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RESOLUTION R-1516-64: 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 2015B (THE "NOTE"); PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE 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; APPROVING AND AUTHORIZING THE EXECUTION OF 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 1/2% NORMAN FORWARD Quality of Life Sales and Use Tax (NFST), effective January 1, 2016. The NORMAN FORWARD Initiative provides for funding for 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 - $3,000,000
- Senior Center - (to be determined)
Other authorized NORMAN FORWARD expenditures could include public art, maintenanc...
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