{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-17-101","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-17-101","heading":"Borrowing or appropriating monies - Investments -","body":"Deposit of monies.\n\nA. Any act of a municipal governing body which provides for the\n\nborrowing of monies or for appropriating monies shall not be valid\n\nunless a majority of the governing body of the municipality votes in\n\nfavor of the action. The municipal governing body may not\n\nappropriate or draw any order on the treasurer for monies unless the\n\nsame has been appropriated in the manner provided by law or ordered\n\nin pursuance of some object provided for by law.\n\nB. A municipality may invest its funds in any bond, note, or\n\nother evidence of indebtedness issued by those agencies,\n\nauthorities, instrumentalities, or public entities whose governing\n\nboards are appointed by the municipality or issued by any public\n\ntrust of which it is sole beneficiary, excluding obligations which\n\nare industrial development bonds as defined in the provisions of\n\nSection 103 of the Internal Revenue Code of 1953, as amended, and\n\nregulations promulgated thereto.\n\nC. If a municipality has established a system for the separate\n\naccounting of monies by fund sources that has been certified by the\n\nauditor of the municipality, the treasurer of such municipality\n\nacting as an officer of the municipality or as agent of any\n\ninstrumentality or public trust of the municipality may deposit into\n\none or more accounts of an authorized depository all monies coming\n\ninto his custody. Unless otherwise provided for by law, interest\n\nearnings shall be prorated according to fund source.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"63fb7e18be30dd29b486f69d9b4dc08558a035e34a074514ac0f840e3bd5054e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-16-315","next":"us-ok/okla.-stat.-tit.-11-11-17-102"},"notice":"GroundRules: Original legal text. Not legal advice."}