{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-5-115","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-5-115","heading":"Local treasurer - Surety bond - Duties - Cash and","body":"investment ledgers.\n\nA. Unless the context clearly shows otherwise, the term\n\n“treasurer”, as used in this section, includes a county treasurer\n\nacting as the treasurer of a school district pursuant to the\n\nprovisions of Section 5-114 of this title. The treasurer so\n\nappointed shall execute, before entering upon the duties of the\n\noffice of the treasurer, a surety bond in an amount which it is\n\nestimated by the board of education the treasurer will have on hand\n\nat any one time during the current year, and the amount of\n\nsecurities held as investments shall not be considered. The board\n\nof education is empowered to require the treasurer to increase or\n\ndecrease the bond of the treasurer as the amount of funds on hand\n\nmay require. Provided, the bond of a school district shall not, in\n\nany event, be required to be in an amount greater than that of the\n\ncounty treasurer of the county. The premium on the bond shall be\n\npaid by the board of education out of district funds. Provided,\n\nhowever, the treasurer of such district shall require the depository\n\nwherein school district funds are deposited to insure or guarantee\n\nthe deposit by proper securities, which shall be of the same class\n\nof securities as are required to insure deposits of county\n\ntreasurers of the various counties, and the securities shall be\n\npledged, taken and kept in the manner provided by Sections 517.1\n\nthrough 517.7 of Title 62 of the Oklahoma Statutes.\n\nB. In all districts which are permitted by law to select a\n\nlocal treasurer, the county treasurer shall act as treasurer thereof\n\nuntil such time as a local treasurer shall be appointed and has\n\nexecuted the surety bond required by this section. In no instance\n\nin which the county treasurer is the treasurer of any school\n\ndistrict shall any additional bond be required, but the official\n\nbond of the county treasurer shall stand for any and all funds and\n\nsecurities coming into the hands of the county treasurer.\n\nC. The local treasurer of a district, when required by the\n\nboard of education, shall prepare and submit in writing a report of\n\nthe condition of the finances of the district and shall produce at\n\nany meeting of the board or to any committee appointed for the\n\npurpose of examining the accounts of the treasurer all books and\n\npapers pertaining to the office of the treasurer. Upon failure to\n\nmake reports as provided for herein or as may otherwise be required\n\nby law, the board may at any regular or special meeting thereof\n\nsummarily suspend the treasurer, and while so suspended the\n\ntreasurer shall perform no act pertaining to the office of the\n\ntreasurer. Such suspension shall continue until ended by order of\n\nthe board or by judgment of a court of competent jurisdiction.\n\nD. The local treasurer of a school district shall keep a\n\nseparate cash ledger for each fund in the custody of the treasurer.\n\nThe local treasurer shall enter each collection and disbursement in\n\nthe cash ledger of the applicable fund by recording the date and\n\nclassification of each transaction and such other information as may\n\nbe deemed desirable. Additional ledgers shall also be maintained to\n\nrecord the investments made from each fund. Such investment ledgers\n\nshall disclose the date, description and principal amount paid for\n\neach investment purchased and the date and principal amount received\n\nfor each investment liquidated.\n\nE. Upon suspension by the board, the treasurer shall\n\nimmediately turn over to the board of education or to the acting\n\ntreasurer if one has been appointed by the board, all books and\n\npapers and other property pertaining to the office of the treasurer.\n\nF. Except as otherwise provided by law, no treasurer of any\n\ndistrict shall pay out school district funds in the care of the\n\ntreasurer except upon warrants signed by the proper school district\n\nofficials authorized by the law to sign such warrants, provided,\nboard, all books and\n\npapers and other property pertaining to the office of the treasurer.\n\nF. Except as otherwise provided by law, no treasurer of any\n\ndistrict shall pay out school district funds in the care of the\n\ntreasurer except upon warrants signed by the proper school district\n\nofficials authorized by the law to sign such warrants, provided,\n\nthis restriction shall not apply to sinking funds or to the\n\ninvestment of school district funds. Authorized sinking fund\n\npayments and payment for investments or receipt of liquidated\n\ninvestments may be made by check, wire transfer or other instrument\n\nor method through the Federal Reserve System.\n\nG. The board of education shall, each month, set aside funds to\n\nan operating account and to an investment account. Investments by\n\nthe treasurer shall be made in accordance with a written policy\n\nadopted by the board of education. The written investment policy\n\nshall address liquidity, diversification, safety of principal,\n\nyield, maturity, quality of the instrument, and capability of\n\ninvestment management. Acting within the investment policy, the\n\ntreasurer shall place primary emphasis on safety and liquidity in\n\nthe investment of funds. Taking into account the need to use sound\n\ninvestment judgment, school districts shall, to the extent\n\npracticable, use competitive bids when they purchase direct\n\nobligations of the United States Government or other obligations of\n\nthe United States Government, its agencies or instrumentalities.\n\nSuch system shall be designed to maximize yield within each class of\n\ninvestment instrument, consistent with the safety of the funds\n\ninvested. The board of education must review the investment\n\nperformance of the treasurer on a regular basis and no less than\n\neach month. The treasurer of every school district shall invest the\n\nfull amount of the investment account in:\n\n1. Direct obligations of the United States Government to the\n\npayment of which the full faith and credit of the Government of the\n\nUnited States is pledged; provided, a treasurer of a school district\n\nwho has completed the program pursuant to the provisions of\n\nsubsection H of this section may invest funds in the investment\n\naccount in other obligations of the United States Government, its\n\nagencies or instrumentalities;\n\n2. Obligations to the payment of which the full faith and\n\ncredit of this state is pledged;\n\n3. Certificates of deposits of banks when such certificates of\n\ndeposits are secured by acceptable collateral as in the deposit of\n\nother public monies;\n\n4. Savings accounts or savings certificates of savings and loan\n\nassociations to the extent that such accounts or certificates are\n\nfully insured by the Federal Savings and Loan Insurance Corporation.\n\nProvided, that the income received from the investments may be\n\nplaced in the general fund of the governmental subdivision to be\n\nused for general governmental operations;\n\n5. Repurchase agreements that have underlying collateral\n\nconsisting of those items specified in paragraphs 1 and 2 of this\n\nsubsection including obligations of the United States, its agencies\n\nand instrumentalities, and where the collateral has been deposited\n\nwith a trustee or custodian bank in an irrevocable trust or escrow\n\naccount established for such purposes;\n\n6. County, municipal or school district direct debt obligations\n\nfor which an ad valorem tax may be levied or bond and revenue\n\nanticipation notes, money judgments against such county,\n\nmunicipality or school district ordered by a court of record or\n\nbonds or bond and revenue anticipation notes issued by a public\n\ntrust for which such county, municipality or school district is a\n\nbeneficiary thereof. All collateral pledged to secure public funds\n\nshall be valued at no more than market value. The income received\n\nfrom an investment may be placed in the general fund of the\ncounty,\n\nmunicipality or school district ordered by a court of record or\n\nbonds or bond and revenue anticipation notes issued by a public\n\ntrust for which such county, municipality or school district is a\n\nbeneficiary thereof. All collateral pledged to secure public funds\n\nshall be valued at no more than market value. The income received\n\nfrom an investment may be placed in the general fund of the\n\ngovernmental subdivision to be used for general governmental\n\noperations, the sinking fund, the building fund, or the fund from\n\nwhich the investment was made;\n\n7. Money market mutual funds regulated by the Securities and\n\nExchange Commission and which investments consist of obligations of\n\nthe United States, its agencies and instrumentalities, and\n\ninvestments in those items and those restrictions specified in\n\nparagraphs 1 through 6 of this subsection;\n\n8. Warrants, bonds or judgments of the school district;\n\n9. Qualified pooled investment programs, the investments of\n\nwhich consist of those items specified in paragraphs 1 through 8 of\n\nthis subsection, as well as obligations of the United States\n\nagencies and instrumentalities, regardless of the size of the\n\ndistrict’s budget. To be qualified, a pooled investment program for\n\nschool funds must be governed through an interlocal cooperative\n\nagreement formed pursuant to Section 5-117b of this title, and the\n\nprogram must competitively select its investment advisors and other\n\nprofessionals. Any pooled investment program used must be approved\n\nby the board of education; or\n\n10. Investment programs administered by the State Treasurer.\n\nH. The board of education is hereby empowered to require the\n\ntreasurer to satisfactorily complete an investment education program\n\napproved by the State Board of Education and the State Board of\n\nCareer and Technology Education. Such program shall be designed to\n\nallow treasurers to make informed decisions regarding the safety,\n\nreturn, liquidity, costs and benefits of various investment options\n\nallowed under this section.\n\nI. The income received on an investment may be placed in the\n\nfund from which the investment was made, the general fund, the\n\nbuilding fund, or the sinking fund.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"db4e287885d7f98f22c825dcb20b31b5d2bd14335cdf09212efc441783b7ed3b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-5-114","next":"us-ok/okla.-stat.-tit.-70-70-5-115b"},"notice":"GroundRules: Original legal text. Not legal advice."}