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RESOLUTION R-1516-63: A RESOLUTION AUTHORIZING THE NORMAN MUNICIPAL AUTHORITY (THE "AUTHORITY") TO ISSUE ITS SALES TAX REVENUE NOTE, SERIES 2015B (THE "NOTE") IN THE AGGREGATE PRINCIPAL AMOUNT OF $43,160,000; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; APPROVING AND AUTHORIZING EXECUTION OF A SALES TAX AGREEMENT BY AND BETWEEN THE CITY OF NORMAN, OKLAHOMA (THE "CITY") AND THE AUTHORITY PERTAINING TO A YEAR-TO-YEAR PLEDGE OF CERTAIN SALES TAX REVENUE; APPROVING AND AUTHORIZING EXECUTION OF A NOTE INDENTURE PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE INDENTURE; AUTHORIZING AND DIRECTING THE EXECUTION OF THE NOTE AND OTHER DOCUMENTS RELATING TO THE TRANSACTION; 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 FORW...
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