Okla. Stat. tit. 11, § 11-35-204: Sale to be for cash - Bids - Payment

The sale of any public utility, when authorized by the

registered voters, shall be for cash to the highest and best

responsible bidder. Each bid shall be accompanied with a certified

check payable to the clerk of the municipality for ten percent (10%)

of the amount bid. The check shall be cashed by the treasurer of

the municipality if the bid to which the check is attached is

accepted, and the proceeds thereof shall be held to secure the

municipality in damages it might sustain upon the failure of the

bidder to pay the amount bid for the utility. The balance of the

purchase price shall be payable in cash by the successful bidder

upon the execution and delivery of proper legal conveyances and of

the property thereby conveyed. The public utility shall not be

delivered, nor shall the right to participate in any portion of the

income derived therefrom accrue to the purchaser until full payment

in cash of the amount of the bid for such utility is made.

Securities in which municipal treasurers are authorized by law to

invest sinking funds may be accepted in lieu of cash.