Okla. Stat. tit. 11, § 11-36-308

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;

Oklahoma Statutes - Title 11. Cities and Towns Page 343

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.