SB 1796 Summary

• Amends 70 O.S. 2011, Section 5-115 to allow school district treasurers to invest funds in investment programs administered by the State Treasurer as a new option for managing school district investments.

• Adds requirements for school districts to maintain separate investment ledgers disclosing date, description, principal amount paid for each investment purchased, and principal amount received when investments are liquidated.

• Authorizes board of education to require treasurers to complete an investment education program approved by the State Board of Education and State Board of Career and Technology Education.

• Amends 62 O.S. 2011, Section 89.6 to clarify that the State Treasurer may charge fees for managing the state blended portfolio and investment services, with fees collected from "participants" rather than "participating state agencies."

• Changes language regarding authorized sinking fund payments and investment transactions to permit use of checks, wire transfers, or other instruments through the Federal Reserve System without requiring formal warrants.