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RESOLUTION R-1617-124: A RESOLUTION OF THE CITY OF NORMAN, OKLAHOMA (THE "CITY") APPROVING THE INCURRENCE OF INDEBTEDNESS BY THE NORMAN MUNICIPAL AUTHORITY (THE "AUTHORITY") ISSUING ITS SALES TAX REVENUE NOTE, SERIES 2017 (THE "NOTE"); PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE INDENTURE; AUTHORIZING THE ISSUANCE OF SAID NOTE; WAIVING COMPETITIVE BIDDING WITH RESPECT TO THE SALE OF SAID NOTE AND APPROVING THE PROCEEDINGS OF THE AUTHORITY PERTAINING TO THE SALE OF SAID NOTE; RATIFYING AND CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE CITY AND THE AUTHORITY PERTAINING TO THE YEAR-TO-YEAR PLEDGE OF CERTAIN SALES TAX REVENUES; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
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BACKGROUND: On October 13, 2015, the voters of Norman approved Ordinance O-1516-5, levying a 15-year temporary, dedicated one-half percent (1/2%) NORMAN FORWARD Quality of Life Sales Tax (NFST), effective January 1, 2016. The NORMAN FORWARD Initiative provides for funding over $148,000,000 in recreational, athletic, library, park and infrastructural improvements, including the following:
* New Central and Eastside Branch Libraries - $44,000,000
* James Garner Avenue Extension - $6,000,000
* New Indoor Aquatic Facility - $14,000,000
* Westwood (Outdoor) Pool Reconstruction - $12,000,000
* Westwood Tennis Center Renovation - $1,000,000
* Reaves Park Baseball Complex Renovation - $10,000,000
* Griffin Park Land Purchase - $10,000,000
* Griffin Park Soccer Complex Reconstruction - $11,000,000
* New Football and Softball Complex - $2,500,000
* New Indoor Multi-Sport Facility - $8,500,000
* Neighborhood Park/Trail Development - $14,500,000
* Community Park Development - $9,500,000
* Canadian River Trails Park Development - $2,000,000
* Road and Infrastructure Improvements - $ 2,730,000
Other authorized NORMAN FORWARD improvements could include public art installations, senior center construction or renovation, and supp...
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