{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-517.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-517.3","heading":"Public deposits defined - Official depositories","body":"A. All public deposits made by a treasurer of a public entity\n\nin financial institutions shall be secured as provided for in the\n\nSecurity for Local Public Deposits Act. As used in this section,\n\n\"public deposits\" means all forms of demand deposits or time\n\ndeposits, but shall not include other investments authorized by\n\nstatute which are made by a treasurer of a public entity.\n\nB. The treasurer of every public entity shall deposit daily,\n\nnot later than the immediately next banking day, all funds and\n\nmonies of whatsoever kind that shall come into the possession of the\n\ntreasurer by virtue of the office, in one or more financial\n\ninstitutions that have been designated as either state or county\n\ndepositories, or both, and the acceptance of any such deposit from\n\nany such treasurer shall be tantamount to adoption, in relation\n\nthereto, of the same privileges and conditions, other than\n\ncollateral security, as are now provided by law in acceptance of\n\ndesignation as state or county depositories. The treasurer may\n\nestablish a depository or depositories for demand accounts in\n\nfinancial institutions outside of the governmental or municipal area\n\nof the treasurer but within this state; provided, that the treasurer\n\nof a public entity may authorize any designated depository within\n\nthis state to redeposit funds of the public entity into interest-\n\nbearing demand-deposit accounts in one or more federally insured\n\nfinancial institutions; and provided further, that the full amount\n\nof principal and any accrued interest of each such demand-deposit\n\naccount shall be insured by the Federal Deposit Insurance\n\nCorporation. The State Treasurer is hereby authorized to be the\n\nofficial depository for the treasurer of any county, and for the\n\ntreasurer of any city or board of education where such city or\n\nschool district has a population of five thousand (5,000) or more\n\ninhabitants but only for deposit of remaining fund balances in\n\ninactive funds and not for checking purposes. The county treasurer\n\nis hereby authorized to be official depository for the treasurer of\n\nany city, town, or board of education.","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":"021138611104f5a1418385f3abe33cc8665f1d6b0ab0527d3c959dbe7ffba4ed","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-517.2","next":"us-ok/okla.-stat.-tit.-62-62-517.4"},"notice":"GroundRules: Original legal text. Not legal advice."}