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OK SB738
Bill
AI Summary
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Amends 62 O.S. 2011, Section 348.1 to exempt organizations of municipalities created to secure insurance benefits and services for Oklahoma municipalities from the standard investment restrictions that apply to county and city treasurers.
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County and city treasurers must still invest public funds only in authorized instruments including direct U.S. government obligations, collateralized certificates of deposit, FDIC-insured savings accounts, and certain municipal bonds.
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Updates statutory language by replacing a specific citation ("Section 516.3 of this title") with the broader phrase "by law" regarding acceptable collateral requirements for certificates of deposit.
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Effective date: November 1, 2013.
Legislative Description
Public finance; providing exception for investment authorization. Effective date.
Cities and Towns
Last Action
Approved by Governor 04/16/2013
4/16/2013