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CONSIDERATION OF ORDINANCE O-1516-27 UPON SECOND AND FINAL READING: AN ORDINANCE OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, AUTHORIZING THE CALLING AND HOLDING OF A SPECIAL ELECTION IN THE CITY OF NORMAN, STATE OF OKLAHOMA (THE "CITY"), ON THE 1st DAY OF MARCH, 2016, FOR THE PURPOSE OF SUBMITTING TO THE REGISTERED QUALIFIED ELECTORS OF SAID CITY THE QUESTION OF THE ISSUANCE OF THE BONDS OF SAID CITY IN AN AMOUNT NOT TO EXCEED THE SUM OF TWENTY-FIVE MILLION DOLLARS ($25,000,000) TO BE ISSUED IN SERIES TO PROVIDE FUNDS FOR THE PURPOSES OF RECONSTRUCTING, REPAIRING, IMPROVING, AND REHABILITATING EXISTING STREETS, ROADS, AND INTERSECTIONS IN THE CITY (INCLUDING LIGHTING, SIDEWALKS/BIKEPATHS, LANDSCAPING, RELATED DRAINAGE IMPROVEMENTS, DRIVEWAY RECONSTRUCTION, AND OTHER RELATED IMPROVEMENTS); AND LEVYING AND COLLECTING AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY FOR THE PAYMENT OF THE INTEREST AND PRINCIPAL ON SAID BONDS.
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BACKGROUND: Over the years, Norman has used a street maintenance bond program funded by an additional, voter approved ad valorem tax. This funding source has enabled the City to make substantial improvements on roads requiring repair that would not otherwise be possible within the City’s budget constraints. The current bond program expires at the end of the current fiscal year.
On October 20, 2015, City Staff met with Council in a Study Session to discuss the proposed 2016-2020 Street Maintenance Bond Program. Staff worked with IMS Pavement Management System to rank the conditions of all of the public streets in Norman and then identify those needing repair during the next five year cycle. At the conclusion of the presentation, Council directed staff to prepare the ballot language and associated ordinance calling an election for March 1, 2016.
DISCUSSION: Ordinance No. O-1516-27 calls for the holding of a special election on March 1, 2016 for the purpose of submitting to the voters the question of approving the issuance of bonds in an amount not to exceed $25 million to complete the 2016-2020 Street Maintenance Bond Program. Like the previous programs, this requires voter approval of funding the program through an annual ad valorem tax. Because this 2016-2020 Street Bond Maintenance Program will begin as the current bond maintenance program expires, there is no net increase in property tax as a result of this vote.
If approved by Council and the voters, this will be the third, consecutive 5-year Street Maintenance Bond Program since 2005. This program, if approved, will result in street repair projects in 223 different locations and over 126.2 miles over the next five years.
RECOMMENDATION: Staff recommends approval of Ordinance No. O-1516-27 upon Second and Final Reading.