60-394.

§60-394.


    When any unconditional gift, testamentary or otherwise, of any
property to the State of Oklahoma and a county therein and a city or
town within such county shall have been accepted, upon behalf of all
such governmental units, as provided for in Sections 3, 10 and 13
hereof, the Attorney General of the State of Oklahoma, and the county
treasurer of such county, and the presiding officer of the governing
board of such city or town, at the time of the first distribution
under such gift, if testamentary, or at the time of such acceptance
of such gift, if other than a testamentary gift, shall be cotrustees
and the official representatives and agents of their respective
governmental units for all property or monies involved in, and
derived from, such gift, for the use and benefit of such governmental
units, for the purposes specified in Section 12 hereof; and as such,
shall be authorized to execute and deliver any receipts required in
connection therewith.
    They shall continue as such trustees until the trust estate,
resulting hereunder, shall have been fully administered, irrespective
of their continuance in such public offices; provided, that in event
of the death, resignation, disqualification or incapacity of any
trustee before such trust estate shall have been fully administered,
the person then holding the public office corresponding to that held
by such deceased or resigned trustee at the time he became trustee
hereunder, or, in event such death, disqualification, resignation or
incapacity occurs while such trustee still holds such public office,
the person elected or appointed to fill the vacancy in such public
office, or the temporary or other successor thereto shall become and
be his successor as such trustee.
    Each such trustee shall furnish a bond in a sum equal to the
value of such trust estate at the time he becomes such trustee, but
not to exceed Fifty Thousand Dollars ($50,000.00), with some surety
company authorized to do business within the State of Oklahoma, as
surety thereon, conditioned upon the faithful performance of his
duties as such trustee and truly accounting for all monies and
property coming into the custody and control of such cotrustees. Such
bond shall run in the name of the State of Oklahoma and such county
and city or town, and shall be filed in the office of the Secretary
of State of the State of Oklahoma, and the premiums thereon shall be
payable from such trust estate.  The trust estate shall be designated
as "The (name of donor here) Public Improvements Trust Estate".
    All cash, or the equivalent thereof, belonging to such trust
estate and received by the trustees shall, upon receipt, be deposited
in a special depository account in the State Treasury to be
designated as "The (name of donor here) Public Improvements Trust
Fund", and shall be subject to withdrawal or disbursement therefrom
upon, but only upon, check or voucher signed by all three of the
cotrustees, for the purposes provided for herein, and each such check
or voucher shall state thereon the specific purpose for which the
withdrawal or disbursement is made.
    Before selling, exchanging, or making any other disposition of
any tangible property or intangible property (other than cash or the
equivalent thereof) belonging to such a trust estate, and before
investing any cash or the equivalent thereof belonging to such a
trust estate in securities or other property (as distinguished from
expending the same for public improvement purposes as authorized
herein), the cotrustees shall, by written application, obtain the
written approval of the district judge of the county involved as one
of the donees of the gift in question.  Such cotrustees shall also
file with the district judge of such county verified annual reports,
containing a detailed statement of all assets and liabilities of the
trust estate, and a report of the acts and doings of the trustees
during the period covered by such reports.  No notice shall be
required in connection with any such application or report, and no
fees shall be charged for the filing of any such application, report,
or order of approval, or in connection with the entry, recording, or
certification of any such order of approval.