Okla. Stat. tit. 11, § 11-17-101: Borrowing or appropriating monies - Investments -

Deposit of monies.

A. Any act of a municipal governing body which provides for the

borrowing of monies or for appropriating monies shall not be valid

unless a majority of the governing body of the municipality votes in

favor of the action. The municipal governing body may not

appropriate or draw any order on the treasurer for monies unless the

same has been appropriated in the manner provided by law or ordered

in pursuance of some object provided for by law.

B. A municipality may invest its funds in any bond, note, or

other evidence of indebtedness issued by those agencies,

authorities, instrumentalities, or public entities whose governing

boards are appointed by the municipality or issued by any public

trust of which it is sole beneficiary, excluding obligations which

are industrial development bonds as defined in the provisions of

Section 103 of the Internal Revenue Code of 1953, as amended, and

regulations promulgated thereto.

C. If a municipality has established a system for the separate

accounting of monies by fund sources that has been certified by the

auditor of the municipality, the treasurer of such municipality

acting as an officer of the municipality or as agent of any

instrumentality or public trust of the municipality may deposit into

one or more accounts of an authorized depository all monies coming

into his custody. Unless otherwise provided for by law, interest

earnings shall be prorated according to fund source.