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RESOLUTION R-1819-52: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, APPROPRIATING $3,104,154 FROM THE 2010 STREET MAINTENANCE BOND PROGRAM (CAPITAL) FUND TO BE USED TO FUND OTHER STREET PROJECTS.
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BACKGROUND: In the Norman General Obligation Bond Election of March 2010, voters approved the City's 5-year Street Maintenance Bond Program. This program includes four categories of street maintenance projects as follows:
* Urban Asphalt Street Maintenance
* Urban Concrete Street Maintenance
* Rural Road Maintenance
* Urban Street Reconstruction
All the street maintenance bond projects under the 2010 Street Maintenance Bond Program were proposed to be completed in five years with the approved program budget of $19,000,000. The estimated total project cost included approximately 20 percent contingency. Staff confirms that 308 neighborhood street maintenance projects were completed under the program, as promised in the March 2010 Bond Election. By statute, these funds must be spent on street maintenance projects in Norman. The neighborhood streets selected were based on the City's Pavement Management System.
DISCUSSION: With the completion of the last two projects, the total number of streets completed under the 2010 Street Maintenance Bond Program was 308.
The approved budget for the 2010 Street Maintenance Bond Program was $19, 000,000. The total up to date cost for completing all the streets is $16,039,795.27 or 84% of the total program budget. The total remaining Bond Program Fund balance to date, including accrued interest is $3,104,154.
Additional Street Maintenance and Transportation projects have been identified that can use the 2010 Street Maintenance Bond Program Fund balance as follows:
1. Appropriate $2,000,000 from 2010 Street Maintenance Bond Program (Capital) Fund Balance (050-0000-253-20-00) to Project BP0197, 36th Avenue NW, Tecumseh-Indian Hills, Construction (050-9552-431.61-01).
2. Appropriate the remaining 2010 St...
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