{"data":{"id":"us-ok/okla.-stat.-tit.-69-69-1324","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 69, § 69-1324","heading":"Bonds of issue","body":"(a) The governing body of the city or the board of county\n\ncommissioners after the expiration of thirty (30) days from the\n\npublication of the assessing ordinance or resolution, within which\n\nperiod the whole of any assessment may be paid without interest,\n\nshall provide by resolution for the issuance of bonds in the\n\naggregate amount of such assessments then remaining unpaid bearing\n\ndate of thirty (30) days after the publication of the ordinance or\n\nresolution levying the assessments, and of such denominations as the\n\ngoverning body of the city or board of county commissioners and the\n\ncontractor shall determine. The bonds shall in no event become a\n\nliability of the city or county issuing them.\n\n(b) The bonds shall be payable on or before October 1 next\n\nsucceeding the September 1 on which the last installment of\n\nassessments shall mature, with interest at a rate not to exceed the\n\nmaximum rate provided by Section 498.1 of Title 62 of the Oklahoma\n\nStatutes, payable October 1 next succeeding the due date of the\n\nfirst installment of assessments, and semiannually thereafter, until\n\nmaturity, and ten percent (10%) per annum after maturity.\n\n(c) The bonds shall be designated as \"limited access facility\n\nbonds\" and shall recite:\n\n(1) The facility or other public places for the improvement of\n\nwhich they have been issued; and\n\n(2) That they are payable from the assessments which have been\n\nlevied upon the lots and tracts of land benefited by such\n\nimprovement and from the accumulation of the interest and penalty\n\nprovided for herein.\n\n(d) The bonds shall be signed by the mayor of the city or the\n\nchairman of the board of county commissioners and shall be attested\n\nby the city or county clerk, and shall have an impression of the\n\ncorporate seal of the city or of the county clerk thereon.\n\n(e) The bonds and interest or coupons shall be payable at such\n\nplace, either within or without the State of Oklahoma, as shall be\n\ndesignated thereon.\n\n(f) Such bonds shall be registered by the clerk and treasurer or\n\nappointed agent of the city or county in a book to be provided for\n\nthat purpose or as otherwise provided by Section 4 of the Registered\n\nPublic Obligations Act of Oklahoma. Each bond shall bear a\n\ncertificate of the registration. Upon the books or records of such\n\nclerk and treasurer or appointed agent shall be noted the name of\n\nthe holder thereof and his address, and any subsequent holder.\n\n(g) The city or county shall have the right to call in and pay\n\nsuch bonds or any number thereof in the following manner: Whenever\n\nthere shall be sufficient funds in the hands of the city or county\n\ntreasurer after the payment of all interest due and to become due\n\nwithin the next six (6) months, such treasurer shall on March 1 or\n\nSeptember 1 of any year give notice by registered mail addressed to\n\nthe last-registered holder of the bonds called, at the address\n\nappearing upon the registry, that there has accumulated funds\n\nsufficient to pay the designated bonds, and interest thereon to a\n\ndate thirty (30) days hence from the date of such notice, and\n\ndirecting the presentation of such bond or bonds for payment and\n\ncancellation, and the bond or bonds will cease to bear interest\n\nafter expiration of the thirty (30) days, and upon the payment and\n\ncancellation of the bond or bonds, proper entry thereof shall be\n\nmade upon the books. It shall be the duty of such city or county\n\ntreasurer, upon the accumulation of sufficient funds as herein\n\nprovided to pay one or more bonds, to so call and pay such bond or\n\nbonds, and, in the event of failure so to do, he shall be liable for\n\nall such damages as may result therefrom, and the provisions hereof\n\nmay be enforced by appropriate proceedings in mandamus against such\n\ntreasurer.","path":["OK Code","Title 69"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os69.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"959ce073816fdffe5a10d00eb5918fd5db2d17208f82522cd8c14bff6e3481be","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-69-69-1323","next":"us-ok/okla.-stat.-tit.-69-69-1325"},"notice":"GroundRules: Original legal text. Not legal advice."}