Section 348.1 - Authorized investments - Disposition of incomeA. Except as otherwise provided for by law, a county treasurer, when authorized by the board of county commissioners by a written investment policy, ordinance or resolution or the treasurer of any city or town, when authorized by the appropriate governing body by a written investment policy, ordinance or resolution, shall invest monies in the custody of the treasurer in: 1. Direct obligations of the United States Government, its agencies or instrumentalities to the payment of which the full faith and credit of the Government of the United States is pledged, or investment grade obligations of this state; provided, that any such security shall be rated A+ or better by Standard and Poor's Corporation or A1 or better by Moody's Investor Service or an equivalent investment grade by a securities ratings organization accepted by the National Association of Insurance Commissioners including investment grade obligations of state agencies;2. Collateralized or insured certificates of deposits of savings and loan associations, banks, savings banks and credit unions located in this state when the certificates of deposit are secured by acceptable collateral as provided by law, or fully insured certificates of deposit at banks, savings banks, savings and loan associations and credit unions located out of state;3. Savings accounts or savings certificates of savings and loan associations, banks, and credit unions to the extent that the accounts or certificates are fully insured by the Federal Deposit Insurance Corporation;4. Investments as authorized by Section 348.3 of this title which are fully collateralized in investments specified in paragraphs 1 through 3 of this subsection, and where the collateral has been deposited with a trustee or custodian bank in an irrevocable trust or escrow account established for such purposes;5. County, municipal or school district direct debt obligation for which an ad valorem tax may be levied or bond and revenue anticipation notes, money judgments against such county, municipality or school district ordered by a court of record or bonds or bond and revenue anticipation notes issued by a public trust for which such county, municipality or school district is a beneficiary thereof. All collateral pledged to secure public funds shall be valued at no more than market value. The income received from that investment may be placed in the general fund of the governmental subdivision to be used for general governmental operations, the sinking fund, the building fund, or the fund from which the investment was made; or6. Qualified pooled investment programs, the investments of which consist of those items specified in paragraphs 1 through 5 of this section. To be qualified, a pooled investment program for county funds or for city or town funds or a combination thereof must be governed through an interlocal cooperative agreement formed pursuant to Sections 1001 through 1008 of Title 74 of the Oklahoma Statutes. Prior to participating in a qualified pooled investment program, the governing body of such county, city or town must authorize participation through its written investment policy.B. The provisions of this section shall not apply to investments made by organizations of municipalities created for the purpose of securing benefits and services relating to insurance for Oklahoma municipalities or other political subdivisions.Okla. Stat. tit. 62, § 348.1
Amended by Laws 2023 , c. 78, s. 1, eff. 11/1/2023.Amended by Laws 2021 , c. 172, s. 1, eff. 11/1/2021.Amended by Laws 2014 , c. 43, s. 1, eff. 11/1/2014.Amended by Laws 2013 , c. 51, s. 1, eff. 11/1/2013.Laws 1943, p. 144, § 1, emerg. eff. 2/26/1943; Laws 1955, p. 347, § 1, emerg. eff. 2/8/1955; Laws 1955, p. 347, § 1, emerg. eff. 5/23/1955; Laws 1963, c. 49, § 1, emerg. eff. 5/2/1963; Laws 1967, c. 356, § 1, emerg. eff. 5/18/1967; Laws 1970, c. 310, § 1, emerg. eff. 4/23/1970; Laws 1971, c. 69, § 1, emerg. eff. 4/12/1971; Laws 1974, c. 120, § 1, emerg. eff. 5/1/1974; Laws 1983, c. 141, § 1, emerg. eff. 5/23/1983; Laws 1984, c. 12, § 1, eff. 11/1/1984; Laws 1988, c. 319, § 13, eff. 9/30/1988; Laws 1991, c. 124, § 20, eff. 7/1/1991; Laws 1992, c. 211, § 10, eff. 7/1/1992; Amended by Laws 1999, 1251 c. 327. § 3, emerg. eff. 7/1/1999.