{"data":{"id":"us-ok/okla.-stat.-tit.-3-3-517","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 3, § 3-517","heading":"Treasurer of Authority — Disbursement of funds —","body":"Depositories — Investments.\n\nA. 1. The Board of Directors shall employ a person who is a\n\nresident of this state or may appoint a member of the Board to serve\n\nas treasurer of the Oklahoma Space Industry Development Authority,\n\nwho shall have charge of the funds of the Authority. Such funds\n\nshall be disbursed only upon the order of or pursuant to the\n\nresolution of the Board by warrant, check, authorization or\n\nautomatic deposit signed or authorized by the treasurer or the\n\ntreasurer’s representative or by such other persons as may be\n\nauthorized by the Board. The Board may give the treasurer such\n\nother powers and duties as the Board may deem appropriate, and shall\n\nestablish the treasurer’s compensation.\n\n2. The Board shall require the treasurer to give a bond in a\n\nminimum amount of One Hundred Thousand Dollars ($100,000.00) and on\n\nsuch terms and with such sureties as may be deemed satisfactory to\n\nthe Board to secure the performance by the treasurer of the powers\n\nand duties of the treasurer. Provided, if the treasurer is a member\n\nof the Board, such bond shall be in lieu of the bond required under\n\nSection 5207 of this title.\n\n3. The Board shall audit or have audited the books of the\n\ntreasurer at least once a year.\n\nB. The Board is authorized to select as depositories in which\n\nthe funds of the Board and of the Authority shall be deposited any\n\nbank or other financial institution organized under the laws of this\n\nstate or under the laws of the United States, doing business in this\n\nstate, upon such terms and conditions as to the payment of interest\n\nby such depository upon the funds so deposited as the Board may deem\n\njust and reasonable.\n\nC. The Board of Directors may in its discretion invest funds of\n\nthe Authority in the following:\n\n1. Direct obligations of or obligations guaranteed by the\n\nUnited States of America or for the payment of the principal and\n\ninterest of which the faith and credit of the United States is\n\npledged;\n\n2. Bonds or notes issued by any of the following federal\n\nagencies: Bank for Cooperatives; Federal Intermediate Credit Banks;\n\nFederal Home Loan Bank System; Federal Land Banks; or the Federal\n\nNational Mortgage Association, including debentures or participating\n\ncertificates issued by such Association;\n\n3. Public housing bonds issued by public housing authorities\n\nand secured by a pledge or annual contributions under an annual\n\ncontribution contract or contracts with the United States of\n\nAmerica;\n\n4. Bonds or other interest-bearing obligations of any county,\n\ndistrict, city or town located in this state for which the full\n\nfaith and credit of such political subdivision is pledged; or\n\n5. Any investment authorized for insurers under the Oklahoma\n\nInsurance Code.","path":["OK Code","Title 3"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os3.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5e6b0349018669bf8ce8e66623ed1ab68f26be666e86a17acfdc29583a76de35","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-3-3-516","next":"us-ok/okla.-stat.-tit.-3-3-518"},"notice":"GroundRules: Original legal text. Not legal advice."}