Measure on the ballot in the 2020 Oklahoma Consolidated Primary and Runoff Election in Norman.
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Get StartedThe Economic and Community Development Projects for which the proceeds of the aforesaid not to exceed $5,000,000 Economic and Community Development Bonds shall be loaned, granted or expended to or for qualified economic and community development purposes as defined in Title 62, Section 802 of the Oklahoma Statutes, as amended, specifically, as a funding source for the Economic Recovery Program, and for expenses of the bond issue. Prior to issuing bonds, guidelines will be established and adopted by the City Council which will assure accountability and adherence to sound economic and community development standards. Proceeds of the Economic and Community Development Bonds may be expended with or without the participation by other economic and community development agencies and entities, but to the extent federal funding is awarded to the City for similar economic and community development purposes, such federal funding will offset the authorization set forth herein.
A "YES" vote on Proposition 4 would be a vote in favor of the city issuing $5,000,000 in bonds, which would be used for the purpose of economic and community development in Norman, with particular emphasis on marginalized communities, job retention and creation programs.
A "NO" vote on Proposition 4 would be a vote in opposition to the city issuing $5,000,000 in bonds, which would be used for the purpose of economic and community development in Norman, with particular emphasis on marginalized communities, job retention and creation programs.
Shall The City of Norman, State of Oklahoma, incur an indebtedness by issuing its bonds in the sum of Five Million Dollars ($5,000,000) to provide for the purpose of economic and community development in Norman, with particular emphasis on marginalized communities, job retention and creation programs, and pursuant to guidelines to be adopted by City Council, with or without the use of other funds, and levy and collect a special tax, payable annually 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; Provided however, that in no event shall the real and personal taxable property in said City be subject to a special tax in excess of five mills on the dollar for all bonds issued pursuant to Section 35, Article X of the Oklahoma Constitution?
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