(a) The governing body of the city or the board of county commissioners after the expiration of thirty (30) days from the publication of the assessing ordinance or resolution, within which period the whole of any assessment may be paid without interest, shall provide by resolution for the issuance of bonds in the aggregate amount of such assessments then remaining unpaid bearing date of thirty (30) days after the publication of the ordinance or resolution levying the assessments, and of such denominations as the governing body of the city or board of county commissioners and the contractor shall determine. The bonds shall in no event become a liability of the city or county issuing them.
(b) The bonds shall be payable on or before October 1 next succeeding the September 1 on which the last installment of assessments shall mature, with interest at a rate not to exceed the maximum rate provided by Section 498.1 of Title 62 of the Oklahoma Statutes, payable October 1 next succeeding the due date of the first installment of assessments, and semiannually thereafter, until maturity, and ten percent (10%) per annum after maturity.
(c) The bonds shall be designated as "limited access facility bonds" and shall recite:
(1) The facility or other public places for the improvement of which they have been issued; and
(2) That they are payable from the assessments which have been levied upon the lots and tracts of land benefited by such improvement and from the accumulation of the interest and penalty provided for herein.
(d) The bonds shall be signed by the mayor of the city or the chairman of the board of county commissioners and shall be attested by the city or county clerk, and shall have an impression of the corporate seal of the city or of the county clerk thereon.
(e) The bonds and interest or coupons shall be payable at such place, either within or without the State of Oklahoma, as shall be designated thereon.
(f) Such bonds shall be registered by the clerk and treasurer or appointed agent of the city or county in a book to be provided for that purpose or as otherwise provided by Section 4 of the Registered Public Obligations Act of Oklahoma. Each bond shall bear a certificate of the registration. Upon the books or records of such clerk and treasurer or appointed agent shall be noted the name of the holder thereof and his address, and any subsequent holder.
(g) The city or county shall have the right to call in and pay such bonds or any number thereof in the following manner: Whenever there shall be sufficient funds in the hands of the city or county treasurer after the payment of all interest due and to become due within the next six (6) months, such treasurer shall on March 1 or September 1 of any year give notice by registered mail addressed to the last-registered holder of the bonds called, at the address appearing upon the registry, that there has accumulated funds sufficient to pay the designated bonds, and interest thereon to a date thirty (30) days hence from the date of such notice, and directing the presentation of such bond or bonds for payment and cancellation, and the bond or bonds will cease to bear interest after expiration of the thirty (30) days, and upon the payment and cancellation of the bond or bonds, proper entry thereof shall be made upon the books. It shall be the duty of such city or county treasurer, upon the accumulation of sufficient funds as herein provided to pay one or more bonds, to so call and pay such bond or bonds, and, in the event of failure so to do, he shall be liable for all such damages as may result therefrom, and the provisions hereof may be enforced by appropriate proceedings in mandamus against such treasurer.
Amended by Laws 1983, c. 170, § 59, eff. July 1, 1983.