{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-36-308","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-36-308","heading":"Right of action of bondholder","body":"Any holder of a street improvement bond shall have the right to\n\ninstitute, in the name of the municipality issuing the bond, an\n\naction in the district court in the county in which the property is\n\nlocated to foreclose the lien of the assessment whenever the\n\nassessment, or any installment thereof, is delinquent for a period\n\nof at least twelve (12) months. The petition for foreclosure shall\n\ngenerally:\n\n1. State the ownership of the bond;\n\n2. Describe the property assessed;\n\n3. Describe the nature of the improvement;\n\n4. State the amount of the unpaid delinquent assessment or\n\ninstallment and penalty thereon at the rate of twelve percent (12%)\n\nper annum; and\n\n5. Pray for the foreclosure of the lien.\n\nSummons shall be issued on the petition as in other civil actions\n\nand the cause shall be tried by the district court. Judgment may be\n\nentered on the petition for the amount of the unpaid assessment, or\n\ninstallment, together with interest thereon at the rate of twelve\n\npercent (12%) per annum from the date the assessment or installment\n\nwas due and payable up to the date of the filing of the petition,\n\nand for the sum of six percent (6%) interest on the judgment\n\ncomputed from the time of filing the petition until the judgment is\n\npaid. If the judgment, together with interest and costs, is not\n\npaid within six (6) months after the date of the rendition thereof,\n\nan order of sale shall be issued by the clerk of the court, directed\n\nto the sheriff of the county, to sell the real estate in the manner\n\nand form as for sale of real estate under execution. The judgment\n\nshall carry the costs of the action, together with the costs of the\n\nsale. Upon the payment of the judgment, the amount thereof\n\nexclusive of costs shall be paid to the municipal treasurer for\n\ndeposit in the separate, special fund. The judgment shall provide\n\nfor the sale of the real estate subject to existing general or ad\n\nvalorem taxes and special assessments. All owners or encumbrancers\n\nshall be made parties defendant in the suit. Upon the institution\n\nof an action to collect delinquent and unpaid assessments against\n\nproperty liable therefor, no other action shall be instituted and\n\nmaintained to collect such delinquent assessment against the\n\nproperty for that year.\n\n11-36-309. Refunding street improvement bonds - Authority.\n\nAny municipality which has issued street improvement bonds by\n\nvirtue of the authority of any law or charter provision is\n\nauthorized to refund the bonds. In refunding such bonds, the\n\ngoverning body may provide for:\n\n1. The levy and collection of assessments to pay the bonds;\n\n2. The retirement of the street improvement bonds originally\n\nissued;\n\n3. The cancellation of any or all prior assessments, and\n\npenalties and interest, together with interest and penalties that\n\nhave accrued thereon, by and with the written consent and under\n\nwritten contract with the holders of any series of the street\n\nimprovement bonds;\n\n4. A written \"Agreement to Accept Street Improvement Refunding\n\nBonds\" in exchange for the bonds originally issued; and\n\n5. The procedure for such refunding in accordance with\n\napplicable law.","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":"c492379f1d6ec39b0d3e158bc82bab4fe94d271c79d0f3da84a6d8fd8f397026","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-36-307","next":"us-ok/okla.-stat.-tit.-11-11-36-309"},"notice":"GroundRules: Original legal text. Not legal advice."}