Okla. Stat. tit. 82, § 82-636

The board of directors may, if in their judgment it seems best,

issue bonds not to exceed ninety percent (90%) of the total amount

of the assessment exclusive of interest, levied under the provisions

of this act, in denomination of not less than One Hundred Dollars

($100.00) bearing interest from date at a rate not to exceed eight

and one-half percent (8 1/2%), per year, payable semiannually, to

mature at annual intervals within thirty (30) years, commencing not

later than five (5) years, to be determined by the board of

directors, both principal and interest payable at such place as may

be designated by the board, but such board of directors shall not

issue any such bonds until a special election shall have been called

and held throughout the territory comprising said improvement

district and said election shall be held under the laws of this

state, and it shall be necessary that sixty percent (60%) of the

owners of property in said district assessed for the execution of

the official plan, voting in said election, shall vote in favor of

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issuing said bonds. Said bonds shall be signed by the president of

the board of directors, attested with the seal of said district and

by the signature of the secretary of said board, and shall be

approved as to proceedings by the Attorney General as ex officio

bond commissioner and registered by the State Treasurer. Facsimile

signatures may be used as provided in the Registered Public

Obligations Act of Oklahoma. In case any of the officers whose

signatures, counter signatures or certificates appearing upon bonds

or coupons issued pursuant to this act, shall cease to be such

officer before the delivery of such bonds to the purchaser, such

signatures, or counter signatures and certificates shall

nevertheless be valid and sufficient for all purposes, the same as

if they had remained in office until the delivery of the bonds. All

of said bonds shall be executed and delivered to the State Treasurer

for said district and if said district shall comprise all or part of

two or more counties and if said district is elected entirely within

one county said bond shall be delivered to the county treasurer of

said county, and the board or appointed agent shall sell the same in

such quantities and at such dates as the board of directors may deem

necessary to meet the payments for the works and improvements of the

district. They shall show on their face the purpose for which they

are issued and shall be payable out of the money derived from the

conservancy bond fund. A sufficient amount of the assessment shall

be appropriated by the board of directors for the purpose of paying

the principal and interest of bonds and the same shall, when

collected, be set apart in a separate fund for that purpose based on

an equal percentage of increase of all assessments therefor made,

such percentage increase to be approved by the district court having

jurisdiction, and no other. All bonds and coupons not paid at

maturity shall bear interest at the rate of eight and one-half

percent (8 1/2%), per year, from maturity until paid or until

sufficient funds have been deposited at the place of payment. Any

expenses incurred in paying said bonds and interest thereon and

reasonable compensation for the fiscal agent for registering and

paying same, shall be paid out of the other funds in the hands of

the district treasurer and collected for the purpose of meeting the

expenses of the administration. It shall be the duty of said board

of directors in making the annual assessment levy, as heretofore

provided, to take into account the maturing bonds and interest on

all bonds, and to make ample provisions in advance for the payment

thereof. In case the proceeds of the original special assessment

made under the provisions of this act are not sufficient to pay the
penses of the administration. It shall be the duty of said board

of directors in making the annual assessment levy, as heretofore

provided, to take into account the maturing bonds and interest on

all bonds, and to make ample provisions in advance for the payment

thereof. In case the proceeds of the original special assessment

made under the provisions of this act are not sufficient to pay the

principal and interest of all bonds issued, then the board of

directors shall make such additional levy or levies as are necessary

for this purpose, and under no circumstances shall any assessment

levies be made that will in any manner or to any extent impair the

security of the principal and interest of the same. For such

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deposits the district shall receive not less than three percent

(3%), per year, on daily balances. The funds derived from the sale

of said bonds or any of them shall be used for the purpose of paying

the cost of the works and improvements and such costs, expenses,

fees and salaries as may be authorized by law and shall be used for

no other purpose.

If at any time after the bonds are ready to be issued, the board

shall be of the opinion that such bonds cannot advantageously be

issued and sold in whole or in part, the said board may sell parts

only of the entire issue. No bonds issued by any conservancy

district shall be sold for less than par, and accrued interest to

date, and any member of the board of directors or other official of

the conservancy district, who shall participate in the sale of said

bonds for less than provided above, shall be liable on his official

bond for twice the value of the amount lost to the district, by the

sale at the suit of the district or any person interested therein.

The district may secure the payment of loans from the United

States government in the same manner as it may secure the payment of

bonds, and the board of directors may make any necessary regulations

to provide for such payment.

A party who has not sought a remedy against any proceeding under

this act until after the bonds or any part thereof have been sold or

the work or any part thereof constructed, cannot for any cause have

an injunction against the collection of special assessments for the

payment of said bonds except as to original jurisdiction.

The bonds shall have all the qualities of negotiable paper under

the negotiable instrument law of the state, and when executed,

sealed, approved and registered in the office of the State Treasurer

in conformity with the provisions of this act, and when sold in the

manner prescribed herein and the consideration therefor received by

the district, shall be incontestable after thirty (30) days from

approval by the Attorney General, ex officio bond commissioner. No

proceedings in respect to the issuance of such bonds shall be

necessary except such as are required by this act. Whenever the

owners of any coupon bond issued pursuant to the provisions of this

act shall present such bond to the treasurer or appointed agent of

the district with a request for the conversion of such bond into a

registered bond, the said treasurer or appointed agent shall cut off

and cancel the coupons of any such coupon bond so presented and

shall stamp, print or write either upon the back or the face of such

bonds, as may be convenient, a statement to the effect that the said

bond is registered in the name of the new owner and that thereafter

the interest and principal of said bond are payable to the

registered owner. Thereafter and from time to time, such bonds may

be transferred by such registered owner in person or by attorney

duly authorized on presentation of such bond to the treasurer of the

district and the bond again registered as before, a similar

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statement being stamped, printed or written thereon, such statement
he

registered owner. Thereafter and from time to time, such bonds may

be transferred by such registered owner in person or by attorney

duly authorized on presentation of such bond to the treasurer of the

district and the bond again registered as before, a similar

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statement being stamped, printed or written thereon, such statement

stamped, printed or written upon any such bond may be substantially

in the following form:

(Date, giving month, year and day)

This bond is registered pursuant to the statutes in such case

made and provided, in the name of (here insert name and address of

owner) and the interest and principal thereof and hereafter is

payable to such owner.

If any bond shall be registered as aforesaid, the principal and

interest of such bond shall be payable to the registered owner. The

treasurer or appointed agent of the district shall enter in a

register of bonds to be kept by him or in a separate book, the fact

of the registration of such bond and the name and address of the

registered owner thereof, so that said register or books shall at

all times show what bonds are registered and the name and address of

the registered owner thereof.