Okla. Admin. Code § 405:10-7-5

Current through Vol. 42, No. 4, November 1, 2024

Section 405:10-7-5 - Report of assets

Upon notification that a county election has resulted in the withdrawal of a county or counties from a library system, the Director of the Department of Libraries shall conduct a fact- finding inquiry into the assets of the library system. He shall report to the Board his recommendations for the distribution of assets.

(1) The following information will be required of parties concerned:

(A) original source of property held by the district;

(B) amount of funds raised by each county in the system; and

(C) ability of the counties to make further use of property, equipment, or funds for library purposes. [65 O.S., §4-105(c)]

(2) For this purpose, the library system board shall present an updated inventory giving location of all assets which shall include only furniture, equipment, vehicles, land, buildings, and cash unexpended at the time of termination of service. Such assets shall be appraised by a qualified appraiser employed by the system, the cost of which is to be paid from the system assets to be divided. A supplement to the last annual audit projecting income, expenditures, and assets through the end of the service period shall also be provided.

Okla. Admin. Code § 405:10-7-5

Amended at 16 Ok Reg 3040, eff 7-12-99