{"data":{"id":"us-ok/okla.-stat.-tit.-3a-3a-716","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 3A, § 3A-716","heading":"Performance bond, letter of credit or securities –","body":"Competitive bidding.\n\nA. Each vendor shall, at the execution of the contract with the\n\nOklahoma Lottery Commission, post a performance bond or letter of\n\ncredit from a bank or credit provider acceptable to the Commission\n\nin an amount as deemed necessary by the Commission for that\n\nparticular bid or contract. In lieu of the bond, a vendor may, to\n\nassure the faithful performance of its obligations, deposit and\n\nmaintain with the Commission securities that are interest bearing or\n\naccruing and that are rated in one of the three highest\n\nclassifications by an established nationally recognized investment\n\nrating service. Securities eligible under this subsection are\n\nlimited to:\n\n1. Certificates of deposit issued by solvent banks or savings\n\nassociations approved by the Commission and which are organized and\n\nexisting under the laws of this state or under the laws of the\n\nUnited States;\n\n2. United States bonds, notes, and bills for which the full\n\nfaith and credit of the government of the United States is pledged\n\nfor the payment of principal and interest; and\n\n3. Corporate bonds approved by the State Treasurer. The\n\ncorporation which issued the bonds shall not be an affiliate or\n\nsubsidiary of the depositor.\n\nThe securities shall be held in trust and shall have at all\n\ntimes a market value at least equal to the full amount estimated to\n\nbe paid annually to the lottery vendor under contract.\n\nB. Each vendor shall be qualified to do business in this state\n\nand shall file appropriate tax returns as provided by the laws of\n\nthis state. All contracts under this section shall be governed by\n\nthe laws of this state.\n\nC. No contract shall be let with any vendor in which a state\n\nelected official has a substantial financial interest. A\n\nsubstantial financial interest includes, but is not limited to, an\n\nownership interest of five percent (5%) or more in a business\n\nenterprise.\n\nD. All major procurement contracts must be competitively bid\n\npursuant to the Oklahoma Central Purchasing Act. On all such\n\ncontracts, the Director of Central Purchasing shall cooperate with\n\nthe Commission in the drafting of bid specifications and the\n\nselection of vendors to allow the selection of vendors that provide\n\nthe greatest long-term benefit to the state, the greatest integrity\n\nfor the Commission, and the best service and products for the\n\npublic.","path":["OK Code","Title 3A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os3A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8d43d03edd1a2ec111b1ff004924a50e897589f20ef9f2e34a45d865dccebae0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-3a-3a-715","next":"us-ok/okla.-stat.-tit.-3a-3a-717"},"notice":"GroundRules: Original legal text. Not legal advice."}