Okla. Stat. tit. 62, § 62-513: Deposits with federal instrumentalities

The State Treasurer, and the treasurers of counties, school

districts, cities, towns, municipalities and any other political

subdivision of the state, and any other officer, board, department

or commission having custody, control and management of any public

or trust fund or funds charged with the safekeeping and deposit of

said funds or funds are hereby specifically authorized to deposit

said fund or funds in any federally-insured building and loan

association wherever located, whether federally or state chartered,

in an amount and to the extent that such deposit is fully insured by

the Federal Savings and Loan Insurance Corporation or any other

instrumentality of the United States Government. When any such

insured deposit is made it shall not be necessary for such

treasurer, officer, board, department or commission to require any

security, and such insurance shall be accepted in lieu of any

security, restriction or other limitation now required or imposed by

law upon the deposit of public funds.