Okla. Stat. tit. 11, § 11-35-204
This is the official text of Okla. Stat. tit. 11, § 11-35-204, part of Oklahoma’s Stat. tit. 11, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 11,." Browse the sections below, each linked to its official government source.
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Sale to be for cash - Bids - Payment
Official statutory text
The sale of any public utility, when authorized by the
registered voters, shall be for cash to the highest and best
responsible bidder. Each bid shall be accompanied with a certified
check payable to the clerk of the municipality for ten percent (10%)
of the amount bid. The check shall be cashed by the treasurer of
the municipality if the bid to which the check is attached is
accepted, and the proceeds thereof shall be held to secure the
municipality in damages it might sustain upon the failure of the
bidder to pay the amount bid for the utility. The balance of the
purchase price shall be payable in cash by the successful bidder
upon the execution and delivery of proper legal conveyances and of
the property thereby conveyed. The public utility shall not be
delivered, nor shall the right to participate in any portion of the
income derived therefrom accrue to the purchaser until full payment
in cash of the amount of the bid for such utility is made.
Securities in which municipal treasurers are authorized by law to
invest sinking funds may be accepted in lieu of cash.
registered voters, shall be for cash to the highest and best
responsible bidder. Each bid shall be accompanied with a certified
check payable to the clerk of the municipality for ten percent (10%)
of the amount bid. The check shall be cashed by the treasurer of
the municipality if the bid to which the check is attached is
accepted, and the proceeds thereof shall be held to secure the
municipality in damages it might sustain upon the failure of the
bidder to pay the amount bid for the utility. The balance of the
purchase price shall be payable in cash by the successful bidder
upon the execution and delivery of proper legal conveyances and of
the property thereby conveyed. The public utility shall not be
delivered, nor shall the right to participate in any portion of the
income derived therefrom accrue to the purchaser until full payment
in cash of the amount of the bid for such utility is made.
Securities in which municipal treasurers are authorized by law to
invest sinking funds may be accepted in lieu of cash.
Status: in_force · Read it on the official government site
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