Proposition 2 - Parks and Recreational Facilities Projects

Shall The City of Edmond, State of Oklahoma, incur an indebtedness by issuing its general obligation bonds in the sum of Seventy Million Dollars ($70,000,000) to provide funds for the purpose of constructing, expanding, repairing, which may also include improving, renovating, acquiring and equipping parks and recreational facilities, all to be owned exclusively by the City, to be completed with or without the use of other funds, and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in said City sufficient to pay the interest on said bonds as it falls due, and also to constitute a sinking fund for the payment of the principal thereof when due, said bonds to be competitively sold and bear interest at the lowest rate not to exceed ten percentum (10%) per annum, payable semi-annually and to become due within ten (10) years from their date?