Okla. Stat. tit. 62, § 62-57.39: Delivery of bonds upon payment - Deposit and investment

of proceeds - Interest.

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 of this state, in a fund which is

hereby created and designated the "1961 Building Bond Fund", where

they shall remain subject to disposition to be 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 1961 Building Bond 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 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 so made 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 1961 Building Bond Fund to

meet the construction payment schedule, and upon receipt of such

certification the State Treasurer shall forthwith 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 1961 Building Bond Fund.