Senate Bill No. 957 establishes a new section in the Oklahoma Statutes that allows the governing board of any political subdivision to create a written investment policy for the management of public funds. This policy must address key investment factors such as liquidity, diversification, safety of principal, yield, maturity, and investment management capability, with a strong emphasis on safety and liquidity. The bill outlines various types of investments that can be authorized, 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. Additionally, it allows for the income generated from these investments to be allocated to various funds, such as the general fund or rainy day fund.

The bill also includes a repeal of existing sections 348.1 and 348.3 of Title 62, which may have previously governed investment practices for political subdivisions. This repeal indicates a shift towards a more streamlined and comprehensive investment framework as outlined in the new section. The act is set to take effect on November 1, 2025, providing time for political subdivisions to adapt to the new regulations.

Statutes affected:
Introduced: 62-348.1, 62-2023, 62-348.3
Committee Substitute: 62-348.1, 62-348.3
Floor (Senate): 62-348.1, 62-348.3