Oklahoma § 62-306 - Compromise and settlement of amount due under certain

§ 62-306. Compromise and settlement of amount due under certain

bonds and warrants and charged against property.

The holder of any matured and unpaid street improvement bonds

or warrants, or district sanitary sewer, or storm sewer, or sidewalk

warrants, issued by any municipal corporation of this state, whether

such bond or warrant be unpaid in part or in whole, together with

the owner of any property which is or shall be charged with a lien

for the payment of any such matured and unpaid bond or warrant, in

whole or in part, by virtue of the act or acts under which such bond

or warrant may have been issued, and together with the mayor and

city council of the issuing municipality are hereby authorized to

enter into a compromise and settlement of the amount due thereon and

charged against any such property.

Laws 1937, p. 157, § 1.

§62-306a.

Form and contents of compromise settlement.

Oklahoma Statutes - Title 62. Public Finance

Such compromise settlement shall be in writing and shall

prescribe the bond or bonds, or warrant or warrants involved, the

date of issuance and maturity thereof; and the ordinance under which

the same were issued; it shall also describe the property sought to

be discharged and shall specify the total consideration for such

settlement and the proportions of the same which the bondholder or

warrant holder and the municipality shall each receive. It shall be

executed by such bondholder or warrant holder, the property owner

and the mayor of such municipality and shall be approved by

resolution of the city council of such municipality.

Laws 1937, p. 157, § 2.

§62-306b. Judicial approval of compromise settlement - Release and

discharge of property.

When any such compromise settlement shall have been duly

executed by the parties and approved by the city council of such

municipality, the same shall be presented to the district court of

the county wherein the property sought to be discharged is situated

upon the petition of the parties, which petition shall recite the

facts and circumstances of the proposed compromise settlement and

pray the confirmation of the same by said court and an order

discharging the property from the lien securing the payment of such

matured and unpaid street improvement bond, or warrant, or district

sanitary sewer, or storm sewer, or sidewalk warrant. At any time

after the filing of such petition the parties may present the same

to said court and the court upon presentation shall examine the same

and if the court shall find that said proposed compromise settlement

is a fair adjustment of the rights and interests of the parties and

the consideration for the same adequate and properly proportioned,

an order shall be entered confirming said compromise settlement and

discharging and releasing the property involved of and from any

charge or lien of any special tax assessed for the purpose of paying

such matured and unpaid bond or warrant; and, said court shall, at

the time of entering of said order, cause to be endorsed upon such

bond or bonds, or warrant or warrants, a statement showing the

discharge and release of such property.

Laws 1937, p. 157, § 3.

§62-306c. Notation of discharge and release of property.

The county treasurer shall, upon presentation of a certified

copy of any order entered in accordance with Section 3 hereof,

thereupon enter upon the tax rolls of said county wherein any such

special assessment shall appear a notation showing that the same has

been discharged and released by virtue of such compromise settlement

and order of the district court thereon.

Laws 1937, p. 158, § 4.

Oklahoma Statutes - Title 62. Public Finance

§62-306d. Cancellation of special assessment and lien of assessment

or warrant.

In any case where the owner of any property which is or shall

be charged with a lien for the payment of any such matured and

unpaid special assessment, district sanitary sewer, storm sewer, or

sidewalk warrant, is the owner and holder of any such warrant, he

may upon surrendering the same to the county treasurer of the county

wherein any such special assessment shall appear, have such special

assessment and the lien thereof canceled, and such treasurer shall

make a notation upon the tax rolls showing that such special

assessment has been discharged and released and shall cancel such

warrant and file the same in his office.

Laws 1937, p. 158, § 5.

§62-306e. Cancellation of special assessment and lien of bond,

warrant or tax bill.

In any case where the owner of any property which is or shall

be charged with a lien for the payment of any such matured and

unpaid special assessment street improvement bond or special

assessment warrant or tax bill, is the owner and holder of any such

bond or portion of bond or special assessment warrant or tax bill,

he may upon surrendering the same to the city clerk of the

municipality wherein such special assessment shall appear, have such

special assessment and lien thereof canceled and such city clerk

shall make an endorsement upon the bond or special assessment

warrant or tax bill and such city clerk shall make a notation upon

the special assessment tax rolls showing that such special

assessment has been discharged and released and shall cancel such

bond and file the same in his office.

Laws 1937, p. 158, § 6.