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CONSIDERATION AND AWARDING OF THE BID FOR THE CITY OF NORMAN, OKLAHOMA, FOR THE PURCHASE OF GENERAL OBLIGATION BONDS, SERIES 2015, IN THE AMOUNT OF $22,525,000 TO THE LOWEST BIDDER COMPLYING WITH THE NOTICE OF SALE AND INSTRUCTIONS TO BIDDERS OR TO REJECT ALL BIDS.
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BACKGROUND: On August 28, 2012, the voters of Norman approved the issuance of $42,575,000 in general obligation bonds (GO Bonds) for the construction of street and bridge improvements at locations throughout Norman. On November 13, 2012, the Council adopted Ordinance O-1213-20, authorizing the issuance of The City of Norman's General Obligation Bonds, Series 2012D, in the amount of $20,050,000. The 2012D bonds provided funding for many of the projects approved by the voters, except for the construction costs related to the widening of Lindsey Street, from Berry Road to 24th Avenue SW, and the widening of 36th Avenue NW from Indian Hills Road to Tecumseh Road.
On March 24, 2015, the Council approved Resolution R-1415-94, Setting the Date and Giving Notice of Sale of General Obligation Bonds in the amount of $22,525,000; the remaining amount authorized for the Lindsey and 36th Avenue projects.
DISCUSSION: Pursuant to procedures set out in the Oklahoma Statutes, public notice of the sale of the Series 2015 General Obligation Bonds was made in the Norman Transcript and other publications. As noted in the Notice to Bidders distributed pursuant to this Notice, bids will be received on April 28, 2015 at noon for the Bonds and the bidder with the lowest true interest cost will be recommended to be approved to purchase the Bonds, assuming no bid irregularities and favorable bid terms.
Emergency clause. In order to take advantage of favorable municipal bond market conditions and to complete the bond sale in a timely fashion to continue to move the approved projects forward in the expeditious manner that is desired by the Council, the attached Ordinances are recommended to be...
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