(a) The State Treasurer of the State of Oklahoma, is hereby authorized and required to purchase from the Commission at private sale, all or any part of said bonds, or interim bonds, as an investment of the public monies in his possession. It shall be the responsibility of the State Treasurer to invest only that portion of such public monies as the State Treasurer deems to be more than sufficient to meet current expenditures payable from public monies. The State Treasurer is authorized and required to buy, and the Commission is authorized and required to sell to the State Treasurer at private sale as provided in this section so many of the bonds authorized by this act, as may be safely purchased for investment of public monies by the State Treasurer, without handicapping the State of Oklahoma in promptly meeting its obligations. In event of such sale or sales, the Commission shall determine and fix the rate of interest the bonds so sold shall bear, such rate of interest not to exceed two and one-half percent (2 1/2%) per annum. All interest earned by such bonds as are held by the State Treasurer pursuant to such investment shall, as collected, be paid into the State of Oklahoma Building Bonds of 1955 Sinking Fund.
(b) If the State Treasurer is unable to purchase all of the bonds at the original sale thereof as provided in subsection (a) hereof, then it shall be the mandatory duty of the Commissioners of the Land Office to purchase, at private sale, the bonds which the State Treasurer is unable to purchase. In such event, the Commissioners of the Land Office shall, to the extent necessary to carry out the provisions of this subsection, sell and liquidate such of their investments as they may constitutionally sell and liquidate, and shall purchase such bonds with the proceeds thereof. All State of Oklahoma Building Bonds of 1955 purchased by the Commissioners of the Land Office under the provisions of this subsection shall provide for a rate of interest equal to the average interest yield of the securities sold and liquidated to make such purchase, but in no event more than two and one-half percent (2 1/2%) per annum.
(c) In the event any or all of the bonds are sold to the State Treasurer under the provisions of subsection (a) hereof and thereafter the uninvested cash on hand and in solvent banks should fall short of demand orders on the State Treasury, it shall be the duty of the State Treasurer to sell such part or all of the bonds as are necessary to be converted into cash to meet such demands, and, if confirmed and authorized as aforesaid, such bonds shall be sold to the Commissioners of the Land Office at par and accrued interest for either permanent or temporary investment. It shall be the mandatory duty of the Commissioners of the Land Office to purchase such of said bonds as it is necessary for the State Treasurer to sell and, to the extent necessary to carry out the provisions of this subsection, the Commissioners of the Land Office shall sell and liquidate such of their investments as they may constitutionally sell and liquidate and shall purchase such bonds with the proceeds thereof.
(d) If the Commissioners of the Land Office cannot purchase said bonds as offered by the State Treasurer as provided in subsection (c) hereof, it shall be the further duty of the State Treasurer to publish, advertise and, on the date given in the notice, sell at not less than par and accrued interest, to the highest and best bidder for cash, only so many of the bonds as will enable the state to meet such demand orders, provided, however, in lieu of so selling such bonds at the market, the State Treasurer and the Commission may agree to the refunding of part or all of such bonds, in accordance with the method and procedure for refunding provided in this act.
Laws 1955, p. 340, § 5.