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ORDINANCE NO. O-1213-20: AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2012D, IN THE SUM OF $20,050,000 BY THE CITY OF NORMAN, OKLAHOMA, AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCRIBING FORM OF BONDS; PROVIDING FOR REGISTRATION THEREOF; APPROVING THE FORM OF A CONTINUING DISCLOSURE CERTIFICATE; PROVIDING FOR LEVY OF AN ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON THE SAME AND FIXING OTHER DETAILS OF THE ISSUE; AND DECLARING AN EMERGENCY.
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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 October 23, 2012, the Council approved Resolution R-1213-6, Setting the Date and Giving Notice of Sale of General Obligation Bonds and Reappointing Bank of Oklahoma as the Registrar/Paying Agent, and Municipal Finance Services as Financial Advisor for the City of Norman.
DISCUSSION: Public notice of the sale of the Series 2012D 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 were received today for the Bonds and the bidder with the lowest true interest cost is recommended to be approved to purchase the Bonds. 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 approved on an emergency basis.
The Ordinance also authorizes the Mayor or Mayor Pro Tem and other City officials to execute relevant documents to complete the bond sale. These documents include, without limitation, the following:
Continuing Disclosure Agreement;
Arbitrage Certification;
Non-Litigation Certification;
Official Statemen...
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