{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-348.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-348.4","heading":"Securities lending program - Cities or counties which","body":"qualify - Collateral requirements.\n\nA. As used in this section:\n\n1. \"Securities lending program\" means any program, arrangement\n\nor agreement whereby the city or the county deposits securities with\n\na trust company or a state or national bank for the purpose of such\n\ninstitution lending such securities to a borrower approved by a city\n\ntreasurer or county treasurer in return for a fee or charge paid by\n\nsuch borrower for the use of such securities; and\n\n2. \"Market value\" shall mean on any date the average of the bid\n\nand asked prices for such security for the business day preceding\n\nthe date on which such determination is made, in the principal\n\nmarket on which such securities were traded or quoted in the Wall\n\nStreet Journal, plus any coupon interest accrued but not yet due and\n\nowing at the date of determination.\n\nB. The governing body of a city with a population of not less\n\nthan three hundred thousand (300,000) persons according to the\n\nlatest Federal Decennial Census or of a county with a population of\n\nnot less than four hundred thousand (400,000) persons according to\n\nthe latest Federal Decennial Census may authorize and direct the\n\ncity treasurer or county treasurer to enter into a securities\n\nlending program with a trust company or a state or national bank\n\nand to loan any securities held by such city or county pursuant to\n\nany investment of the funds of the city or county in the investments\n\nauthorized by Section 348.1 or 348.3 of Title 62 of the Oklahoma\n\nStatutes.\n\nC. Any securities lending program entered into by the city\n\ntreasurer or county treasurer shall provide that the borrower shall\n\ndeposit with the securities lending institution, for the benefit of\n\nthe city or county, collateral consisting of cash or securities\n\ninsured by the United States government acceptable to the city\n\ntreasurer or county treasurer. The collateral shall have a market\n\nvalue equal to one hundred percent (100%) of the principal amount of\n\nany securities being loaned to such borrower and shall be revalued\n\nand adjusted accordingly on each banking day.","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":"66d9f2ecf594f601d66bad21887f3163e5b899aeef8ac975ef07df099f968fe3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-348","next":"us-ok/okla.-stat.-tit.-62-62-35.1"},"notice":"GroundRules: Original legal text. Not legal advice."}