The municipal governing body may, after the expiration of thirty (30) days from the publication of the assessing ordinance, within which period the whole of any assessment may be paid without interest, provide by resolution for the issuance of bonds. The bonds shall be in the aggregate amount of the assessments then remaining unpaid, bearing date of thirty (30) days after the publication of the assessing ordinance, and be of such denominations as the governing body and the contractor shall determine. The bonds shall in no event become a liability of the municipality issuing the bonds. The bonds shall be payable on or before the first of October next succeeding the September 1 on which the last installment of assessments shall mature. The interest on the bonds shall be at the rate of not to exceed twelve percent (12%) per annum, payable October 1 following the due date of the first installment of assessments, and semiannually thereafter, until maturity, and fifteen percent (15%) per annum after maturity. The bonds shall be designated as Improvement Bonds and shall:
1. Recite the areas for the improvement of which they have been issued;
2. State that they are payable, in cash, from the assessments which have been levied upon the lots and tracts of land benefited by the improvement and from the accumulation of the interest and penalty on the assessments;
3. Designate the place, either within or without Oklahoma, where the bonds and interest shall be payable;
4. Be signed by the mayor and attested by the municipal clerk; and
5. Contain an impression of the corporate seal of the municipality thereon.
Facsimile seals and signatures of the mayor and municipal clerk may be used as provided in the Registered Public Obligations Act of Oklahoma. The bonds shall be issued in series, and the bonds of each series shall be numbered consecutively beginning with number One. The bonds of each series shall be payable, in cash, in their numerical order.
Amended by Laws 1982, c. 9, § 4, emerg. eff. March 15, 1982; Laws 1983, c. 170, § 19, eff. July 1, 1983.
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