§ 73-154 — Repealed

Oklahoma § 73-154

• Jurisdiction: Oklahoma
• Title 73: State Capital And Capitol Building

Text

Repealed by Laws 2002, c. 481, § 6. NOTE: This section was amended prior to repeal by Laws 2002, c. 50, § 4, eff. Nov. 1, 2002 to read as follows: (a) The State Treasurer of the State of Oklahoma is hereby authorized and required to purchase from the Authority at private sale all or any part of said bonds, or interim bonds, as an investment of the public monies in his possession. It shall be the responsibility of the State Treasurer to invest only that portion of such public monies as it deems to be more than sufficient to meet current expenditures payable from public monies. The State Treasurer is authorized and required to buy, and the Authority is authorized and required to sell to the State Treasurer at private sale, as provided in this section, so many of the bonds authorized by this act as may be safely purchased for investment of public monies by the State Treasurer without handicapping the State of Oklahoma in promptly meeting its obligations. In event of such sale or sales, the Authority shall determine and fix the rate of interest the bonds so sold shall bear, such rate of interest not to exceed the maximum hereinbefore authorized. All interest earned by such bonds as are held by the State Treasurer pursuant to such investment shall, as collected, be paid into the Oklahoma Capitol Improvement Authority Fund. (b) In the event any or all of the bonds are sold to the State Treasurer under the provisions of subsection (a) hereof and thereafter the uninvested cash on hand and in solvent banks should fall short of demand orders on the State Treasury, it shall be the duty of the State Treasury to sell such part or all of the bonds as are necessary to be converted into cash to meet such demands. The State Treasurer may sell such part or all of the said bonds as he is so authorized to sell, at private sale, to CompSource Oklahoma, the Teachers Retirement Fund, or any other state fund, department or agency which has available monies to purchase the same, and all such state funds, departments and agencies are hereby authorized and empowered to so purchase such bonds. (c) If such bonds or any of them cannot be sold to such other state funds, departments and agencies, it shall be the duty of the State Treasurer to publish, advertise and, on the date given in the notice, sell at not less than par and accrued interest, to the highest and best bidder for cash, only so many of the bonds as will enable the state to meet such demand orders; provided, however, in lieu of so selling such bonds at the market, the State Treasurer and the Authority may agree to the refunding of part or all of such bonds, in accordance with the method and procedure for refunding provided in this act. (d) The CompSource Oklahoma President and Chief Executive Officer with the approval of the Board of Managers of CompSource Oklahoma and the State Board of Trustees of the Teachers Retirement Fund are also authorized to purchase all or any part of said bonds at private sale as an investment of such funds. In event of such sale or sales, the Authority shall determine and fix the rate of interest not to exceed the maximum hereinbefore authorized.

Legislative History

Repealed by Laws 2002, c.