Oklahoma § 62-411 - General obligation bonds to fund special assessment

§ 62-411. General obligation bonds to fund special assessment

obligations, interest and penalties - Sale - Interest - Maturity Proceeds - Lien.

Any county, city, town, township, board of education, school

district, or any other municipal corporation in this state, whether

operating under the provisions of a special charter or otherwise, is

hereby authorized and empowered to issue its general obligation

bonds for the purpose of funding any or all of its matured and

outstanding special assessment obligations and the interest and/or

penalties thereon, lawfully assessed against any such municipal

corporation for the payment of special improvements and for which

such special assessments levies have been made by such municipality,

but for which there are not sufficient funds on hand with which to

pay such special assessment obligations. Said bonds may be sold for

not less than par and accrued interest in the manner now or

Oklahoma Statutes - Title 62. Public Finance

hereafter provided by law for the sale of other bonds of such

municipalities, or any of them, and the proceeds of said sale shall

be applied to the payment of the special assessments, interest

and/or penalties, to be funded. If said bonds are offered for sale,

and no legally accepted bids are received at said sale, the county,

city, town, township, board of education, school district, or other

municipal corporations issuing such bonds, may, in its discretion

again offer such bonds for sale. Said bonds shall bear interest at

any rate not exceeding six percent (6%) per annum and shall mature

serially in equal installments beginning not less than three (3) nor

more than five (5) years after the date of said Bonds and shall be

in denominations of Fifty Dollars ($50.00) or any multiple thereof;

provided, however, the last maturing installment and/or the last

bond of the last maturing installment, may be for such sum less than

two installments as will complete the full issue of such bonds,

notwithstanding the necessity of varying the amount thereof to

complete the same. Such bonds shall in no event be delivered to the

purchaser thereof except upon simultaneous payment therefor at par

and accrued interest to the date of said payment and the treasurer

of any such municipality shall immediately upon delivering said

bonds and being paid therefor, proceed to pay to the proper officer,

the special assessment, interest and/or penalties which said bonds

were issued to fund and he shall procure a receipt therefor showing

all of such matured special assessments and the interest accumulated

thereon to the date of payment, as being paid in full. If any of

the purchase money derived from the sale of the bonds is left in the

hands of the treasurer after the payment of such special

assessments, interest and/or penalties, the same shall be credited

to the sinking fund created for the payment of said bonds, however,

nothing herein shall be construed to authorize the issuance of bonds

in an aggregate face amount greater than the total amount of matured

outstanding special assessments, interest and/or penalties, to be

funded. Nor shall any such bonds issued hereunder extend any lien

upon or create any liability against any property not liable

therefor under existing or prior bonds.

Laws 1937, p. 149, § 1.