Okla. Stat. tit. 19, § 19-627: County, city, town or school district - Insurance of

buildings and property.

The governing board of any county, city, town, or school

district, dependent or independent, is hereby authorized to insure

or cause to be insured, at the cost of such municipality, any or all

of the public buildings and property or other tangible and insurable

assets owned or held by such municipality, in the name of the lawful

treasurer of such municipality. In event of destruction or damage

to such buildings or property, or loss of other tangible and

insurable assets, so insured, such treasurer shall demand and

receive the moneys due on account of such insurance, and when so

received, he shall deposit the same as other moneys belonging to

such municipality and he shall credit the same to a special account

on his records and it shall be used solely to rebuild, repair, or

replace the property or assets so lost, damaged, or destroyed, and

shall be disbursed in payment of lawful warrants drawn by such

governing board for such purpose, the same as other public funds are

disbursed. If not so needed, upon resolution to that effect by the

governing board, the same shall be considered income from sources

other than ad valorem tax and credited to the general fund of such

municipality.