{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-517.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-517.4","heading":"Deposit of collateral securities or instruments to","body":"secure public deposits - Determination of market value.\n\nA. A treasurer of a public entity shall require that financial\n\ninstitutions deposit collateral securities or instruments to secure\n\nthe deposits of the public entity in each such institution. The\n\namount of collateral securities or instruments to be pledged for the\n\nsecurity of public deposits shall be established by the treasurer of\n\nthe public entity consistent with the provisions of the Security for\n\nLocal Public Deposits Act; provided, such amount shall not be less\n\nthan the amount of the deposit to be secured, less the amount\n\ninsured.\n\nB. Upon authorization by the treasurer of a public entity, a\n\nfinancial institution shall place required collateral securities in\n\na restricted account at a Federal Reserve Bank which serves\n\nOklahoma, a Federal Home Loan Bank which serves Oklahoma or with\n\nanother financial institution located in this state that is not\n\nowned or controlled by the same institution or holding company. The\n\nState Treasurer shall designate a number of such financial\n\ninstitutions authorized to serve as safekeeping or custodial\n\ninstitutions. The financial institution depositing collateral\n\nsecurities shall deliver to the treasurer of the public entity a\n\npower of attorney authorizing the treasurer to transfer or liquidate\n\nthe securities in the event of a default, financial failure or\n\ninsolvency of a public depository. The State Treasurer must approve\n\nany forms or pledge agreements used by public entities and financial\n\ninstitutions in securing public deposits of public entities.\n\nC. Securities eligible for collateral shall be valued at market\n\nvalue. The treasurer shall review and determine the market value of\n\ncollateral pledged for security not less than quarterly. The market\n\nvalue of pledged securities shall be provided to the treasurer by\n\neither the financial institution holding the deposit or the\n\nfinancial institution holding the collateral securities, which\n\nmarket value must have been obtained from an independent, recognized\n\nand documented source. The State Treasurer shall promulgate rules\n\nto provide for the valuation of collateral if the market value is\n\nnot readily determinable. The State Treasurer shall prescribe\n\nreporting requirements and forms for financial institutions to list\n\ncollateral securities pursuant to this section.\n\nD. The State Treasurer shall promulgate rules for the\n\nacceptance of collateral instruments described in Section 12 of this\n\nact, to secure deposits of the public entity. Such rules shall\n\nrequire that sufficient documentation exists to establish that the\n\nprovider of the collateral instrument will protect the public entity\n\nin the event of a default, financial failure or insolvency of a\n\npublic depository.\n\nE. All securities purchased by a treasurer of a public entity\n\nor held in custody for other departments of the public entity by the\n\ntreasurer shall be held in financial institutions not involved in\n\nsuch transactions and shall not be held by the treasurer or a\n\nbroker.","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":"685f5b7f447a3884d5d497595679fe43a948dffd72e3ba7608f724f9e7f92704","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-517.3","next":"us-ok/okla.-stat.-tit.-62-62-517.5"},"notice":"GroundRules: Original legal text. Not legal advice."}