Title
RESOLUTION R-2021-70: 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, TAXABLE SERIES 2020 (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; 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 APPROVING AND AUTHORIZING AN AMENDED SALES TAX AGREEMENT; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
Body
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 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
* The Griffin Park Land Purchase allocation was later changed into a lease with the Oklahoma Department of ...
Click here for full text