{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-39-115","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-39-115","heading":"Bonds","body":"A. To pay all or any part of the cost of the improvement, the\n\ngoverning body may issue, in the name of the city or a public trust\n\nentity acting on behalf of the city, bonds in one or more series and\n\nin amounts not exceeding the total cost of the improvement financed\n\nby each series, including costs of issuance, capitalized interest,\n\nfunding of reserves, premiums for reserve surety bonds, and\n\nobtaining bond insurance, letters of credit or other credit\n\nenhancement or liquidity instruments in connection with each series.\n\nIf the bonds recite that:\n\n1. The proceedings relating to making the improvement and\n\nlevying the assessments to pay for the improvement have been done in\n\ncompliance with law; and\n\n2. All prerequisites to the fixing of the assessment lien\n\nagainst the tract or parcel of land benefited by the improvement\n\nhave been performed;\n\nsuch recital shall be conclusive evidence of the facts recited.\n\nB. The bonds shall:\n\n1. Recite the terms and conditions for their issuance;\n\n2. Be payable from the money collected from the assessment\n\nauthorized in Section 39-111 of this title;\n\n3. Bear a rate of interest not less than two percent (2%) of\n\nthe rate of interest on the deferred installments of the assessment;\n\nand\n\n4. Mature not later than thirty (30) years after the date of\n\nissuance of the bonds of a particular series.\n\nC. Payment of the bonds issued for a storm sewer, lighting,\n\nstreet, alley, curb, gutter or sidewalk improvement may be\n\nsupplemented from gasoline tax money remitted by the State of\n\nOklahoma on or before a date not more than twelve (12) months after\n\nthe last deferred installment of an assessment is due from the owner\n\nof a tract or parcel of land so assessed. Payment of the bonds\n\nissued for a water, sewer, gas, electric or other improvement may be\n\nsupplemented from the funds received by the water, sewer, gas,\n\nelectric or other facility on or before a date not more than twelve\n\n(12) months after the last deferred installment of an assessment is\n\ndue from the owner of a tract or parcel of land so assessed.\n\nD. The bonds may be issued to the contractor in payment for the\n\nconstruction of the improvement or may be issued and sold:\n\n1. In payment of the city's proportion of the cost of the\n\nimprovement;\n\n2. In payment of the proportionate cost if the improvement is\n\ndone in cooperation with another governmental agency;\n\n3. In payment of the construction of the improvement done under\n\ncontract; or\n\n4. In reimbursement to the city if the city constructed the\n\nimprovement with city owned or leased equipment and city employees.\n\nE. Any city may contract for the issuance and sale of bonds or\n\nassignable certificates.\n\nF. Bonds or assignable certificates may be sold at a public or\n\nprivate sale at a discount.\n\nG. After the passage of thirty (30) days from the publication\n\nof the ordinance or resolution authorizing the issuance of district\n\nbonds, any action attacking the validity of any proceedings had or\n\ntaken by the governing body of the city preliminary to and in the\n\nauthorization and issuance of the bonds described in the notice is\n\nperpetually barred.","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":"f68620fb5950d3a54af928b5f51233864669ec54849eccd90b7d5fb221f174e3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-39-114","next":"us-ok/okla.-stat.-tit.-11-11-39-116"},"notice":"GroundRules: Original legal text. Not legal advice."}