Bill No. 957, introduced by Senators Alvord and Lawson, aims to modify investment procedures for local governments in Oklahoma. The bill allows the governing boards of political subdivisions to establish a written investment policy that emphasizes 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, prime bankers' acceptances, and money market funds, among others. Additionally, it permits political subdivisions to participate in local government investment pools, which will automatically authorize the specified investments.

The bill also includes the repeal of Sections 348.1 and 348.3 of Title 62, which were previously amended, thereby streamlining the investment framework for local governments. The new provisions emphasize prudent investment practices and allow for the income generated from investments to be allocated to various funds, including general and rainy day funds. 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 (Senate): 62-348.1, 62-348.3
Engrossed: 62-348.1, 62-348.3