{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-354","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-354","heading":"Combined issue of bonds - Bids - Notice - Interest rate on","body":"funding bonds - Sales to United States government.\n\nA. Whenever any municipal corporation or political subdivision\n\nof the State of Oklahoma shall by separate propositions vote bonds\n\nfor two or more purposes, the governing body thereof may combine and\n\noffer for sale in one issue of bonds all of the purposes so voted,\n\nand shall set out in the ordinance or resolution providing for the\n\nissuance of the bonds and in the printed bond for the combined\n\npurposes the amount authorized to be expended for each purpose as\n\nset out in each proposition submitted and approved by the electors,\n\nand the bonds may be designated general obligation bonds or as may\n\nbe determined by the governing board of the municipal corporation or\n\npolitical subdivision.\n\nB. When one or more issues of bonds, including a combined bond\n\nissue referred to herein, except funding or refunding bonds, shall\n\nbe made or ordered by any county, city, town, board of education,\n\nschool district, or other political subdivision of the state, the\n\nproper officers shall, before selling such bonds cause at least ten\n\n(10) days' notice to be given of the time and place when and where\n\nbids therefor will be received and the methods by which bids may be\n\nsubmitted, which, in the discretion of the governing body, may be by\n\nsealed bid, facsimile bid, electronic mail bid or other bidding\n\nmethod. Such notice shall be signed by the county clerk if issued\n\nby a county, and by the clerk of any city, town, board of education,\n\nschool district, or other subdivision of the state, as the case may\n\nbe, and shall be published once a week for two (2) consecutive weeks\n\nin a legally qualified newspaper published in such political\n\nsubdivision and if there be no such newspaper then in a legally\n\nqualified newspaper of general circulation in such political\n\nsubdivision. The date mentioned in such notice for the sale of such\n\nbonds shall not be less than ten (10) days after the first\n\npublication thereof. In the event a municipal corporation or\n\npolitical subdivision has by separate propositions voted bonds for\n\ntwo or more purposes, the proper officers shall set out in such\n\nnotice of sale whether bids will be received for a combined bond\n\nissue for all of such purposes as one unit, or bids will be received\n\nfor separate bond issues for each purpose.\n\nC. All bonds shall be sold to the bidder who shall stipulate in\n\nthe bid the lowest interest cost which such bonds shall bear which,\n\nat the option of the governing body, may be determined based on true\n\ninterest cost. Upon the acceptance of such bid, the bonds shall be\n\nissued in accordance therewith and shall be delivered to the\n\npurchaser upon payment of the purchase price thereof. Each bidder\n\nshall submit with the bid a sum in cash, cashier’s check, surety\n\nbond or similar security undertaking as stipulated by the governing\n\nbody, equal to two percent (2%) of the principal amount of the bond\n\nissue, and upon the acceptance of any bid, such deposit shall become\n\nthe property of the county, or municipality selling the bonds, and\n\nshall be accredited on the purchase price thereof, upon the\n\nunderstanding that if the purchaser shall fail for five (5) days\n\nafter tender of the bonds to pay the balance of the purchase price,\n\nthe sale shall be thereby annulled and the deposit shall in such\n\nevent be retained by the governing body of such county or\n\nmunicipality and credited to the account for which such bonds are\n\nbeing issued and shall be used accordingly. No tender of the bonds\n\nshall be valid until after the expiration of the period of\n\ncontestability, as provided by law. All other deposits shall be\n\nreturned. The governing body, selling such bonds, shall have the\n\nright to reject all bids and readvertise the bonds for sale. No\n\nfunding or refunding bonds issued hereunder shall bear a higher rate\ntender of the bonds\n\nshall be valid until after the expiration of the period of\n\ncontestability, as provided by law. All other deposits shall be\n\nreturned. The governing body, selling such bonds, shall have the\n\nright to reject all bids and readvertise the bonds for sale. No\n\nfunding or refunding bonds issued hereunder shall bear a higher rate\n\nof interest than the indebtedness which is funded or refunded.\n\nD. The provisions of Section 351 et seq. of this title shall\n\nnot apply to sale of bonds issued by a vote of the people to the\n\nUnited States Government, or any agency thereof, and the governing\n\nboard of a municipal corporation or political subdivision of the\n\nstate is hereby authorized to sell such bonds to the United States\n\nGovernment or any agency thereof at a private sale for a sum of not\n\nless than par with accrued interest added, and the governing board\n\nshall fix the rate of interest which such bonds shall bear which\n\nshall not be a larger rate of interest than that authorized by the\n\nelectors voting at the bond election.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0e283e49714a73f1dbafe65d23e0155c5a697fcc033336ec83f907efa4ed1a72","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-353","next":"us-ok/okla.-stat.-tit.-62-62-355"},"notice":"GroundRules: Original legal text. Not legal advice."}