{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-57.19","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-57.19","heading":"Sales to State Treasurer and Commissioners of Land","body":"Office.\n\n(a) The State Treasurer of the State of Oklahoma, is hereby\n\nauthorized and required to purchase from the Commission at private\n\nsale, all or any part of said bonds, or interim bonds, as an\n\ninvestment of the public monies in his possession. It shall be the\n\nresponsibility of the State Treasurer to invest only that portion of\n\nsuch public monies as the State Treasurer deems to be more than\n\nsufficient to meet current expenditures payable from public monies.\n\nThe State Treasurer is authorized and required to buy, and the\n\nCommission is authorized and required to sell to the State Treasurer\n\nat private sale as provided in this section so many of the bonds\n\nauthorized by this act, as may be safely purchased for investment of\n\npublic monies by the State Treasurer, without handicapping the State\n\nof Oklahoma in promptly meeting its obligations. In event of such\n\nsale or sales, the Commission shall determine and fix the rate of\n\ninterest the bonds so sold shall bear, such rate of interest not to\n\nexceed two and one-half percent (2 1/2%) per annum. All interest\n\nearned by such bonds as are held by the State Treasurer pursuant to\n\nsuch investment shall, as collected, be paid into the State of\n\nOklahoma Building Bonds of 1955 Sinking Fund.\n\n(b) If the State Treasurer is unable to purchase all of the\n\nbonds at the original sale thereof as provided in subsection (a)\n\nhereof, then it shall be the mandatory duty of the Commissioners of\n\nthe Land Office to purchase, at private sale, the bonds which the\n\nState Treasurer is unable to purchase. In such event, the\n\nCommissioners of the Land Office shall, to the extent necessary to\n\ncarry out the provisions of this subsection, sell and liquidate such\n\nof their investments as they may constitutionally sell and\n\nliquidate, and shall purchase such bonds with the proceeds thereof.\n\nAll State of Oklahoma Building Bonds of 1955 purchased by the\n\nCommissioners of the Land Office under the provisions of this\n\nsubsection shall provide for a rate of interest equal to the average\n\ninterest yield of the securities sold and liquidated to make such\n\npurchase, but in no event more than two and one-half percent (2\n\n1/2%) per annum.\n\n(c) In the event any or all of the bonds are sold to the State\n\nTreasurer under the provisions of subsection (a) hereof and\n\nthereafter the uninvested cash on hand and in solvent banks should\n\nfall short of demand orders on the State Treasury, it shall be the\n\nduty of the State Treasurer to sell such part or all of the bonds as\n\nare necessary to be converted into cash to meet such demands, and,\n\nif confirmed and authorized as aforesaid, such bonds shall be sold\n\nto the Commissioners of the Land Office at par and accrued interest\n\nfor either permanent or temporary investment. It shall be the\n\nmandatory duty of the Commissioners of the Land Office to purchase\n\nsuch of said bonds as it is necessary for the State Treasurer to\n\nsell and, to the extent necessary to carry out the provisions of\n\nthis subsection, the Commissioners of the Land Office shall sell and\n\nliquidate such of their investments as they may constitutionally\n\nsell and liquidate and shall purchase such bonds with the proceeds\n\nthereof.\n\n(d) If the Commissioners of the Land Office cannot purchase said\n\nbonds as offered by the State Treasurer as provided in subsection\n\n(c) hereof, it shall be the further duty of the State Treasurer to\n\npublish, advertise and, on the date given in the notice, sell at not\n\nless than par and accrued interest, to the highest and best bidder\n\nfor cash, only so many of the bonds as will enable the state to meet\n\nsuch demand orders, provided, however, in lieu of so selling such\n\nbonds at the market, the State Treasurer and the Commission may\n\nagree to the refunding of part or all of such bonds, in accordance\n\nwith the method and procedure for refunding provided in this act.","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":"e7eb8d2f52d311a7e96d0ccdb82f0d69906a36d6d66048c04de9ad6262089c6e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-57.189","next":"us-ok/okla.-stat.-tit.-62-62-57.190"},"notice":"GroundRules: Original legal text. Not legal advice."}