Title
CONSIDERATION OF ORDINANCE O-1819-42 UPON FIRST, SECOND, AND FINAL READING: AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2019B IN THE SUM OF $20,000,000 BY THE CITY OF NORMAN, OKLAHOMA, AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCRIBING FORM OF BONDS; PROVIDING FOR REGISTRATION THEREOF; DESIGNATING THE REGISTRAR FOR THE ISSUE; PROVIDING FOR LEVY OF AN ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS AND FIXING OTHER DETAILS OF THE ISSUE; APPROVING THE FORMS OF A CONTINUING DISCLOSURE AGREEMENT AND AN OFFICIAL STATEMENT; AUTHORIZING EXECUTIONS AND ACTIONS NECESSARY FOR THE ISSUANCE AND DELIVERY OF THE BONDS; AND DECLARING AN EMERGENCY.
Body
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...
Click here for full text