Okla. Stat. tit. 11, § 11-36-406

Upon the expiration of thirty (30) days after the passage of the

assessing ordinance, the governing body may provide by resolution

for the issuance of negotiable interest coupon bonds. The bonds

Oklahoma Statutes - Title 11. Cities and Towns Page 349

shall be designated Local Improvement Bonds and shall be of such

denominations and in such form as the governing body shall

determine. The bonds shall bear the date of thirty (30) days after

the publication of the assessing ordinance and shall bear interest

at the rate of seven percent (7%) per annum until paid, and ten

percent (10%) per annum, from maturity. The bonds may be registered

in the name of the holder thereof and shall be payable at the office

of the municipal treasurer or at the fiscal agency of the State of

Oklahoma. The interest thereon shall be payable annually on the

first day of September of each year. Upon the issuance of the

bonds, they shall be delivered to the municipal treasurer and shall

be sold at not less than par. If the governing body deems it most

advantageous to the municipality, the bonds may be used for the

payment of the cost of acquiring the real estate necessary for the

improvement. The bonds shall be paid from the accumulation of

assessments, interest and penalty, levied against the several lots

and tracts of land described in the assessing ordinance. The

accumulations shall be retained in a separate, special fund used for

the purpose of paying the bonds and interest thereon, and for no

other purpose whatsoever. Any surplus remaining in the fund, after

the payment of all bonds and the interest thereon, shall become the

property of the municipality. In no event shall the municipality be

liable for the payment of the bonds.