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CONSIDERATION OF ADOPTION, REJECTION, AMENDMENT, AND/OR POSTPONEMENT OF RESOLUTION R-2021-120: A RESOLUTION FIXING THE AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2021 TO MATURE EACH YEAR; FIXING THE TIME AND PLACE THE BONDS ARE TO BE SOLD; DESIGNATING A PAYING AGENT/REGISTRAR; APPROVING THE PRELIMINARY OFFICIAL STATEMENT AND DISTRIBUTION THEREOF; AND AUTHORIZING THE CLERK TO GIVE NOTICE OF SAID SALE AS REQUIRED BY LAW AND FIXING OTHER DETAILS OF THE ISSUE.
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BACKGROUND: On April 6, 2021, the voters of Norman approved Ordinance O-2021-29, authorizing the issuance of $27,000,000 in General Obligation bonds (GO Bonds) for "reconstructing, repairing, improving and rehabilitating existing streets, roads and intersections in the City of Norman..." This was the fourth time the voters of Norman have authorized a recurring five-year program to provide funding for maintaining residential asphalt, concrete and rural roads throughout Norman.
Pursuant to the Oklahoma Bond Proceeds Act, the sale of General Obligation Bonds must be done competitively, using a set process that begins with an open solicitation for bidders through a Notice of Sale of the bonds and an award of the bid to the qualified bidder (firm) who proposes to purchase the bonds at the lowest True Interest Cost to the City (issuer).
DISCUSSION: In order to complete the sale of the first portion of the General Obligation Bonds authorized by the voters on April 6th before the end of fiscal year 2020-2021, an aggressive schedule for the competitive placement of the bonds needs to be followed. The attached Resolution R-2021-120 would set a sale date of May 25, 2021 for the competitive sale of the GO Bonds to an underwriter, as directed by Oklahoma statutes. The Resolution would also reaffirm the appointments of BancFirst of Oklahoma as Registrar/Paying Agent for the bonds; Municipal Finance Services as Financial Advisors for the bond issuances; and Public Finance Law Group and Floyd Law Firm as ...
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