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CONSIDERATION AND AWARDING OF THE BID FOR THE CITY OF NORMAN, OKLAHOMA, FOR THE PURCHASE OF GENERAL OBLIGATION BONDS, SERIES 2019A, IN THE AMOUNT OF $10,000,000 TO THE LOWEST BIDDER COMPLYING WITH THE NOTICE OF SALE AND INSTRUCTIONS TO BIDDERS OR TO REJECT ALL BIDS.
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BACKGROUND: On April 5, 2016, the voters of Norman approved the issuance of $25,000,000 in general obligation bonds (GO Bonds) to continue the five-year program for the construction of street and bridge improvements at locations throughout Norman. On April 12, 2016, the City Council approved Resolution R-1516-105, authorizing a Notice of Sale and setting the date for the competitive purchase of $15,000,000 of the voter-authorized bonds and other related matters. On May 10, 2016, the Council approved Ordinance O-1516-39, authorizing the issuance of $15,000,000 of the voter-authorized bonds and other related matters.
On April 2, 2019, the voters of Norman approved the issuance of $72,000,000 in general obligation bonds (GO Bonds) to continue the City's transportation infrastructure improvement program, widening major arterial roads, improving streetscapes, bridges, street drainage systems, and expanding the City's multi-modal transportation networks throughout Norman.
On April 23, 2019, the Council approved Resolutions R-1819-104 and R-1819-105, giving Notice of Sale of the City of Norman's 2019A and Series 2019B General Obligation Bonds. The sale date was set for May 14, 2019, pursuant to Oklahoma Statutes regarding the competitive sale of general obligation bonds. Resolution R-1819-104 related to the sale of the remaining $10,000,000 in bonds authorized by the voters in 2016 for street resurfacing and reconstruction projects. Resolution R-1819-105 related to the sale of $20,000,000 of the $72,000,000 in bonds authorized by the voters in April 2019 for road widening and transportation infrastructure projects.
DISCUSSION: Pursuant to procedures set out in the Oklahoma Statutes,...
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