Oklahoma § 19-1257 - Road Improvement Bonds

§ 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

Oklahoma Statutes - Title 19. Counties and County Officers

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.