{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-35-204","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-35-204","heading":"Sale to be for cash - Bids - Payment","body":"The sale of any public utility, when authorized by the\n\nregistered voters, shall be for cash to the highest and best\n\nresponsible bidder. Each bid shall be accompanied with a certified\n\ncheck payable to the clerk of the municipality for ten percent (10%)\n\nof the amount bid. The check shall be cashed by the treasurer of\n\nthe municipality if the bid to which the check is attached is\n\naccepted, and the proceeds thereof shall be held to secure the\n\nmunicipality in damages it might sustain upon the failure of the\n\nbidder to pay the amount bid for the utility. The balance of the\n\npurchase price shall be payable in cash by the successful bidder\n\nupon the execution and delivery of proper legal conveyances and of\n\nthe property thereby conveyed. The public utility shall not be\n\ndelivered, nor shall the right to participate in any portion of the\n\nincome derived therefrom accrue to the purchaser until full payment\n\nin cash of the amount of the bid for such utility is made.\n\nSecurities in which municipal treasurers are authorized by law to\n\ninvest sinking funds may be accepted in lieu of cash.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ae42ca4615939a700f6b2efdabec5f867df532abf71d56561718763dc2498024","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-35-203","next":"us-ok/okla.-stat.-tit.-11-11-35-205"},"notice":"GroundRules: Original legal text. Not legal advice."}