Okla. Stat. tit. 11, § 11-38-116: Notes or other obligations as legal investments

All banks, trust companies, bankers, savings banks and

institutions, building and loan associations, savings and loan

associations, investment companies and other persons carrying on a

banking or investment business; all insurance companies, insurance

associations, and other persons carrying on an insurance business;

and all executors, administrators, curators, trustees, and other

fiduciaries, may legally invest in sinking funds, moneys, or other

funds belonging to them or within their control in any notes or

other obligations issued by a municipality or an Urban Renewal

Authority pursuant to this article and vested with urban renewal

project powers under this article; Provided, that such notes, bonds

or other obligations may be secured by an agreement between the

issuer and the Federal Government in which the issuer agrees to

borrow from the Federal Government and the Federal Government agrees

to lend to the issuer, prior to the maturity of such notes, bonds or

other obligations, moneys in an amount which (together with any

other moneys irrevocably committed to the payment of interest on

such notes, bonds or other obligations) will suffice to pay the

principal of such notes, bonds or other obligations with interest to

maturity thereon, which moneys under the terms of said agreements

are required to be used for the purpose of paying the principal and

interest of such notes, bonds or other obligations at their

maturity. Such notes, bonds and other obligations shall be

authorized security for all public deposits. It is the purpose of

this section to authorize any persons, political subdivision and

officers, public or private, to use any funds owned or controlled by

them for the purchase of any such notes, bonds or other obligations.

Nothing contained in this section with regard to legal investments

shall be construed as relieving any person of any duty of exercising

reasonable care in selecting securities.