{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-541","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-541","heading":"Investment in public bonds, warrants and securities -","body":"Court proceedings to procure authority for investment in bonds of\n\nother municipal subdivisions or for more than par and accrued\n\ninterest.\n\nThe Treasurer of the State of Oklahoma, the county treasurer in\n\nany county when authorized by the board of county commissioners, and\n\nthe lawful treasurer of any city, town or board of education, when\n\nauthorized so to do by the lawfully constituted governing body of\n\nsuch city, town, or board of education may invest the sinking funds\n\nin his custody in United States bonds, United States Treasury notes,\n\nUnited States Treasury certificates or Postal Savings certificates,\n\nto the payment of which the faith and credit of the United States is\n\npledged by the terms of such bonds, notes or certificates, or in\n\nState bonds, Public Building Bonds, State Warrants or State Treasury\n\nnotes of the State of Oklahoma issued under authority of legislative\n\nenactment, or in the bonds or judgments of courts of record of the\n\nparticular and specific municipality whose sinking funds are to be\n\ninvested, or in current warrants of his own registration, provided\n\nthe securities so purchased mature prior to the time the money so\n\ninvested is required by law to be on hand in cash for the purpose of\n\nmeeting the bonded indebtedness of the state or the municipal\n\nsubdivision thereof whose sinking funds are so invested, and\n\nfurther, provided the bonds of the particular municipality whose\n\nsinking funds are to be so invested or the current warrants of such\n\ntreasurer's own registration, can be purchased at not to exceed par\n\nand accrued interest. If deemed advisable to invest the sinking\n\nfunds in the custody of the county treasurer, or in the custody of\n\nthe lawful treasurer of any city, town or board of education, in\n\nlawfully issued county, city, town, township, board of education, or\n\ndependent school district bonds issued by a municipal subdivision of\n\nthe State of Oklahoma, other than the one whose sinking fund is\n\nproposed to be invested, or if deemed advisable to invest the\n\nsinking fund of such municipal subdivision in its own bonds at the\n\nmarket for more than par and accrued interest, then the county\n\ntreasurer or the lawful treasurer of such city, town, or board of\n\neducation, if authorized by the duly constituted governing board to\n\nwhom he is by law required to render account, either at his own\n\ninstigation or by the lawfully constituted attorney of such county,\n\ncity, town or board of education, may file a duplicate application\n\nin writing in the district court, in which application he shall set\n\nforth the full nature and description of the securities which he\n\nproposed to purchase, together with the estimated value thereof, the\n\naggregate amount thereof and the proposed price of purchase; and he\n\nshall further disclose in said application, the condition of the\n\nsinking fund account so proposed to be invested, and the bond,\n\ncoupon and judgment indebtedness payable therefrom with maturities\n\nand accruals scheduled in detail. Thereupon it shall be the duty of\n\nthe court clerk of such county to docket such application, without\n\ncost, upon the appearance docket of such district court as other\n\ncivil actions; and it shall be the immediate duty of such court\n\nclerk to transmit the duplicate application, schedules, and exhibits\n\nto the district attorney who shall enter his appearance in such\n\ninstance on behalf of the public and who may, at the discretion of\n\nthe court, require such further information by detailed exhibits,\n\nschedules or statistics as may seem advisable. Within three (3)\n\ndays after the filing of such application, the judge of such\n\ndistrict court shall enter an order setting such application for\n\nhearing, and directing the court clerk to give such notice to the\n\npublic of such application and the date of hearing thereof as said\n\ndistrict judge may deem proper for the protection of the public and\nts,\n\nschedules or statistics as may seem advisable. Within three (3)\n\ndays after the filing of such application, the judge of such\n\ndistrict court shall enter an order setting such application for\n\nhearing, and directing the court clerk to give such notice to the\n\npublic of such application and the date of hearing thereof as said\n\ndistrict judge may deem proper for the protection of the public and\n\nthe taxpayers of such county and/or the municipal subdivisions\n\nthereof, and, if such notice be directed to be had by publication in\n\nsome newspaper named by the court, the expense thereof shall be\n\nborne out of any appropriation for legal expense of such county,\n\ncity, town or board of education. It shall be the duty of the\n\ndistrict attorney to file in said proceedings, in writing, at the\n\ndate appointed for such hearing, a correct report setting forth the\n\nopinion of such district attorney as to the soundness of such\n\ninvestments and advisability thereof, the validity of such\n\nsecurities, and particularly whether or not the municipality issuing\n\nthe same has a net bonded indebtedness in excess of five percent\n\n(5%) of the netassessed valuation thereof as last certified by the\n\ncounty assessor to its county excise board. Upon the date set for\n\nsuch hearing, any taxpayer shall have the right to appear in person,\n\neither with or without the aid of counsel, and make such protest or\n\nobjection to such investment as he may deem proper for the\n\nprotection of himself or the taxpayers of such county. Thereupon it\n\nshall be the duty of the district judge, informally and in open\n\ncourt to hear any and all evidence and protests, either in support\n\nof or opposition to said proposed investment, and at the close of\n\nsuch hearing, to enter an order with reference to such application\n\nfor investment as may be found and determined by the court for the\n\nprotection and best interest of the county or municipal subdivision\n\nthereof whose sinking funds are proposed to be invested, and to the\n\nbest interest of the public and taxpayers thereof; and thereupon,\n\nsuch district court may, by journal entry of judgment entered and\n\nrecorded in such proceedings, either authorize in whole or in part\n\nthat such investment be made, or deny such application.","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":"64e2bc794165d1a21a8e297e83ebaed1c192057a09b402678edcbb87586ae63f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-517.7","next":"us-ok/okla.-stat.-tit.-62-62-542"},"notice":"GroundRules: Original legal text. Not legal advice."}