Bill > SB957

This bill modifies investment procedures for local government entities in Oklahoma by establishing new guidelines for how public funds can be invested. The legislation allows political subdivisions to create a written investment policy that prioritizes safety and liquidity, and provides a comprehensive list of authorized investment options including direct federal and state obligations, collateralized certificates of deposit, negotiable certificates of deposit, savings accounts fully insured by federal agencies, county and municipal debt obligations, prime banker's acceptances, prime commercial paper, repurchase agreements, money market funds, and qualified pooled investment programs. The bill requires investments to be made with prudence and care, considering both the safety of capital and potential income, and specifically prohibits speculative investments. Political subdivisions participating in local government investment pools are automatically deemed to have authorized investments in the specified categories. The bill also allows investment income to be placed in various funds, such as the general fund or rainy day fund, and does not restrict public retirement systems from using other authorized investment methods. The legislation repeals previous sections of law related to local government investments and will become effective on November 1, 2025.

Budget and Finance, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb957&Session=2600