{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-542","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-542","heading":"Sale of securities - Notice","body":"None of the invested securities authorized to be purchased\n\naccording to the foregoing section of this act shall be sold except\n\nit be clearly for the best interest of a municipality whose sinking\n\nfunds are so invested or upon the event of an emergency not\n\ncontemplated by the statute authorizing such investment, it being\n\nthe intention of the legislature to authorize investment of sinking\n\nfund monies only in securities that, in legal contemplation, will\n\nmature and be paid prior to the time when the money so invested is\n\nrequired by the constitution to be on hand in cash when the\n\nobligations payable from such sinking fund shall mature. Therefore,\n\nunder no circumstances shall the treasurer of any county, city, town\n\nor board of education be authorized to sell securities represented\n\nby negotiable coupon bonds that have been invested in the sinking\n\nfund of the same municipality that issued them and from which\n\nsinking fund such bonds are payable when due; nor shall the\n\ntreasurer of any county, city, town or board of education be\n\nauthorized to sell any other bonds or securities in his custody\n\nwhich have been purchased from sinking funds as described and set\n\nforth in the first and foregoing section of this act, without\n\nfollowing the procedure hereinabove set forth for the investment of\n\nsuch sinking funds in securities of municipalities other than those\n\nissuing the same and it is hereby made the duty of such treasurer\n\nwhen proposing to sell any such bonds or other securities, to file a\n\nduplicate application as provided in the foregoing section for the\n\nmaking of such investments and to attach or cause to be attached to\n\nsuch application a certified copy of a resolution by his lawfully\n\nconstituted governing board setting forth specifically the reason\n\nfor such proposed sale being for the best interest of the\n\nmunicipality or setting forth in detail the contingency creating an\n\nemergency requiring the sale of such securities. Thereafter the\n\nprocedures and duties devolving upon the court clerk, district\n\nattorney and district judge necessary to carry out such proceedings\n\nwith reference to the sale of such securities, shall be in all\n\nrespects the same as the proceedings before the district court as\n\nset forth and provided by the first and foregoing section of this\n\nact, with reference to the judicial authorization of the investment\n\nof any sinking funds, before such treasurer is authorized to make\n\nsuch sale of such securities.","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":"cea2a55eeb96d21c7a52c403835c017e36f7c48a8eeddf18b2e93aa49cc0ff45","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-541","next":"us-ok/okla.-stat.-tit.-62-62-543"},"notice":"GroundRules: Original legal text. Not legal advice."}