Okla. Stat. tit. 62, § 62-57.109: Delivery - Deposit of proceeds - Investment of surplus

The bonds and interest coupons attached thereto shall be

delivered to the purchaser thereof only upon payment of par and

accrued interest to the date of delivery thereof, together with any

premium bid. The proceeds of the sale of said bonds shall be

deposited in the State Treasury in the sinking fund, where they

shall remain subject to disposition as provided for by the

Legislature of this state, provided that the State Treasurer, when

so directed by the Director of the Office of Management and

Enterprise Services and the Oklahoma State Regents for Higher

Education acting on behalf of the governing boards, according to the

funds allocated, as to the amounts available for investment shall

invest said designated amounts of the sinking fund in direct

obligations of the United States of America or in certificates of

deposits from banks in this state acceptable as depositories by the

State Treasurer when such certificates of deposits are secured by

the acceptable collateral and yield as much as or more than direct

obligations of the United States of America. All such investments of

said monies must be made so that the same shall mature in time to

enable this state to issue warrants for payment of the valid

indebtedness incurred for the purpose for which said bonds are

issued, when the said indebtedness has been incurred pursuant to

legislative authority. The Director of the Office of Management and

Enterprise Services and the Oklahoma State Regents for Higher

Education shall promptly certify to the State Treasurer the amount

of all sums not needed for payment of construction and other legal

expenditures payable from the sinking fund to meet the construction

payment schedule, and upon receipt of such certification the State

Treasurer shall make the investment specified in this section. All

interest received by the State Treasurer upon the securities

referred to in this section shall be deposited in the sinking fund.