Oklahoma Administrative Code
Title 735 - State Treasurer
Chapter 20 - Security for Local Entity Deposits
Section 735:20-1-3 - Public entity funds to be secured with collateral securities and/or collateral instruments

Universal Citation: OK Admin Code 735:20-1-3
Current through Vol. 42, No. 1, September 16, 2024

All public entities which must comply with the Security for Local Public Deposits Act (62 O.S. §§ 517.1 et seq.), which have funds on deposit with financial institutions shall be secured through the pledge of collateral securities and/or provide collateral instruments to the local public entity. If a financial institution secures public entity funds on deposit using only collateral securities, the fair market value of the collateral securities pledged must be equal to or in excess of the maintenance percentage. If only collateral instruments are used to secure public entity funds on deposit, the total amount provided must be equal to or greater than the local public entity funds on deposit in excess of the FDIC-insured limit plus interest due at maturity. Alternatively, if a financial institution pledges and provides both collateral securities and collateral instruments, the total of the fair market value of the securities and the amount of the instruments must be equal to or in excess of the maintenance percentage.

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

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.