§ 11-36-308 — Right of action of bondholder.

Oklahoma § 11-36-308

• Jurisdiction: Oklahoma
• Title 11: Cities And Towns

Text

Any holder of a street improvement bond shall have the right to institute, in the name of the municipality issuing the bond, an action in the district court in the county in which the property is located to foreclose the lien of the assessment whenever the assessment, or any installment thereof, is delinquent for a period of at least twelve (12) months. The petition for foreclosure shall generally: 1. State the ownership of the bond; 2. Describe the property assessed; 3. Describe the nature of the improvement; 4. State the amount of the unpaid delinquent assessment or installment and penalty thereon at the rate of twelve percent (12%) per annum; and 5. Pray for the foreclosure of the lien. Summons shall be issued on the petition as in other civil actions and the cause shall be tried by the district court. Judgment may be entered on the petition for the amount of the unpaid assessment, or installment, together with interest thereon at the rate of twelve percent (12%) per annum from the date the assessment or installment was due and payable up to the date of the filing of the petition, and for the sum of six percent (6%) interest on the judgment computed from the time of filing the petition until the judgment is paid. If the judgment, together with interest and costs, is not paid within six (6) months after the date of the rendition thereof, an order of sale shall be issued by the clerk of the court, directed to the sheriff of the county, to sell the real estate in the manner and form as for sale of real estate under execution. The judgment shall carry the costs of the action, together with the costs of the sale. Upon the payment of the judgment, the amount thereof exclusive of costs shall be paid to the municipal treasurer for deposit in the separate, special fund. The judgment shall provide for the sale of the real estate subject to existing general or ad valorem taxes and special assessments. All owners or encumbrancers shall be made parties defendant in the suit. Upon the institution of an action to collect delinquent and unpaid assessments against property liable therefor, no other action shall be instituted and maintained to collect such delinquent assessment against the property for that year. 11-36-309. Refunding street improvement bonds - Authority. Any municipality which has issued street improvement bonds by virtue of the authority of any law or charter provision is authorized to refund the bonds. In refunding such bonds, the governing body may provide for: 1. The levy and collection of assessments to pay the bonds; 2. The retirement of the street improvement bonds originally issued; 3. The cancellation of any or all prior assessments, and penalties and interest, together with interest and penalties that have accrued thereon, by and with the written consent and under written contract with the holders of any series of the street improvement bonds; 4. A written "Agreement to Accept Street Improvement Refunding Bonds" in exchange for the bonds originally issued; and 5. The procedure for such refunding in accordance with applicable law.

Legislative History

Laws 1977, c. 256, § 36-308, eff. July 1, 1978.