{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-348","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-348","heading":"Written investment policy – Requirements – Permissible","body":"investments.\n\nA. The governing board of any political subdivision of this\n\nstate, as defined by Section 152 of Title 51 of the Oklahoma\n\nStatutes, may authorize a written investment policy, ordinance, or\n\nresolution permitting and directing the treasurer or other duly\n\nauthorized officer or employee of the political subdivision to\n\ninvest public funds. Any written investment policy shall address\n\nliquidity, diversification, safety of principal, yield, maturity and\n\nquality, and capability of investment management, with primary\n\nemphasis on safety and liquidity in the investment of funds. A\n\nwritten investment policy shall, to the extent practicable, provide\n\nfor the use of competitive bids when purchasing brokered securities.\n\nHowever, this section shall not be construed as preventing the use\n\nof sound investment judgment when purchasing brokered securities.\n\nB. The written policy, ordinance, or resolution may authorize\n\nthe treasurer or other duly authorized officer or employee of the\n\npolitical subdivision to purchase and invest in any or all of the\n\nfollowing:\n\n1. Direct obligations of the federal government, the payment of\n\nwhich the full faith and credit of the federal government is\n\npledged, its agencies, or its instrumentalities; and of federal\n\nagencies or federal government-sponsored enterprise obligations,\n\nparticipations, or other instruments, including those issued by or\n\nfully guaranteed as to principal and interest by federal agencies or\n\nfederal government-sponsored enterprises;\n\n2. Obligations, the payment of which the full faith and credit\n\nof this state is pledged, or investment grade obligations of state\n\nagencies, public trusts, authorities, or instrumentalities rated A+\n\nor better by S\u0026P Global or A1 or better by Moody’s Ratings or\n\nequivalent by other securities ratings organization;\n\n3. Collateralized or insured certificates of deposits of banks,\n\nsavings and loan associations, savings banks, or credit unions\n\nlocated within the state and located out of the state when such\n\ncertificates of deposits are secured by acceptable collateral;\n\n4. Negotiable certificates of deposit issued by a nationally or\n\nstate-chartered bank, a savings bank, a savings and loan\n\nassociation, or a state-licensed branch of a foreign bank;\n\n5. Savings accounts or savings certificates of banks, savings\n\nand loan associations, or credit unions where the funds are either\n\nsecured by acceptable collateral or fully insured by the Federal\n\nDeposit Insurance Corporation or the National Credit Union\n\nAdministration;\n\n6. Direct debt obligations of county, municipal, or school\n\ndistricts or their authorities for which an ad valorem tax may be\n\nlevied or paid by bond and revenue anticipation note; and of money\n\njudgments against a county, municipal, or school district paid by\n\nbonds or bond and revenue anticipation notes issued by a public\n\ntrust of which the county, municipality, or school district is a\n\nbeneficiary thereof;\n\n7. Prime banker’s acceptances which are eligible for purchase\n\nby the Federal Reserve System and which do not exceed two hundred\n\nseventy (270) days’ maturity; provided, purchase of prime banker’s\n\nacceptances shall not exceed ten percent (10%) of the surplus funds\n\nof the political subdivision which may be invested according to this\n\nsection; however, the restrictions of this paragraph shall not apply\n\nto purchases of prime banker’s acceptances by qualified pooled\n\ninvestment programs established under paragraph 11 of this section;\n\n8. Prime commercial paper which shall not have a maturity that\n\nexceeds one hundred eighty (180) days nor represent more than ten\n\npercent (10%) of the outstanding paper of an issuing corporation.\n\nPurchases of prime commercial paper shall not exceed seven and one-\n\nhalf percent (7 1/2%) of the surplus funds of the political\n\nsubdivision which may be invested pursuant to this section; however,\nn;\n\n8. Prime commercial paper which shall not have a maturity that\n\nexceeds one hundred eighty (180) days nor represent more than ten\n\npercent (10%) of the outstanding paper of an issuing corporation.\n\nPurchases of prime commercial paper shall not exceed seven and one-\n\nhalf percent (7 1/2%) of the surplus funds of the political\n\nsubdivision which may be invested pursuant to this section; however,\n\nthe restrictions in this paragraph shall not apply to purchases of\n\nprime commercial paper by qualified pooled investment programs\n\nestablished under paragraph 11 of this section;\n\n9. Repurchase agreements that have underlying collateral\n\nconsisting of those items specified in paragraphs 1 through 8 of\n\nthis subsection;\n\n10. Money market funds regulated by the United States\n\nSecurities and Exchange Commission and which investments consist of\n\nthose items and those restrictions specified in paragraphs 1 through\n\n9 of this subsection; or\n\n11. Qualified pooled investment programs, the investments of\n\nwhich consist of those items specified in paragraphs 1 through 10 of\n\nthis subsection. To be qualified, a pooled investment program must\n\nbe governed through an interlocal cooperative agreement formed\n\npursuant to Sections 1001 through 1008 of Title 74 of the Oklahoma\n\nStatutes.\n\nC. Any political subdivision which elects to participate in a\n\nlocal government investment pool shall be deemed to have authorized\n\ninvestments in the items specified in paragraphs 1 through 10 of\n\nsubsection B, notwithstanding any differences in the written\n\ninvestment plans adopted by the governing body.\n\nD. The income received on any investment may be placed in the\n\ngeneral fund, rainy day fund, capital reserve fund, or the fund from\n\nwhich the investment was made.\n\nE. Investments shall be made with judgment and care, under\n\ncircumstances then prevailing, which persons of prudence,\n\ndiscretion, and intelligence exercise in the management of their own\n\naffairs, not for speculation, but for investment, considering the\n\nprobable safety of their capital as well as the probable income to\n\nbe derived.\n\nF. This section shall not prohibit public retirement systems\n\nfrom investing under any other system authorized under state law.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"08808dddb3673e64ea9ef23cbecb902aee332194386bcd23aeac9b8be0544f84","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-346","next":"us-ok/okla.-stat.-tit.-62-62-348.4"},"notice":"GroundRules: Original legal text. Not legal advice."}