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RESOLUTION NO. R-1314-26: A RESOLUTION AUTHORIZING THE NORMAN TAX INCREMENT FINANCE AUTHORITY (THE "AUTHORITY") TO ISSUE ITS TAX INCREMENT REVENUE NOTE, TAXABLE SERIES 2013 (THE "NOTE") IN THE AGGREGATE PRINCIPAL AMOUNT OF $14,215,000; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; APPROVING AND AUTHORIZING EXECUTION OF A SECURITY AGREEMENT BY AND BETWEEN THE CITY AND THE AUTHORITY PERTAINING TO A PLEDGE OF CERTAIN SALES TAX INCREMENT REVENUE AND AD VALOREM TAX INCREMENT REVENUE; APPROVING AND AUTHORIZING EXECUTION OF A GENERAL BOND INDENTURE AND A SERIES 2013 SUPPLEMENTAL NOTE INDENTURE (COLLECTIVELY, THE "INDENTURE") AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENT OF THE NOTE; PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE 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 May 23, 2006 the City Council adopted Ordinance O-0506-66, establishing the University North Park Tax Increment Finance District (UNP TIF, or Norman TIF District #2). This Ordinance created a Project Plan delineating public improvements to be paid for by sales and ad valorem tax revenues generated within the District and apportioned to a UNP TIF Fund. The approved projects to be paid for by the UNP TIF Fund were amended by Ordinance 0809-8 on August 8, 2008. By these Ordinances, the approved public projects include the following:
Road and Traffic Improvements
Legacy Park
Lifestyle Center Incentives
Economic Development Incentives
Conference Center or Cultural Facilities
On June 30, 2009 the Norman Tax Increment Finance Authority (NTIFA) issued its TIF Revenue Note, Taxable Series 2009, in the total amount of $14,560,000. This Note authorized the financing of major projects, including the Rock Creek Road Overpass of I-35, through an arrangem...
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