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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
HOUSE BILL 3764 By: Cantrell
AS INTRODUCED
An Act relating to public finance; amending 62 O.S.
2021, Section 348.1, as amended by Section 1, Chapter
78, O.S.L. 2023 (62 O.S. Supp . 2023, Section 348.1),
which relates to authorized investments; modifying
entities that may make investments; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 348.1, as
amended by Section 1, Chapter 78, O.S.L. 2023 (62 O. S. Supp. 2023,
Section 348.1), is amended to read as follows:
Section 348.1 A. 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, or the financial officer of a ny political
subdivision of a county, when authorized by the appropriate
governing body by a written investment policy, ordinance or
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resolution, or the board of trustees of a public trust with any
county or municipality or any and all combinations thereof as
beneficiary thereof, when authorized by the board of trustees of
said public trust by a written investment policy or resolution, or
the financial officer of a school district, when authorized by the
appropriate governing body by a written investment pol icy or
resolution, or the board of directors of any circuit engineering
district, when authorized by a written investment policy or
resolution, shall invest monies in the custody of the treasurer or
financial officer or the board of trustees in:
1. Direct obligations of the United States Government, its
agencies or instrumentalities to the payment of which the full fa ith
and credit of the Government of the United States is pledged, or
investment grade obligat ions 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 certifi cates 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
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insured certificates of deposit at banks, sa vings banks, savings and
loan associations and credit unions located out of state;
3. Savings accounts or savings certifi cates of savings and loan
associations, banks, and credit unions to the extent that the
accounts or certificates a re 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 thi s 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 judg ments against such county,
municipality or school district ordered by a court of record or
bonds or bond and re venue 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; or
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6. Qualified pooled investment programs, th e 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 fund s or for the funds of a
political subdivision of a county or public trust funds for any
public trust with any county or m unicipality or any and all
combinations thereof as beneficiary thereof or school district fund s
or circuit engineering district funds or a combination thereof must
be governed through an interlocal coop erative 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 , political
subdivision of a county, public trust with any county or
municipality or any and all combin ations thereof as beneficiary
thereof, school district, or circuit engineering distric t must
authorize participation through its written investment policy.
B. The provisions of this section shall not apply to
investments made by organizations of munici palities created for the
purpose of securing benefits an d services relating to insurance for
Oklahoma municipalities or other polit ical subdivisions.
SECTION 2. This act shall become effective November 1, 2024.
59-2-8616 MJ 01/16/24