2023 Oklahoma Statutes › Title 19. Counties and County Officers › §19-1257. Road Improvement Bonds.

The board of county commissioners of any county, after the expiration of thirty (30) days from the publication of the assessing resolution, within which period the whole of any assessment may be paid without interest, may provide by resolution for the issuance of negotiable bonds in the aggregate amount of such assessments then remaining unpaid. The bonds shall bear a date of thirty (30) days after the publication of the resolution levying the assessments, and be of such denominations as the board of county commissioners and the bond attorney shall determine. The bonds shall in no event become a liability of the county issuing the same. 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 the rate of not to exceed thirteen percent (13%) per annum, payable October 1 next succeeding the due date of the first installment of assessments, and semiannually thereafter, until maturity, and fifteen percent (15%) per annum after maturity. Said bonds shall be designated as Road Improvement Bonds, and shall recite the roads, streets, alleys, avenues, lanes, or parts thereof, or other public places, for the improvement of which they have been issued and that they are payable, in cash, from the assessments which have been levied upon the lots and tracts of land benefited by said improvement and from the accumulation of the interest and penalty provided for. Said bonds shall be signed by the county commissioners of such county and attested by the county clerk, and shall have an impression of the corporate seal of the county thereon. The bonds and interest shall be payable at such place, either within or without the State of Oklahoma, as shall be designated therein. Said bonds shall be issued in series, and the bonds of each series shall be numbered consecutively beginning with number one, and said bonds of each series shall be payable, in cash, in their numerical order. Such bonds shall be registered by the county clerk and treasurer of such county in a book to be provided for that purpose and each bond shall bear a certificate of such registration. Upon the books of such treasurer shall be noted the name of the holder thereof and his address, and any subsequent holder may cause the same to be registered in the name thereof upon submission of proper proof of ownership. The county shall have the right to call in and pay said bonds or any number thereof in the following manner: Whenever there shall be sufficient funds in the hands of the county treasurer after the payment of all interest due and to become due within the next six (6) months, such treasurer shall on or before March 10 and September 10 of any year give notice by registered mail addressed to the last registered holder of the bonds called, at the address appearing upon his registry that there have accumulated funds sufficient to pay the designated bonds, and interest thereon to April 1 next or October 1 next, and directing the presentation of such bond or bonds for payment and cancellation. The bond or bonds will cease to bear interest after said April 1 next or said October 1 next, and upon the payment and cancellation of said bond or bonds, proper entry thereof shall be made upon the books of the clerk and treasurer. It is hereby made the duty of such county treasurer upon the accumulation of sufficient funds as provided to pay one or more bonds to call and pay such bond or bonds, and in the event of failure to do so, he shall be liable for all such damages as may result therefrom. The provisions of this section may be enforced by appropriate proceedings in mandamus against such treasurer.
The bonds issued under this section shall have the same Oklahoma tax status as is given by the federal government.
Added by Laws 1978, c. 208, § 29, eff. Jan. 1, 1979. Amended by Laws 1983, c. 148, § 13, operative July 1, 1983; Laws 2010, c. 40, § 4, eff. Nov. 1, 2010.
NOTE: Laws 1983, c. 170, § 35 repealed by Laws 1989, c. 62, § 1, emerg. eff. April 13, 1989.