{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-36-406","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-36-406","heading":"Issuance of negotiable coupon bonds","body":"Upon the expiration of thirty (30) days after the passage of the\n\nassessing ordinance, the governing body may provide by resolution\n\nfor the issuance of negotiable interest coupon bonds. The bonds\n\nshall be designated Local Improvement Bonds and shall be of such\n\ndenominations and in such form as the governing body shall\n\ndetermine. The bonds shall bear the date of thirty (30) days after\n\nthe publication of the assessing ordinance and shall bear interest\n\nat the rate of seven percent (7%) per annum until paid, and ten\n\npercent (10%) per annum, from maturity. The bonds may be registered\n\nin the name of the holder thereof and shall be payable at the office\n\nof the municipal treasurer or at the fiscal agency of the State of\n\nOklahoma. The interest thereon shall be payable annually on the\n\nfirst day of September of each year. Upon the issuance of the\n\nbonds, they shall be delivered to the municipal treasurer and shall\n\nbe sold at not less than par. If the governing body deems it most\n\nadvantageous to the municipality, the bonds may be used for the\n\npayment of the cost of acquiring the real estate necessary for the\n\nimprovement. The bonds shall be paid from the accumulation of\n\nassessments, interest and penalty, levied against the several lots\n\nand tracts of land described in the assessing ordinance. The\n\naccumulations shall be retained in a separate, special fund used for\n\nthe purpose of paying the bonds and interest thereon, and for no\n\nother purpose whatsoever. Any surplus remaining in the fund, after\n\nthe payment of all bonds and the interest thereon, shall become the\n\nproperty of the municipality. In no event shall the municipality be\n\nliable for the payment of the bonds.","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":"4009046eda770cac3b396cfb0196877a29a07a6c60a1265cae60e72324c4be8b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-36-405","next":"us-ok/okla.-stat.-tit.-11-11-36-407"},"notice":"GroundRules: Original legal text. Not legal advice."}