{"data":{"id":"us-ok/okla.-stat.-tit.-19-19-1257","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 19, § 19-1257","heading":"Road Improvement Bonds","body":"The board of county commissioners of any county, after the\n\nexpiration of thirty (30) days from the publication of the assessing\n\nresolution, within which period the whole of any assessment may be\n\npaid without interest, may provide by resolution for the issuance of\n\nnegotiable bonds in the aggregate amount of such assessments then\n\nremaining unpaid. The bonds shall bear a date of thirty (30) days\n\nafter the publication of the resolution levying the assessments, and\n\nbe of such denominations as the board of county commissioners and\n\nthe bond attorney shall determine. The bonds shall in no event\n\nbecome a liability of the county issuing the same. The bonds shall\n\nbe payable on or before October 1 next succeeding the September 1 on\n\nwhich the last installment of assessments shall mature, with\n\ninterest at the rate of not to exceed thirteen percent (13%) per\n\nannum, payable October 1 next succeeding the due date of the first\n\ninstallment of assessments, and semiannually thereafter, until\n\nmaturity, and fifteen percent (15%) per annum after maturity. Said\n\nbonds shall be designated as Road Improvement Bonds, and shall\n\nrecite the roads, streets, alleys, avenues, lanes, or parts thereof,\n\nor other public places, for the improvement of which they have been\n\nissued and that they are payable, in cash, from the assessments\n\nwhich have been levied upon the lots and tracts of land benefited by\n\nsaid improvement and from the accumulation of the interest and\n\npenalty provided for. Said bonds shall be signed by the county\n\ncommissioners of such county and attested by the county clerk, and\n\nshall have an impression of the corporate seal of the county\n\nthereon. The bonds and interest shall be payable at such place,\n\neither within or without the State of Oklahoma, as shall be\n\ndesignated therein. Said bonds shall be issued in series, and the\n\nbonds of each series shall be numbered consecutively beginning with\n\nnumber one, and said bonds of each series shall be payable, in cash,\n\nin their numerical order. Such bonds shall be registered by the\n\ncounty clerk and treasurer of such county in a book to be provided\n\nfor that purpose and each bond shall bear a certificate of such\n\nregistration. Upon the books of such treasurer shall be noted the\n\nname of the holder thereof and his address, and any subsequent\n\nholder may cause the same to be registered in the name thereof upon\n\nsubmission of proper proof of ownership. The county shall have the\n\nright to call in and pay said bonds or any number thereof in the\n\nfollowing manner: Whenever there shall be sufficient funds in the\n\nhands of the county treasurer after the payment of all interest due\n\nand to become due within the next six (6) months, such treasurer\n\nshall on or before March 10 and September 10 of any year give notice\n\nby registered mail addressed to the last registered holder of the\n\nbonds called, at the address appearing upon his registry that there\n\nhave accumulated funds sufficient to pay the designated bonds, and\n\ninterest thereon to April 1 next or October 1 next, and directing\n\nthe presentation of such bond or bonds for payment and cancellation.\n\nThe bond or bonds will cease to bear interest after said April 1\n\nnext or said October 1 next, and upon the payment and cancellation\n\nof said bond or bonds, proper entry thereof shall be made upon the\n\nbooks of the clerk and treasurer. It is hereby made the duty of\n\nsuch county treasurer upon the accumulation of sufficient funds as\n\nprovided to pay one or more bonds to call and pay such bond or\n\nbonds, and in the event of failure to do so, he shall be liable for\n\nall such damages as may result therefrom. The provisions of this\n\nsection may be enforced by appropriate proceedings in mandamus\n\nagainst such treasurer.\n\nThe bonds issued under this section shall have the same Oklahoma\n\ntax status as is given by the federal government.","path":["OK Code","Title 19"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os19.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"24799c494ec0c6fba24963a521503bae261d9e16d0973012bd70dba7c3ec5c81","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-19-19-1256","next":"us-ok/okla.-stat.-tit.-19-19-1258"},"notice":"GroundRules: Original legal text. Not legal advice."}