A. The State Treasurer of the State of Oklahoma is hereby authorized and required to purchase from the Water Conservation Storage Commission at private sale not to exceed at any one time One Million Five Hundred Thousand Dollars ($1,500,000.00) in said investment certificates, or interim investment certificates, 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 it 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 investment certificates 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 and investment certificates so sold shall bear such rate of interest.

B. In the event any or all of the investment certificates are sold to the State Treasurer under the provisions of subsection A of this section 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 investment certificates as are necessary to be converted into cash to meet such demands. The State Treasurer may sell such part or all of the said investment certificates as the State Treasurer is so authorized to sell, at private sale, to the Teachers' Retirement Fund or any other state fund, department or agency which has available monies to purchase the same, and all such state funds, departments and agencies are hereby authorized and empowered to so purchase such investment certificates.