The bill, introduced by Senator Alvord and Representatives Lawson, Hildebrant, and Lepak, modifies investment procedures for local governments in Oklahoma. It establishes a new section in the Oklahoma Statutes that allows the governing boards of political subdivisions to create written investment policies that prioritize safety and liquidity when investing public funds. The bill outlines various authorized investments, including direct obligations of the federal government, investment-grade obligations of state agencies, collateralized certificates of deposits, prime bankers' acceptances, and money market funds, among others. It also allows for the income from these investments to be allocated to various funds, such as the general fund or rainy day fund.

Additionally, the bill repeals existing sections 348.1 and 348.3 of Title 62, which previously governed the investment of funds, thereby streamlining the investment framework for local governments. The new provisions emphasize prudent investment practices and allow for participation in local government investment pools, ensuring that political subdivisions can invest in a range of secure financial instruments. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 62-348.1, 62-2023, 62-348.3
Committee Substitute: 62-348.1, 62-348.3
Floor (House): 62-348.1, 62-348.3
Floor (Senate): 62-348.1, 62-348.3
Engrossed: 62-348.1, 62-348.3
Enrolled (final version): 62-348.1, 62-348.3