Okla. Stat. tit. 11, § 11-37-229: Issuance of negotiable coupon books

The municipal governing body may, after the expiration of thirty

(30) days from the publication of the assessing ordinance, within

which period the whole of any assessment may be paid without

interest, provide by resolution for the issuance of bonds. The

bonds shall be in the aggregate amount of the assessments then

remaining unpaid, bearing date of thirty (30) days after the

publication of the assessing ordinance, and be of such denominations

as the governing body and the contractor shall determine. The bonds

shall in no event become a liability of the municipality issuing the

bonds. The bonds shall be payable on or before the first of October

next succeeding the September 1 on which the last installment of

assessments shall mature. The interest on the bonds shall be at the

rate of not to exceed twelve percent (12%) per annum, payable

October 1 following the due date of the first installment of

assessments, and semiannually thereafter, until maturity, and

fifteen percent (15%) per annum after maturity. The bonds shall be

designated as Improvement Bonds and shall:

1. Recite the areas for the improvement of which they have been

issued;

2. State that they are payable, in cash, from the assessments

which have been levied upon the lots and tracts of land benefited by

the improvement and from the accumulation of the interest and

penalty on the assessments;

3. Designate the place, either within or without Oklahoma,

where the bonds and interest shall be payable;

4. Be signed by the mayor and attested by the municipal clerk;

and

5. Contain an impression of the corporate seal of the

municipality thereon.

Facsimile seals and signatures of the mayor and municipal clerk may

be used as provided in the Registered Public Obligations Act of

Oklahoma. The bonds shall be issued in series, and the bonds of

each series shall be numbered consecutively beginning with number

One. The bonds of each series shall be payable, in cash, in their

numerical order.