3-1-5: DEPOSIT OF FUNDS:
   A.   Depositories Designated: All banks and all savings and loan associations in the County which are incorporated under Federal or State law are hereby designated as depositories for the funds of the Town.
   B.   Clerk-Treasurer Duties:
      1.   The Town Clerk-Treasurer shall deposit daily all public funds received by him/her in such banks or savings and loan associations. (2011 Code § 12-4)
      2.   With the approval of the Town Board of Trustees, the Town Clerk-Treasurer shall have authority to deposit surplus funds of the Town in his custody in banks on a time deposit basis at the highest rate of interest obtainable for such time deposit, as authorized by the Oklahoma Statutes.
   C.   Securing Deposits: The deposits of the Town shall be secured by the Security for Local Deposits Act 1 . (2011 Code § 12-6; amd. 2017 Code)

 

Notes

1
1. 62 OS § 517.1 et seq.