Okla. Stat. tit. 70, § 70-5-115

investment ledgers.

A. Unless the context clearly shows otherwise, the term

“treasurer”, as used in this section, includes a county treasurer

acting as the treasurer of a school district pursuant to the

provisions of Section 5-114 of this title. The treasurer so

appointed shall execute, before entering upon the duties of the

office of the treasurer, a surety bond in an amount which it is

estimated by the board of education the treasurer will have on hand

at any one time during the current year, and the amount of

securities held as investments shall not be considered. The board

of education is empowered to require the treasurer to increase or

Oklahoma Statutes - Title 70. Schools Page 258

decrease the bond of the treasurer as the amount of funds on hand

may require. Provided, the bond of a school district shall not, in

any event, be required to be in an amount greater than that of the

county treasurer of the county. The premium on the bond shall be

paid by the board of education out of district funds. Provided,

however, the treasurer of such district shall require the depository

wherein school district funds are deposited to insure or guarantee

the deposit by proper securities, which shall be of the same class

of securities as are required to insure deposits of county

treasurers of the various counties, and the securities shall be

pledged, taken and kept in the manner provided by Sections 517.1

through 517.7 of Title 62 of the Oklahoma Statutes.

B. In all districts which are permitted by law to select a

local treasurer, the county treasurer shall act as treasurer thereof

until such time as a local treasurer shall be appointed and has

executed the surety bond required by this section. In no instance

in which the county treasurer is the treasurer of any school

district shall any additional bond be required, but the official

bond of the county treasurer shall stand for any and all funds and

securities coming into the hands of the county treasurer.

C. The local treasurer of a district, when required by the

board of education, shall prepare and submit in writing a report of

the condition of the finances of the district and shall produce at

any meeting of the board or to any committee appointed for the

purpose of examining the accounts of the treasurer all books and

papers pertaining to the office of the treasurer. Upon failure to

make reports as provided for herein or as may otherwise be required

by law, the board may at any regular or special meeting thereof

summarily suspend the treasurer, and while so suspended the

treasurer shall perform no act pertaining to the office of the

treasurer. Such suspension shall continue until ended by order of

the board or by judgment of a court of competent jurisdiction.

D. The local treasurer of a school district shall keep a

separate cash ledger for each fund in the custody of the treasurer.

The local treasurer shall enter each collection and disbursement in

the cash ledger of the applicable fund by recording the date and

classification of each transaction and such other information as may

be deemed desirable. Additional ledgers shall also be maintained to

record the investments made from each fund. Such investment ledgers

shall disclose the date, description and principal amount paid for

each investment purchased and the date and principal amount received

for each investment liquidated.

E. Upon suspension by the board, the treasurer shall

immediately turn over to the board of education or to the acting

treasurer if one has been appointed by the board, all books and

papers and other property pertaining to the office of the treasurer.

Oklahoma Statutes - Title 70. Schools Page 259

F. Except as otherwise provided by law, no treasurer of any

district shall pay out school district funds in the care of the

treasurer except upon warrants signed by the proper school district

officials authorized by the law to sign such warrants, provided,
board, all books and

papers and other property pertaining to the office of the treasurer.

Oklahoma Statutes - Title 70. Schools Page 259

F. Except as otherwise provided by law, no treasurer of any

district shall pay out school district funds in the care of the

treasurer except upon warrants signed by the proper school district

officials authorized by the law to sign such warrants, provided,

this restriction shall not apply to sinking funds or to the

investment of school district funds. Authorized sinking fund

payments and payment for investments or receipt of liquidated

investments may be made by check, wire transfer or other instrument

or method through the Federal Reserve System.

G. The board of education shall, each month, set aside funds to

an operating account and to an investment account. Investments by

the treasurer shall be made in accordance with a written policy

adopted by the board of education. The written investment policy

shall address liquidity, diversification, safety of principal,

yield, maturity, quality of the instrument, and capability of

investment management. Acting within the investment policy, the

treasurer shall place primary emphasis on safety and liquidity in

the investment of funds. Taking into account the need to use sound

investment judgment, school districts shall, to the extent

practicable, use competitive bids when they purchase direct

obligations of the United States Government or other obligations of

the United States Government, its agencies or instrumentalities.

Such system shall be designed to maximize yield within each class of

investment instrument, consistent with the safety of the funds

invested. The board of education must review the investment

performance of the treasurer on a regular basis and no less than

each month. The treasurer of every school district shall invest the

full amount of the investment account in:

1. Direct obligations of the United States Government to the

payment of which the full faith and credit of the Government of the

United States is pledged; provided, a treasurer of a school district

who has completed the program pursuant to the provisions of

subsection H of this section may invest funds in the investment

account in other obligations of the United States Government, its

agencies or instrumentalities;

2. Obligations to the payment of which the full faith and

credit of this state is pledged;

3. Certificates of deposits of banks when such certificates of

deposits are secured by acceptable collateral as in the deposit of

other public monies;

4. Savings accounts or savings certificates of savings and loan

associations to the extent that such accounts or certificates are

fully insured by the Federal Savings and Loan Insurance Corporation.

Provided, that the income received from the investments may be

placed in the general fund of the governmental subdivision to be

used for general governmental operations;

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5. Repurchase agreements that have underlying collateral

consisting of those items specified in paragraphs 1 and 2 of this

subsection including obligations of the United States, its agencies

and instrumentalities, and where the collateral has been deposited

with a trustee or custodian bank in an irrevocable trust or escrow

account established for such purposes;

6. County, municipal or school district direct debt obligations

for which an ad valorem tax may be levied or bond and revenue

anticipation notes, money judgments against such county,

municipality or school district ordered by a court of record or

bonds or bond and revenue anticipation notes issued by a public

trust for which such county, municipality or school district is a

beneficiary thereof. All collateral pledged to secure public funds

shall be valued at no more than market value. The income received

from an investment may be placed in the general fund of the
county,

municipality or school district ordered by a court of record or

bonds or bond and revenue anticipation notes issued by a public

trust for which such county, municipality or school district is a

beneficiary thereof. All collateral pledged to secure public funds

shall be valued at no more than market value. The income received

from an investment may be placed in the general fund of the

governmental subdivision to be used for general governmental

operations, the sinking fund, the building fund, or the fund from

which the investment was made;

7. Money market mutual funds regulated by the Securities and

Exchange Commission and which investments consist of obligations of

the United States, its agencies and instrumentalities, and

investments in those items and those restrictions specified in

paragraphs 1 through 6 of this subsection;

8. Warrants, bonds or judgments of the school district;

9. Qualified pooled investment programs, the investments of

which consist of those items specified in paragraphs 1 through 8 of

this subsection, as well as obligations of the United States

agencies and instrumentalities, regardless of the size of the

district’s budget. To be qualified, a pooled investment program for

school funds must be governed through an interlocal cooperative

agreement formed pursuant to Section 5-117b of this title, and the

program must competitively select its investment advisors and other

professionals. Any pooled investment program used must be approved

by the board of education; or

10. Investment programs administered by the State Treasurer.

H. The board of education is hereby empowered to require the

treasurer to satisfactorily complete an investment education program

approved by the State Board of Education and the State Board of

Career and Technology Education. Such program shall be designed to

allow treasurers to make informed decisions regarding the safety,

return, liquidity, costs and benefits of various investment options

allowed under this section.

I. The income received on an investment may be placed in the

fund from which the investment was made, the general fund, the

building fund, or the sinking fund.