Senate Bill No. 957 modifies investment procedures for local governments in Oklahoma by establishing a new legal framework for the investment of public funds. The bill allows the governing boards of political subdivisions to create written investment policies that prioritize safety and liquidity while addressing factors such as diversification and yield. It outlines a range of authorized investments, including direct obligations of the federal government, investment-grade obligations of state agencies, collateralized certificates of deposit, and various forms of commercial paper and money market funds. Additionally, the bill permits participation in local government investment pools, which automatically authorizes the specified investments.

The bill also repeals existing sections of law related to the investment of funds, specifically 62 O.S. 2021, Sections 348.1 and 348.3, which were amended by previous legislation. The new provisions emphasize prudent investment practices and allow for the income generated from investments to be allocated to various funds, including the general fund and rainy day fund. 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