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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	HOUSE BILL 3764 By: Cantrell
58	58
59	59
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63	63	AS INTRODUCED
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65	65	An Act relating to public finance; amending 62 O.S.
66	66	2021, Section 348.1, as amended by Section 1, Chapter
67	67	78, O.S.L. 2023 (62 O.S. Supp . 2023, Section 348.1),
68	68	which relates to authorized investments; modifying
69	69	entities that may make investments; and providing an
70	70	effective date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. AMENDATORY 62 O.S. 2021, Section 348.1, as
79	79	amended by Section 1, Chapter 78, O.S.L. 2023 (62 O. S. Supp. 2023,
80	80	Section 348.1), is amended to read as follows:
81	81	Section 348.1 A. Except as otherwise provided for by law, a
82	82	county treasurer, when authorized by the board of county
83	83	commissioners by a written investment policy, ordinance or
84	84	resolution or the treasurer of any city or town, when authorized by
85	85	the appropriate governing body by a written investment policy,
86	86	ordinance or resolution, or the financial officer of a ny political
87	87	subdivision of a county, when authorized by the appropriate
88	88	governing body by a written investment policy, ordinance or
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140	140	resolution, or the board of trustees of a public trust with any
141	141	county or municipality or any and all combinations thereof as
142	142	beneficiary thereof, when authorized by the board of trustees of
143	143	said public trust by a written investment policy or resolution, or
144	144	the financial officer of a school district, when authorized by the
145	145	appropriate governing body by a written investment pol icy or
146	146	resolution, or the board of directors of any circuit engineering
147	147	district, when authorized by a written investment policy or
148	148	resolution, shall invest monies in the custody of the treasurer or
149	149	financial officer or the board of trustees in:
150	150	1. Direct obligations of the United States Government, its
151	151	agencies or instrumentalities to the payment of which the full fa ith
152	152	and credit of the Government of the United States is pledged, or
153	153	investment grade obligat ions of this state; provided, that any such
154	154	security shall be rated A+ or better by Standard and Poor 's
155	155	Corporation or A1 or better by Moody's Investor Service or an
156	156	equivalent investment grade by a securities ratings organization
157	157	accepted by the National Association of Insurance Commissioners
158	158	including investment grade obligations of state agencies;
159	159	2. Collateralized or insured certifi cates of deposits of
160	160	savings and loan associations, banks, savings banks and credit
161	161	unions located in this state when the certificates of deposit are
162	162	secured by acceptable collateral as provided by law, or fully
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214	214	insured certificates of deposit at banks, sa vings banks, savings and
215	215	loan associations and credit unions located out of state;
216	216	3. Savings accounts or savings certifi cates of savings and loan
217	217	associations, banks, and credit unions to the extent that the
218	218	accounts or certificates a re fully insured by the Federal Deposit
219	219	Insurance Corporation;
220	220	4. Investments as authorized by Section 348.3 of this title
221	221	which are fully collateralized in investments specified in
222	222	paragraphs 1 through 3 of thi s subsection, and where the collateral
223	223	has been deposited with a trustee or custodian bank in an
224	224	irrevocable trust or escrow account established for such purposes;
225	225	5. County, municipal or school district direct debt obligation
226	226	for which an ad valorem tax may be levied or bond and revenue
227	227	anticipation notes, money judg ments against such county,
228	228	municipality or school district ordered by a court of record or
229	229	bonds or bond and re venue anticipation notes issued by a public
230	230	trust for which such county, municipality or school district is a
231	231	beneficiary thereof. All collateral pledged to secure public funds
232	232	shall be valued at no more than market value. The income received
233	233	from that investment may be placed in the general fund of the
234	234	governmental subdivision to be used for general governmental
235	235	operations, the sinking fund, the building fund, or the fund from
236	236	which the investment was made; or
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288	288	6. Qualified pooled investment programs, th e investments of
289	289	which consist of those items specified in paragraphs 1 through 5 of
290	290	this section. To be qualified, a pooled investment program for
291	291	county funds or for city or town fund s or for the funds of a
292	292	political subdivision of a county or public trust funds for any
293	293	public trust with any county or m unicipality or any and all
294	294	combinations thereof as beneficiary thereof or school district fund s
295	295	or circuit engineering district funds or a combination thereof must
296	296	be governed through an interlocal coop erative agreement formed
297	297	pursuant to Sections 1001 through 1008 of Title 74 of the Oklahoma
298	298	Statutes. Prior to participating in a qualified pooled investment
299	299	program, the governing body of such county, city or town , political
300	300	subdivision of a county, public trust with any county or
301	301	municipality or any and all combin ations thereof as beneficiary
302	302	thereof, school district, or circuit engineering distric t must
303	303	authorize participation through its written investment policy.
304	304	B. The provisions of this section shall not apply to
305	305	investments made by organizations of munici palities created for the
306	306	purpose of securing benefits an d services relating to insurance for
307	307	Oklahoma municipalities or other polit ical subdivisions.
308	308	SECTION 2. This act shall become effective November 1, 2024.
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310	310	59-2-8616 MJ 01/16/24

Oklahoma 2024 Regular Session

Oklahoma House Bill HB3764 Compare Versions