Cash Management Program Bill Approved

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Cash Management Program Bill Approved Measures to provide oversight on the Oklahoma treasurer's office and a short term cash management program utilized by school districts, counties and vo-tech districts were signed into law Tuesday by Gov. David Walters. House Bill 1051, principally co-authored by House Speaker Glen Johnson, D- Okemah and Sen. Ted Fisher, D-Sapulpa, creates an advisory committee for the state treasurer and requires financial statements to be prepared according to standards of the Governmental Accounting Standards Board. It also requires the State Auditor and Inspector to audit the financial statement for each fiscal year, according to Generally Accepted Auditing Standards. Anti-collusion statements will be required from all employees and brokers offering investment services to the treasury. House Bill 1579, principally co-authored by Rep. Sid Hudson, D-Lawton and Fisher, sets a limit on the amount of funds a school district or county can participate in a short-term cash management program. The bill strengthens functions of the Oklahoma Commission on School and County Funds Management, and requires districts or counties to be certified for participation in a program. Individuals paid to advise school districts or counties on participation in the program must be registered as investment advisors or investment advisor representatives with the Oklahoma Department of Securities. Ebco Auction Raises $1.4 Million for 34 Companies An auction conducted by Ebco U.S.A. Inc. raised more than $1.4 million for 34 oil companies, the Oklahoma City-based company said Tuesday. Ebco sold 400 operating and non-operating interests in 12 states at its 35th oil and gas property invitational sale on May 8 in Dallas. Each property was sold to the high bidder with no minimum set price. The properties were divided into 340 lots. …