Okla. Stat. tit. 62, § 62-57.89: 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 a fund which is hereby created

and designated the "1965 Institutional Building Bond Fund Series C",

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 1965 Institutional Building

Bond Fund Series C 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 1965

Institutional Building Bond Fund Series C 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 1965

Institutional Building Bond Fund Series C.

Added Laws 1967, c. 289, § 9, emerg. eff. May 8, 1967. Amended by