The Deputy Executive Director/Finance of the Metropolitan Library System, as authorized by the Executive Director, and acting on behalf of the Metropolitan Library Commission, will invest available library funds in the following:

1. Collateralized or insured certificates of deposit of savings and loan associations, banks, savings banks, and credit unions located in the State of Oklahoma, when the certificates of deposit are secured by acceptable collateral as described in the section below, or fully insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF); or
2. Savings accounts or savings certificates of savings and loan associations, banks and trust companies, to the extent that such accounts or certificates are fully insured by the Federal Deposit Insurance Corporation; or
3. Obligations of the United States Government, its agencies or instrumentalities; or obligations to the payment of which the full faith and credit of the State of Oklahoma is pledged.

Class and Character of Acceptable Collateral Securities

Before investing public funds in a qualified financial institution whose deposits are insured by the Federal Deposit Insurance Corporation, the Deputy Executive Director/Finance is required to secure proper collateral only for sums deposited in excess of the amount of deposit insured by the Federal Deposit Insurance Corporation.

The class and character of collateral securities that may be pledged and taken to secure the deposit of library funds in excess of the amount or amounts insured by the Federal Deposit Insurance Corporation shall be limited and restricted to negotiable instruments, payable to the Metropolitan Library Commission, or certified registered public obligation or registered public obligation as follows:

1. Obligations, including letters of credit, of the United States Government, its agencies, and instrumentalities
2. Obligations of the State of Oklahoma or of a county, municipality, or school district of the State of Oklahoma or of an instrumentality of the State of Oklahoma or a county municipality or school district of the State of Oklahoma
3. General obligation bonds of any other state of the United States

Percentage of Security

For sums of deposits or investments in excess of the amount of deposit insured by the Federal Deposit Insurance Corporation, the library will obtain one of the collateral securities noted above at 110 percent of the market value of the sum.

Limitation of Investments

To avoid possible loss of investments, the library will give priority to limiting its investments at any one institution to the Federal Deposit Insurance Corporation limit or to an account that is fully collateralized.