Measure on the ballot in the 2020 Oklahoma Consolidated Primary and Runoff Election in Norman.
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Get StartedThe Municipal Facilities Projects for which the proceeds of the aforesaid not to exceed $24,300,000 general obligation bonds shall be expended consist of constructing, reconstructing, expanding, repairing, which may also include improving, renovating, acquiring and equipping municipal services facilities, all to be owned exclusively by said City, and including but not limited to those municipal facilities listed below. The costs of the projects are based on engineering estimates, with engineering to be completed as the bonds are issued and with the improvements to be made as needed. Said projects may be accomplished through participation with other governmental agencies and others, and may be accomplished in phases. The specific projects for which at least seventy percent (70%) of the proceeds of the aforesaid bonds shall be expended and the dollar amount of each such project shall be as follows: Transit and Fire Maintenance Facility to include construction of a new fleet and fire maintenance facilities to include new service bays, administrative offices, storage and restrooms: $5,000,000; Municipal Complex Improvements to include renovations, improved space utilization, and the relocation of various City departments and services: $11,300,000; Emergency Operations Center to include construction of a new facility to house emergency operations, including emergency dispatch communications, to support emergency operations within the City: $8.000,000; TOTAL: (representing 100% of $24,300,000): $24,300,000.
A "YES" vote on Proposition 3 would be a vote in favor of the city issuing $24,300,000 in general obligation bonds, which would be used to provide funds for constructing, reconstructing, expanding, and repairing municipal facilities. A "YES" vote on Proposition 3 would also be a vote in favor of allowing the city to levy a property tax sufficient to cover the interest accrued on the loan.
A "NO" vote on Proposition 3 would be a vote in opposition to the city issuing $24,300,000 in general obligation bonds, which would be used to provide funds for constructing, reconstructing, expanding, and repairing municipal facilities. A "NO" vote on Proposition 3 would also be a vote in opposition to allowing the city to levy a property tax sufficient to cover the interest accrued on the loan.
Shall The City of Norman, State of Oklahoma, incur an indebtedness by issuing its general obligation bonds in the sum of Twenty Four Million Three Hundred Thousand Dollars ($24,300,000.00) to provide funds for the purpose of constructing, reconstructing, expanding, repairing, which may also include improving, renovating, acquiring and equipping municipal facilities, all to be owned exclusively by said 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 bear interest at not to exceed the rate of ten percentum (10%) per annum, payable semi-annually and to become due serially within twenty-five (25) years from their date?
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