Oklahoma § 19-884 - General plan of proposed operation - Bonds

§ 19-884. General plan of proposed operation - Bonds

As soon as practicable after the organization of such

improvement district, the board of directors shall, by resolution

entered on its record, formulate a general plan of proposed

operation for the district, in which shall be stated what

constructed works or other property is proposed to be purchased and

the cost of purchasing the same, and what amount of construction is

proposed to be done and the cost of doing the same. For the purpose

of ascertaining the cost of any such construction work, the board

shall cause such preliminary surveys, examinations, plans and

specifications to be made as shall furnish a proper basis for the

estimation of the cost of such work. Such estimate of cost shall

include the cost of advertising, appraising, engineering, election,

and such other expense as is necessary or essential to the

completion of the improvements. All such surveys, examinations,

maps, plans and estimates shall be made under the direction of a

registered professional engineer licensed under the laws of the

State of Oklahoma and certified by him and filed with the secretary

of the district. Upon the filing of such plans and specifications

the board of directors shall proceed to determine the amount of

money necessary to be raised and shall immediately thereupon call a

special election, at which shall be submitted to the electors of

such district the question of whether or not the bonds of said

district shall be issued in the amount so determined; provided, such

bonds shall not be issued for more than the actual estimated cost of

such improvements and construction work as certified by such

engineer. Notice of such election must be given by posting notice

in three public places in each election precinct in said district,

as established by said board, for at least ten (10) days, and also

by publication of such notice in some newspaper published in the

county once a week for at least two (2) consecutive weeks. Such

Oklahoma Statutes - Title 19. Counties and County Officers

notice must specify the time of holding the election, the amount of

bonds proposed to be issued, and state generally the purpose of the

same and the election must be held and the result thereof determined

and declared in all respects as nearly as practicable in conformity

with the statutory provision governing the holding of elections in

cities for the issuance of general obligation bonds; provided, no

informalities in conducting such election shall invalidate the same

if the elections shall have been otherwise fairly conducted. At

such an election the ballots shall contain the words, "Bonds ______

Yes", or "Bonds _____ No", or words equivalent thereto. If a

majority of the ballots cast are "Bonds ______ Yes", the board of

directors shall pass a resolution providing for the issuance of said

bonds. Such bonds shall be payable in lawful money of the United

States and shall run for a period of from ten (10) to twenty (20)

years as determined by the board of directors. The principal and

interest shall be payable at the office of the clerk of the board of

directors or at any bank or fiscal agency designated by the board of

directors. Such bonds shall be each of the denomination of not less

than One Hundred Dollars ($100.00) nor more than One Thousand

Dollars ($1,000.00), shall be negotiable in form, executed in the

name of the district and signed by the director and the clerk and

the seal of the district shall be affixed thereto. Facsimile

signatures and seals may be used as provided in the Registered

Public Obligations Act of Oklahoma.

In the event the election hereinabove provided for is in favor

of the issue of said bonds then the board of directors of said

district shall cause final estimates, plans, profiles and

specifications to be made for the work included in the preliminary

plans and specifications by a registered professional engineer

licensed under the laws of the State of Oklahoma in which shall be

included the cost of advertising, appraising, engineering and such

other expenses as is necessary or essential to the completion of

said improvement and shall by resolution adopt the same.

The bonds shall express on their face that they were issued by

the authority of Sections 871 et seq. of this title, stating its

title and date of approval. The clerk or appointed agent shall keep

a record of the bonds. The bonds shall bear interest at a rate of

not exceeding six percent (6%) per annum.

Should the election herein provided for result in a failure to

authorize the issuance of such bonds, the sewer improvement district

shall be automatically dissolved, after the expiration of sixty (60)

days from the date of such election; provided, that should the board

of directors call a second bond election, within said sixty (60)

days period, then the life of said sewer improvement district shall

be extended subject to the results of said second election. Should

the second election result in a failure to authorize the issuance of

said bonds then said district shall be deemed to be automatically

Oklahoma Statutes - Title 19. Counties and County Officers

dissolved. The county election board shall file a report of all

bond elections hereunder with the clerk of said board of directors

and with the county clerk of said county.

Added by Laws 1947, p. 223, § 14, emerg. eff. May 16, 1947. Amended

by Laws 1949, p. 183, § 6, emerg. eff. May 12, 1949; Laws 1983, c.

170, § 32, eff. July 1, 1983.