Okla. Stat. tit. 62, § 62-57.57: Delivery of bonds upon payment - Deposit and investment

of proceeds - Interest.

The bonds and interest coupons attached thereto shall be

delivered to the State Treasurer upon payment of par and accrued

interest to the date of delivery thereof. The proceeds of the sale

of said bonds shall be deposited in the State Treasury of the State

of Oklahoma, in a fund which is hereby created and designated the

"1965 Building Bond Fund", where they shall remain subject to

disposition to be provided for by the Legislature of Oklahoma,

provided that the State Treasurer of the State of Oklahoma, when so

directed by the Oklahoma State Regents for Higher Education acting

on behalf of the governing board, as to the amounts available for

investment shall invest said designated amounts of the 1965 Building

Bond Fund in direct obligations of the United States of America or

in certificates of deposits from banks in the State of Oklahoma

acceptable as depositories by the State Treasurer when such

certificates of deposits are secured by acceptable collateral and

yield as much or more than direct obligations of the United States

of America, and provided further that, all such investments of said

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

the State of Oklahoma 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. It shall be the duty of the Oklahoma State

Regents for Higher Education to promptly certify to the State

Treasurer the amount of all sums not needed for payment of

construction and other legal expenditures payable from the 1965

Building Bond Fund to meet the construction payment schedule, and

upon receipt of such certification the State Treasurer shall

forthwith make the afore-mentioned investment. All interest

received by the State Treasurer upon the above-mentioned securities

shall be deposited in the said sinking fund.