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CONSIDERATION OF ORDINANCE O-1920-64 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 25th DAY OF AUGUST, 2020, FOR THE PURPOSE OF SUBMITTING TO THE REGISTERED QUALIFIED ELECTORS OF SAID CITY THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS OF SAID CITY IN AN AMOUNT NOT TO EXCEED THE SUM OF FIVE MILLION DOLLARS ($5,000,000) TO BE ISSUED IN ONE OR MORE SERIES TO PROVIDE FUNDS FOR THE PURPOSE OF ECONOMIC AND COMMUNITY DEVELOPMENT IN NORMAN, INCLUDING JOB RETENTION AND CREATION PROGRAMS; ALL TO BE COMPLETED WITH OR WITHOUT THE USE OF OTHER FUNDS, 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; PROVIDED HOWEVER, THAT IN NO EVENT SHALL THE REAL AND PERSONAL TAXABLE PROPERTY IN SAID CITY BE SUBJECT TO A SPECIAL TAX IN EXCESS OF FIVE MILLS ON THE DOLLAR FOR ALL BONDS ISSUED PURSUANT TO SECTION 35, ARTICLE X OF THE OKLAHOMA CONSTITUTION; PROVIDING FOR ELECTION PROCEDURES; DECLARING AN EMERGENCY; PROVIDING FOR SEVERABILITY; AND CONTAINING OTHER PROVISIONS RELATED THERETO.
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BACKGROUND: On May 13, 2008, the citizens of Norman approved the issuance of general obligation bonds in the amount of $11,250,000 for the purpose of renovating, reconstructing, and equipping the existing central library building, Building A, and Building B within the Municipal Complex to provide space for the provision of municipal services, including the relocation of the Senior Center, Municipal Court and the expansion of the Police Department offices and offices located in Building A. Bonds were not issued upon the successful election related to these facilities because they were dependent on the passage of a separate question related to the relocation of the Central Library, which was unsuc...
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