Section 6-10. Deposit of Funds: Security.

1. The funds of the Town shall be deposited as required by Law.
2. With the approval of the Board of Trustees, the Town Clerk shall have the 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.
3. The deposits of the Town shall be secured by the Unit Collateral System provided by Title 62, Sections 516.1-516.10 of the Oklahoma Statutes, and the provisions of these Sections are hereby adopted insofar as they are applicable to the Town.

Related Articles

• Town Finance and Business – Article 09. Warrants, Etc: Disbursement of Funds
• Public Utilities – Article 6. Utility Collection Policy
• Town Finance and Business – Article 01. Purchase of Supplies
• Town Finance and Business – Article 02. Sale of Surplus and Obsolete Property
• Town Finance and Business – Article 03. Purchase of Supplies, Materials, and Equipment