Okla. Stat. tit. 69, § 69-1324: Bonds of issue

(a) The governing body of the city or the board of county

commissioners after the expiration of thirty (30) days from the

publication of the assessing ordinance or resolution, within which

period the whole of any assessment may be paid without interest,

shall provide by resolution for the issuance of bonds in the

aggregate amount of such assessments then remaining unpaid bearing

date of thirty (30) days after the publication of the ordinance or

resolution levying the assessments, and of such denominations as the

governing body of the city or board of county commissioners and the

contractor shall determine. The bonds shall in no event become a

liability of the city or county issuing them.

(b) The bonds shall be payable on or before October 1 next

succeeding the September 1 on which the last installment of

assessments shall mature, with interest at a rate not to exceed the

maximum rate provided by Section 498.1 of Title 62 of the Oklahoma

Statutes, payable October 1 next succeeding the due date of the

first installment of assessments, and semiannually thereafter, until

maturity, and ten percent (10%) per annum after maturity.

(c) The bonds shall be designated as "limited access facility

bonds" and shall recite:

(1) The facility or other public places for the improvement of

which they have been issued; and

(2) That they are payable from the assessments which have been

levied upon the lots and tracts of land benefited by such

improvement and from the accumulation of the interest and penalty

provided for herein.

(d) The bonds shall be signed by the mayor of the city or the

chairman of the board of county commissioners and shall be attested

by the city or county clerk, and shall have an impression of the

corporate seal of the city or of the county clerk thereon.

(e) The bonds and interest or coupons shall be payable at such

place, either within or without the State of Oklahoma, as shall be

designated thereon.

(f) Such bonds shall be registered by the clerk and treasurer or

appointed agent of the city or county in a book to be provided for

that purpose or as otherwise provided by Section 4 of the Registered

Public Obligations Act of Oklahoma. Each bond shall bear a

certificate of the registration. Upon the books or records of such

clerk and treasurer or appointed agent shall be noted the name of

the holder thereof and his address, and any subsequent holder.

(g) The city or county shall have the right to call in and pay

such bonds or any number thereof in the following manner: Whenever

there shall be sufficient funds in the hands of the city or county

treasurer after the payment of all interest due and to become due

within the next six (6) months, such treasurer shall on March 1 or

September 1 of any year give notice by registered mail addressed to

the last-registered holder of the bonds called, at the address

appearing upon the registry, that there has accumulated funds

sufficient to pay the designated bonds, and interest thereon to a

date thirty (30) days hence from the date of such notice, and

directing the presentation of such bond or bonds for payment and

cancellation, and the bond or bonds will cease to bear interest

after expiration of the thirty (30) days, and upon the payment and

cancellation of the bond or bonds, proper entry thereof shall be

made upon the books. It shall be the duty of such city or county

treasurer, upon the accumulation of sufficient funds as herein

provided to pay one or more bonds, to so call and pay such bond or

bonds, and, in the event of failure so to do, he shall be liable for

all such damages as may result therefrom, and the provisions hereof

may be enforced by appropriate proceedings in mandamus against such

treasurer.