account shall not
necessarily be limited to proceeds of refunding bonds but may
include other moneys legally available for that purpose.
B. Any moneys in an escrow or trust account, pending use for
their intended purpose, may be invested or reinvested only in
federal securities.
C. The escrow agent shall continuously secure any moneys placed
in an escrow or trust account and not so invested or reinvested in
federal securities by a pledge of federal securities with a market
value determined on a daily basis at least equal to the total
uninvested moneys held in such escrow or trust account in strict
accordance with the provisions of the escrow agreement. The
requirements of this subsection shall not apply to any said
uninvested moneys insured by the Federal Deposit Insurance
Corporation.
D. Such moneys and investments in the escrow or trust account,
together with the interest or other gain to be derived from any such
investments, shall at all times be at least sufficient to make all
of the payments required to be made pursuant to the escrow agreement
in the manner and at the times specified in the escrow agreement.
The computations made in determining such sufficiency shall be
verified by a certified public accountant. Said computations shall
be certified within five (5) days prior to the delivery of and
payment for the refunded bonds.
Status: in_force · Read it on the official government site
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