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CONSIDERATION OF AWARDING, ACCEPTANCE, REJECTION, AMENDMENT, AND/OR POSTPONEMENT OF THE BID FOR THE PURCHASE OF $13,500,000 GENERAL OBLIGATION BONDS, SERIES 2021 OF THE CITY OF NORMAN, OKLAHOMA, AND VOTE TO AWARD SAID BONDS 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 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 Oklahoma Statutes, public notice of the sale of the Series 2021 General Obligation Bonds was made in the Norman Transcript and other publications. Bid packages were sent to qualified firms in Oklahoma and in the surrounding region. As noted in the Notice to Bidders distributed pursuant to this Notice, bids will be received on May 25, 2021 for the purchase of the Bonds, and the bidder with the lowest true interest cost is recommended to b...
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