Okla. Stat. tit. 11, § 11-39-116
This is the official text of Okla. Stat. tit. 11, § 11-39-116, 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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Duty of city relative to assessments and bonds -
Official statutory text
Personal liability.
A. Whenever a district has been created and bonds have been
issued to finance the improvement, a city shall either itself, or
acting through a third party administrator:
1. Collect the assessments annually or semiannually;
2. Act as trustee for the benefit of the holders of the bonds;
provided that, the city may contract with a bank with trust powers
to act as trustees;
3. Annually prepare a statement which shall:
a. be available for inspection in the office of the city
treasurer,
b. reflect the financial condition of the district,
c. list all the delinquencies existing at that time, and
Oklahoma Statutes - Title 11. Cities and Towns Page 444
d. institute proceedings to foreclose the assessment lien
against any tract or parcel of land which is
delinquent in the payment of the assessment or
installment of an assessment for a period of more than
one (1) year. In lieu of the foreclosure of a lien
against any tract or parcel of land which is
delinquent in the payment of an assessment or
installment of an assessment for a period of more than
one (1) year, a city may accept a deed to the property
subject to the lien if the owner of the property
tenders the deed to the municipality.
B. If more than one district is created, the money from
assessments in each district shall be kept in a separate fund and
used for the payment of principal and interest of the bonds
outstanding against that district. Nothing herein shall prevent the
appointment and compensation by the district of a registrar,
transfer, authenticating, paying or other agents to effect the
transfer of ownership, change of payee of any bond issued by the
district and to maintain books and records relating thereto.
C. Neither any member of the governing body of a city creating
a district nor any person acting on behalf of the city or district,
while acting within the scope of his or her authority, shall be
subject to any personal liability for any action taken or omitted
within that scope of authority.
A. Whenever a district has been created and bonds have been
issued to finance the improvement, a city shall either itself, or
acting through a third party administrator:
1. Collect the assessments annually or semiannually;
2. Act as trustee for the benefit of the holders of the bonds;
provided that, the city may contract with a bank with trust powers
to act as trustees;
3. Annually prepare a statement which shall:
a. be available for inspection in the office of the city
treasurer,
b. reflect the financial condition of the district,
c. list all the delinquencies existing at that time, and
Oklahoma Statutes - Title 11. Cities and Towns Page 444
d. institute proceedings to foreclose the assessment lien
against any tract or parcel of land which is
delinquent in the payment of the assessment or
installment of an assessment for a period of more than
one (1) year. In lieu of the foreclosure of a lien
against any tract or parcel of land which is
delinquent in the payment of an assessment or
installment of an assessment for a period of more than
one (1) year, a city may accept a deed to the property
subject to the lien if the owner of the property
tenders the deed to the municipality.
B. If more than one district is created, the money from
assessments in each district shall be kept in a separate fund and
used for the payment of principal and interest of the bonds
outstanding against that district. Nothing herein shall prevent the
appointment and compensation by the district of a registrar,
transfer, authenticating, paying or other agents to effect the
transfer of ownership, change of payee of any bond issued by the
district and to maintain books and records relating thereto.
C. Neither any member of the governing body of a city creating
a district nor any person acting on behalf of the city or district,
while acting within the scope of his or her authority, shall be
subject to any personal liability for any action taken or omitted
within that scope of authority.
Status: in_force · Read it on the official government site
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