The municipal governing body may, after the expiration of thirty (30) days from the publication of the assessing ordinance, within which period the whole of any assessment may be paid without interest, provide by resolution for the issuance of bonds to pay all or any part of the cost of the street improvement. The bonds shall be in the aggregate amount of the assessments then remaining unpaid, bearing the date of thirty (30) days after the publication of the assessing ordinance, and be of such denominations as the governing body and the contractor shall determine. The bonds shall in no event become a liability of the municipality issuing the bonds. The bonds shall be payable on or before the first of October next succeeding the September 1 on which the last installment of assessments shall mature. The interest on the bonds shall be at the rate of not to exceed twelve percent (12%) per annum, payable on October 1 following the due date of the first installment of assessments, and semiannually thereafter, until maturity, and fifteen percent (15%) per annum after maturity. The bonds shall be designated as Street Improvement Bonds and shall:
Okla. Stat. tit. 11, § 36-301