Okla. Admin. Code § 735:20-1-4

Current through Vol. 41, No. 23, August 15, 2024

Section 735:20-1-4 - Pledge or provision of collateral required to receive local public entity funds on deposit

Financial institutions accepting funds on deposit from public entities under the Security for Local Public Deposits Act, must transfer collateral securities to a safekeeping bank and/or provide collateral instruments to the public entity prior to receiving said funds. Financial institutions retain a right to substitute and withdraw collateral securities, and collateral instruments if:

(1) the transaction would not reduce the total collateral pledged and provided below the required amounts as established in 735:20-1-3;

(2) the transaction is otherwise in compliance with these rules and regulations; and

(3) if the transaction is approved by the public entity treasurer.

Okla. Admin. Code § 735:20-1-4

Added at 16 Ok Reg 1275, eff 5-13-99; Amended at 18 Ok Reg 2857, eff 7-1-01