Oklahoma § 82-635 - Owners may pay assessments in full - Bonding resolution

§ 82-635. Owners may pay assessments in full - Bonding resolution

for unpaid assessments.

When the assessment roll is placed on file in the office of the

district, notice by publication shall be given to property owners

that they may pay their assessments. Any owner of real property

assessed for the execution of the official plan under the provision

of this act shall have the privilege of paying such assessment to

the treasurer of the board of directors within thirty (30) days from

the time such assessment is placed on file in the office of the

district, and the amount to be paid shall be the full amount of the

assessment less any amount added thereto to meet interest. When

such assessment has been paid, the secretary of the board shall

enter upon the said assessment record opposite each tract for which

Oklahoma Statutes - Title 82. Waters and Water Rights

payment is made the words "paid in full" and such assessment shall

be deemed satisfied. The payment of such assessment shall not

relieve the land owners from the necessity for the payment of a

maintenance assessment nor for the payment of any further assessment

which may be necessary as herein provided. Any property owner

failing to pay assessments in full as provided for herein shall be

deemed to have consented to the issuance of bonds as provided for in

this act, and to payment of interest thereon.

After the expiration of the period of thirty (30) days within

which the property owners may pay their respective assessments, as

limited herein, the treasurer of the district shall certify to the

board of directors the aggregate of the amount so paid, and

thereupon the board of directors shall pass and spread upon their

records a bonding resolution in which shall be stated the amount of

the assessment, and the amount thereof paid as aforesaid, and

thereupon the board shall in the same resolution apportion the

uncollected assessment into installments or levies, provide for the

collection of interest upon the unpaid installments, and they may

order the issuance of bonds (in an amount not exceeding ninety

percent (90%) of the levy) in anticipation of the collection of said

installments. The residue of the special assessment so levied (not

less than ten percent (10%) shall constitute a contingent account to

protect the bonds from casual default, and any part thereof in

excess of the ten percent (10%) of the next installment of maturing

bond principal, together with the next two installments of

semiannual interest, if not needed for this purpose, may be

transferred from time to time to the maintenance fund of the

district.

Laws 1923-24, c. 139, p. 185, § 46.