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CONSIDERATION OF ORDINANCE O-1819-25 UPON SECOND AND FINAL READING: AN ORDINANCE OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, AUTHORIZING THE CALLING AND HOLDING OF A SPECIAL ELECTION IN THE CITY OF NORMAN, STATE OF OKLAHOMA (THE "CITY"), ON THE 2ND DAY OF APRIL, 2019, FOR THE PURPOSE OF SUBMITTING TO THE REGISTERED QUALIFIED ELECTORS OF SAID CITY THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS OF SAID CITY IN AN AMOUNT NOT TO EXCEED THE SUM OF SEVENTY TWO MILLION DOLLARS ($72,000,000) TO BE ISSUED IN SERIES TO PROVIDE FUNDS FOR THE PURPOSE OF CONSTRUCTING, WIDENING, AND IMPROVING STREETS AND BRIDGES IN THE CITY OF NORMAN, OKLAHOMA; ALL TO BE COMPLETED WITH OR WITHOUT THE USE OF OTHER FUNDS, AND LEVYING AND COLLECTING AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY FOR THE PAYMENT OF THE INTEREST AND PRINCIPAL ON SAID BONDS; DECLARING AN EMERGENCY; AND CONTAINING OTHER PROVISIONS RELATED THERETO.
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BACKGROUND: The City's adopted Capital Improvement Plan (CIP) has anticipated several major street construction projects to serve existing and anticipated traffic flows for several years. In several recent public study sessions, conferences and special meetings, the Council has discussed alternative methods of timely financing these needed infrastructure improvements to ensure available Federal funding is maximized and adequate local funding is provided to complete the projects. At a recent study session, Council directed Staff to bring forward an ordinance calling for a General Obligation Bond referendum on April 2, 2019.
DISCUSSION: The attached agenda items are proposed for a voter referendum to be held on April 2, 2019 to provide General Obligation Bond financing for the following projects in the following estimated amounts:
* Porter Avenue and Acres Street - $3,675,000
* Jenkins Avenue - Imhoff Road to Lindsey Street - $9,601,000
* Porter Avenue Streetscape - $2,471,000
* James Garner Avenue S...
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