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RESOLUTION R-2021-71: A RESOLUTION AUTHORIZING THE NORMAN MUNICIPAL AUTHORITY (THE "AUTHORITY") TO ISSUE ITS SALES TAX REVENUE NOTE, TAXABLE SERIES 2020 (THE "NOTE") IN THE AGGREGATE PRINCIPAL AMOUNT OF $22,250,000.00; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; RATIFYING AND CONFIRMING 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, AND APPROVING AND AUTHORIZING AN AMENDED SALES TAX AGREEMENT; APPROVING AND AUTHORIZING EXECUTION OF A SUPPLEMENTAL NOTE INDENTURE PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF SAID 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 Tax (NFST), effective January 1, 2016. The NORMAN FORWARD Initiative provides for funding over $148,000,000 in 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 - $2,730,000
* The Griffin Park Land Purchase alloc...
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