Okla. Stat. tit. 60, § 60-394: Trustees, who are - Bond - Designation of trust estate -

Trust fund - Approval of sales - Reports.

When any unconditional gift, testamentary or otherwise, of any

property to the State of Oklahoma and a county therein and a city or

town within such county shall have been accepted, upon behalf of all

such governmental units, as provided for in Sections 3, 10 and 13

hereof, the Attorney General of the State of Oklahoma, and the

county treasurer of such county, and the presiding officer of the

governing board of such city or town, at the time of the first

distribution under such gift, if testamentary, or at the time of

such acceptance of such gift, if other than a testamentary gift,

shall be cotrustees and the official representatives and agents of

their respective governmental units for all property or monies

involved in, and derived from, such gift, for the use and benefit of

such governmental units, for the purposes specified in Section 12

hereof; and as such, shall be authorized to execute and deliver any

receipts required in connection therewith.

They shall continue as such trustees until the trust estate,

resulting hereunder, shall have been fully administered,

irrespective of their continuance in such public offices; provided,

that in event of the death, resignation, disqualification or

incapacity of any trustee before such trust estate shall have been

fully administered, the person then holding the public office

corresponding to that held by such deceased or resigned trustee at

the time he became trustee hereunder, or, in event such death,

disqualification, resignation or incapacity occurs while such

trustee still holds such public office, the person elected or

appointed to fill the vacancy in such public office, or the

temporary or other successor thereto shall become and be his

successor as such trustee.

Each such trustee shall furnish a bond in a sum equal to the

value of such trust estate at the time he becomes such trustee, but

not to exceed Fifty Thousand Dollars ($50,000.00), with some surety

company authorized to do business within the State of Oklahoma, as

surety thereon, conditioned upon the faithful performance of his

duties as such trustee and truly accounting for all monies and

property coming into the custody and control of such cotrustees.

Such bond shall run in the name of the State of Oklahoma and such

county and city or town, and shall be filed in the office of the

Secretary of State of the State of Oklahoma, and the premiums

thereon shall be payable from such trust estate. The trust estate

shall be designated as "The (name of donor here) Public Improvements

Trust Estate".

All cash, or the equivalent thereof, belonging to such trust

estate and received by the trustees shall, upon receipt, be

deposited in a special depository account in the State Treasury to

be designated as "The (name of donor here) Public Improvements Trust

Fund", and shall be subject to withdrawal or disbursement therefrom

upon, but only upon, check or voucher signed by all three of the

cotrustees, for the purposes provided for herein, and each such

check or voucher shall state thereon the specific purpose for which

the withdrawal or disbursement is made.

Before selling, exchanging, or making any other disposition of

any tangible property or intangible property (other than cash or the

equivalent thereof) belonging to such a trust estate, and before

investing any cash or the equivalent thereof belonging to such a

trust estate in securities or other property (as distinguished from

expending the same for public improvement purposes as authorized

herein), the cotrustees shall, by written application, obtain the

written approval of the district judge of the county involved as one

of the donees of the gift in question. Such cotrustees shall also

file with the district judge of such county verified annual reports,

containing a detailed statement of all assets and liabilities of the

g the same for public improvement purposes as authorized

herein), the cotrustees shall, by written application, obtain the

written approval of the district judge of the county involved as one

of the donees of the gift in question. Such cotrustees shall also

file with the district judge of such county verified annual reports,

containing a detailed statement of all assets and liabilities of the

trust estate, and a report of the acts and doings of the trustees

during the period covered by such reports. No notice shall be

required in connection with any such application or report, and no

fees shall be charged for the filing of any such application,

report, or order of approval, or in connection with the entry,

recording, or certification of any such order of approval.