Okla. Stat. tit. 62, § 62-72.4a: Public trusts - Restrictions on deposits - Exceptions

A. To the extent that public trusts that have the state or any

city, town or county as a beneficiary deposit monies in financial

institutions, the public trust shall place its monies only in

collateralized or insured certificates of deposit and other

evidences of deposit. To the extent that public trusts that have

the state as a beneficiary deposit monies in financial institutions,

such trusts may act directly on their own behalf and for their own

account to document, implement and administer the collateralizing of

such deposits, so long as the collateralizing or pledge of assets by

financial institutions is made with the same type of collateral and

in the same manner and form as pledges made to secure deposits by

the State Treasurer under the Security for Public Deposits Act.

B. This section shall not be applicable to proceeds or other

funds, including the revenue stream, relating to bond issues which

shall be invested pursuant to the indenture established for such

bonds.