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CONSIDERATION OF ADOPTION, APPROVAL, AMENDMENT, AND/OR POSTPONEMENT OF ORDINANCE O-2021-48 UPON FIRST, SECOND, AND FINAL READING: AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2021 IN THE SUM OF $13,500,000 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.
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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.
On April 27, 2021 the Council approved Resolution R-2021-120, Setting a Sale Date of May 25, 2021 and Giving Notice of Sale to potential purchasers of the City of Norman's $13,500,000 2021 General Obligation Bonds for Street Improvements; Reappointing Registrar/Paying Agent, Financial Advisor and Bond Counsel.
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: Pursuant to procedures set out in the Ok...
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