A. The bonds issued shall bear interest at a rate not to exceed the maximum rate provided by Section 498.1 of Title 62 of the Oklahoma Statutes, per annum, payable semiannually, and shall be issued in denominations of One Hundred Dollars ($100.00), or any multiple thereof not to exceed One Thousand Dollars ($1,000.00).

B. The entire amount of the bond issue shall be payable within twenty-five (25) years. The bonds shall be signed by the chairman of the board of county commissioners and attested by the county clerk. Facsimile signatures may be used as provided in the Registered Public Obligations Act of Oklahoma. The bonds shall be registered in the office of the county clerk and in the office of the county treasurer or by their authorized agent.

C. All bonds shall be sold to the bidder who will pay therefor par and accrued interest, and who shall stipulate in his or her bid the lowest rate of interest which the bonds shall bear.

D. Upon the acceptance of the bid, the bonds shall be issued in accordance therewith and shall be delivered to the purchaser upon payment of the purchase price thereof.  The bidder shall submit with his or her bid a sum in cash, or its equivalent, equal to two percent (2%) of his or her bid. Upon acceptance of any bid, the deposit shall become the property of the county selling the bonds, and shall be credited to the purchase price thereof upon the understanding that if the purchaser fails to pay the balance of the purchase price within five (5) days after the tender of the bonds, the sale shall be thereby annulled, and  the deposit shall  be retained by the county commissioners  and credited to the account for which such bonds are being issued.

E. No tender of the bonds shall be valid until after the expiration of the period of contestability as now provided by law. All other deposits shall be returned.

F. The county commissioners selling such bonds shall have the right to reject all bids and readvertise the bonds for sale.

Historical Data

Laws 1929, c. 26, p. 23, § 6; Amended by Laws 1983, c. 170, § 12, eff. July 1, 1983; Amended by Laws 2001, HB 1378, c. 146, § 210, emerg. eff. April 30, 2001 ( superseded document available ); Renumbered from 2 O.S. § 114 by Laws 2001, HB 1378, c. 146, § 269, emerg. eff. April 30, 2001.