§ 11-36-311. Notice to bondholders - Holder may accept street improvement refunding bonds.

At least sixty (60) days prior to the expiration of the three-year limitation on actions by bondholders, the municipal clerk shall notify the holders of all outstanding street improvement bonds that the same are about to be barred by the statute of limitations by:

1.  Mailing a notice to the holder of each bond at his last known address, as shown by the records of the clerk; and

2.  Publishing the notice in some newspaper of general circulation in the municipality in which the street improvement district is located.  If there is no newspaper published in the municipality, then the publication shall be made in some newspaper published in the county, and by publication of the notice in at least one nationally recognized financial journal.

The notice to bondholders shall be substantially in the following form:

NOTICE TO ALL HOLDERS OF STREET IMPROVEMENT BONDS OF

DISTRICT NO.______ (or, if appropriate, insert the ordinance or serial no.) OF THE _____ (City or Town) OF _________, OKLAHOMA:

You are hereby notified that on the _____ day of _____, 19__, the above bonds and rights thereunder will be barred by the Statute of Limitation, as provided in Section 36-310 of Title 11 of the Oklahoma Statutes.  You will govern yourselves accordingly.

___________

CLERK OF THE ______ (City or Town) of _______, OKLAHOMA.

Failure of the clerk to give notice provided herein shall not impair any of the provisions of Sections 36-309 through 36-312 of this title.

Laws 1977, c. 256, § 36-311, eff. July 1, 1978. d