{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-804","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-804","heading":"Sale of bonds - Per value - Maturing installments - Notice","body":"for bids - Acceptance of bids - Contestability.\n\nExcept as otherwise provided in the Municipal and County\n\nEconomic and Community Development Bonds Act, bonds sold pursuant to\n\nSection 35 of Article X of the Oklahoma Constitution shall be issued\n\npursuant to the following terms:\n\n1. Bonds may be sold for not less than ninety-eight percent\n\n(98%) of par with accrued interest added. All commissions allowed\n\nany firms, persons, or corporations for the sale of the bonds, after\n\ndeducting from the sum total for which the bonds are sold, must\n\nleave in the treasury a sum equal to ninety-eight percent (98%) of\n\nthe par value and accrued interest thereof;\n\n2. The bonds must be made to mature in installments so that the\n\nannual maturing principal plus interest is as nearly equal as\n\npracticable throughout the term of the issue, or provide for level\n\nprincipal debt service payments, which provide for principal on the\n\nbonds to mature in equal annual installments, except that the first\n\nmaturing installment may be for such sum, not more than one\n\ninstallment and the last maturing installment may be for such sum\n\nnot more than two installments, as will complete the full issue of\n\nthe bonds notwithstanding the necessity of varying the amount\n\nthereof to complete the same;\n\n3. Whenever bonds shall be made or ordered by any municipality\n\nor county, the proper officers, before selling the bonds, shall\n\ncause at least ten (10) days' notice to be given of the time and\n\nplace when and where bids therefor will be received. The notice\n\nshall be signed by the county clerk if issued by a county, and by\n\nthe clerk of the municipality if issued by a municipality, and shall\n\nbe published once a week for two (2) consecutive weeks in a legally\n\nqualified newspaper published in such political subdivision. The\n\ndate mentioned in the notice for the sale of the bonds shall not be\n\nless than ten (10) days after the first publication thereof; and\n\n4. The bonds must be awarded to the lowest true interest cost\n\nbidder who will pay therefor at least ninety-eight percent (98%) of\n\npar plus accrued interest. Bidders shall indicate the true interest\n\ncost of their bid. Upon the acceptance of a bid, the bonds shall be\n\nissued in accordance therewith and shall be delivered to the\n\npurchaser upon payment of the purchase price of the bonds. Each\n\nbidder shall submit with the bid a sum in cash or its equivalent,\n\nequal to two percent (2%) of the bid, and upon the acceptance of any\n\nbid, the deposit becomes the property of the county or municipality\n\nselling the bonds, and shall be credited on the purchase price of\n\nthe bonds or returned upon payment in full of the purchase price,\n\nupon the understanding that if the purchaser fails for five (5) days\n\nafter tender of the bonds to pay the balance of the purchase price,\n\nthe sale is annulled and the deposit is retained by the governing\n\nbody of the county or municipality and credited to the account for\n\nwhich the bonds are being issued and shall be used accordingly. No\n\ntender of the bonds to the purchaser is valid until after the\n\nexpiration of the period of contestability, as now provided by law.\n\nAll other deposits shall be returned. The governing body selling\n\nthe bonds shall have the right to reject all bids and readvertise\n\nthe bonds for sale.","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":"191716da47d78306b3bd64f32972cb83959f6f9e424520eea7a45dd41bf5e473","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-803","next":"us-ok/okla.-stat.-tit.-62-62-81"},"notice":"GroundRules: Original legal text. Not legal advice."}