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RESOLUTION R-1415-94: A RESOLUTION FIXING THE AMOUNT OF GENERAL OBLIGATION BONDS TO MATURE EACH YEAR; FIXING THE TIME AND PLACE THE BONDS ARE TO BE SOLD; DESIGNATING A PAYING AGENT/REGISTRAR; RATIFYING A LEGAL SERVICES AGREEMENT AND A FINANCIAL ADVISOR SERVICES AGREEMENT WITH RESPECT TO THE ISSUANCE OF THE BONDS; APPROVING THE PRELIMINARY OFFICIAL STATEMENT AND DISTRIBUTION THEREOF; ADOPTING CONTINUING DISCLOSURE POLICIES AND PROCEDURES; AUTHORIZING THE CLERK TO GIVE NOTICE OF SAID SALE AS REQUIRED BY LAW; AND FIXING OTHER DETAILS OF THE ISSUE.
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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) to widen arterial roads and replace bridges and drainage facilities throughout Norman. Funding was approved for the following projects (the estimated project costs below are for the City's portion of projects that will also receive State and Federal matching funds):
Lindsey Street Widening, 24th Avenue SW to Berry Road - $21,445,118
Alameda Street Widening/Safety - $1,301,507
36th Avenue NW Widening, Tecumseh Road to Indian Hills Road - $5,420,507
Cedar Lane Road Widening, 12th Avenue SE to 24th Avenue SE - $3,615,506
12th Avenue SE Widening, State Highway 9 to Cedar Lane Road - $1,101,021
West Main Street Bridge Over Brookhaven Creek Replacement - $2,553,407
Franklin Road Bridge Over Little River Tributary Replacement - $1,960,827
24th Avenue East Widening, Robinson Street to Lindsey Street - $5,177,107
Pursuant to this voter authorization, 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 and awarding the sale of the bonds to Morgan Stanley, Incorporated. This issuance provided full funding for the City's portion of the above projects, with the exception of the Lindsey Widening project and the 36th Avenue N.W. project. The 2012D ...
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