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CONSIDERATION OF ORDINANCE O-1819-26 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 LIMITED TAX BONDS OF SAID CITY IN AN AMOUNT NOT TO EXCEED THE SUM OF SIXTY MILLION DOLLARS ($60,000,000) TO BE ISSUED IN SERIES TO PROVIDE FUNDS FOR THE PURPOSE OF ECONOMIC AND COMMUNITY DEVELOPMENT IN THE CITY, TO INCLUDE CONSTRUCTING, IMPROVING, AND EQUIPPING STORMWATER DRAINAGE FACILITIES; 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; PROVIDED HOWEVER, THAT IN NO EVENT SHALL THE REAL AND PERSONAL TAXABLE PROPERTY IN SAID CITY BE SUBJECT TO A SPECIAL TAX IN EXCESS OF FIVE MILLS ON THE DOLLAR FOR ALL BONDS ISSUED PURSUANT TO SECTION 35, ARTICLE X OF THE OKLAHOMA CONSTITUTION; DECLARING AN EMERGENCY; AND CONTAINING OTHER PROVISIONS RELATED THERETO.
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BACKGROUND: In late 2005, the City of Norman undertook a comprehensive review and analysis of flooding, water quality, and erosion aimed at reducing flooding dangers, protecting water quality, enhancing the environment and advancing recreational opportunities. In 2009, the City accepted the Storm Water Master Plan, which, in addition to providing detailed data maps, analysis of hydrologic and hydraulic modeling, provided a recommendation of storm water related infrastructure projects that could significantly impact flooding in Norman. Using the same ranking system as set forth in the Storm Water Master Plan, and updating the project list to account for new projects known to Staff and projects that have been completed sinc...
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