Oklahoma § 62-354 - Combined issue of bonds - Bids - Notice - Interest rate on

§ 62-354. Combined issue of bonds - Bids - Notice - Interest rate on

funding bonds - Sales to United States government.

A. Whenever any municipal corporation or political subdivision

of the State of Oklahoma shall by separate propositions vote bonds

for two or more purposes, the governing body thereof may combine and

offer for sale in one issue of bonds all of the purposes so voted,

and shall set out in the ordinance or resolution providing for the

issuance of the bonds and in the printed bond for the combined

purposes the amount authorized to be expended for each purpose as

set out in each proposition submitted and approved by the electors,

and the bonds may be designated general obligation bonds or as may

be determined by the governing board of the municipal corporation or

political subdivision.

Oklahoma Statutes - Title 62. Public Finance

B. When one or more issues of bonds, including a combined bond

issue referred to herein, except funding or refunding bonds, shall

be made or ordered by any county, city, town, board of education,

school district, or other political subdivision of the state, the

proper officers shall, before selling such bonds cause at least ten

(10) days' notice to be given of the time and place when and where

bids therefor will be received and the methods by which bids may be

submitted, which, in the discretion of the governing body, may be by

sealed bid, facsimile bid, electronic mail bid or other bidding

method. Such notice shall be signed by the county clerk if issued

by a county, and by the clerk of any city, town, board of education,

school district, or other subdivision of the state, as the case may

be, and shall be published once a week for two (2) consecutive weeks

in a legally qualified newspaper published in such political

subdivision and if there be no such newspaper then in a legally

qualified newspaper of general circulation in such political

subdivision. The date mentioned in such notice for the sale of such

bonds shall not be less than ten (10) days after the first

publication thereof. In the event a municipal corporation or

political subdivision has by separate propositions voted bonds for

two or more purposes, the proper officers shall set out in such

notice of sale whether bids will be received for a combined bond

issue for all of such purposes as one unit, or bids will be received

for separate bond issues for each purpose.

C. All bonds shall be sold to the bidder who shall stipulate in

the bid the lowest interest cost which such bonds shall bear which,

at the option of the governing body, may be determined based on true

interest cost. Upon the acceptance of such bid, the bonds shall be

issued in accordance therewith and shall be delivered to the

purchaser upon payment of the purchase price thereof. Each bidder

shall submit with the bid a sum in cash, cashier’s check, surety

bond or similar security undertaking as stipulated by the governing

body, equal to two percent (2%) of the principal amount of the bond

issue, and upon the acceptance of any bid, such deposit shall become

the property of the county, or municipality selling the bonds, and

shall be accredited on the purchase price thereof, upon the

understanding that if the purchaser shall fail for five (5) days

after tender of the bonds to pay the balance of the purchase price,

the sale shall be thereby annulled and the deposit shall in such

event be retained by the governing body of such county or

municipality and credited to the account for which such bonds are

being issued and shall be used accordingly. No tender of the bonds

shall be valid until after the expiration of the period of

contestability, as provided by law. All other deposits shall be

returned. The governing body, selling such bonds, shall have the

right to reject all bids and readvertise the bonds for sale. No

Oklahoma Statutes - Title 62. Public Finance

funding or refunding bonds issued hereunder shall bear a higher rate

of interest than the indebtedness which is funded or refunded.

D. The provisions of Section 351 et seq. of this title shall

not apply to sale of bonds issued by a vote of the people to the

United States Government, or any agency thereof, and the governing

board of a municipal corporation or political subdivision of the

state is hereby authorized to sell such bonds to the United States

Government or any agency thereof at a private sale for a sum of not

less than par with accrued interest added, and the governing board

shall fix the rate of interest which such bonds shall bear which

shall not be a larger rate of interest than that authorized by the

electors voting at the bond election.

Laws 1927, c. 22, p. 22, § 2; Laws 1935, p. 124, § 1; Laws 1953, p.

286, § 1; Laws 1963, c. 190, § 2, emerg. eff. June 10, 1963; Laws

2001, c. 108, § 4, eff. July 1, 2001.