General Obligation Bond Advisory Task Recommendations & Consideration of GO Bond Election

Excerpt from Aug. 12, 2024 City Council Meeting | Item # 9.C & 9.D
Item 9.C
Presentation of General Obligation Bond Advisory Task Recommendations to City Council Regarding a Potential General Obligation Bond Election. (Citywide)
Background
The City Council established a 25 member, limited duration General Obligation Bond Advisory Task Force on May 28, 2024, to provide recommendations to the City Council regarding appropriate projects and funding levels for a potential General Obligation Bond election. Since their establishment, the Task Force has held four meetings during which they discussed potential projects, mill levy rates and terms, and asked questions of staff and our consultants. A list of all the projects considered by the Task Force Committee is provided. They approved their final recommendations to the City Council during their last meeting on July 15, 2024. The Task Force recommended a Mill Levy Rate of 15 with a term of 10 years, which is conservatively estimated to result in $231 million of funding for projects. The list of projects selected by the Task Force for recommendation is in the "Recommended Project List" PDF attached to this item. That document also contains information about the total designations recommended per category, which includes unlisted funds. Unlisted funds are allowed up to 30% per item (i.e. category) on the ballot and provide contingencies. It is important to note that unlisted funds in a project category have to be spent on that project type (ex. street funds have to be spent on streets). The Task Force also approved a recommendation that the City Council establish an oversight committee to oversee the use of GO Bond tax funds and to provide signage for any project which uses GO Bond tax funds.
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Item 9.D
Consideration of the Following Items Related to the Calling of a Special Election on November 5, 2024, for the Purpose of Submitting to the Registered, Qualified Electors of Said City the Question of Issuance of General Obligation Bonds:
Discussion and Consideration of Resolution No. ___ Authorizing the Calling and Holding of a Special Election In the City of Edmond, State Of Oklahoma, (the “City”), on the 5th day of November, 2024, for the Purpose of Submitting to the Registered Qualified Electors of said City the Question of the Issuance of General Obligation Bonds of said City in an Amount Not to Exceed the Sum of Two Hundred Thirty One Million Dollars ($231,000,000) to be Issued in Series to Provide Funds for the Purposes of: (i) Constructing, Reconstructing, Repairing, Improving, and Rehabilitating Streets, Roads, Bridges, and Intersections in the City (Including Lighting, Sidewalks/Bikepaths, Landscaping, Related Drainage Improvements, Driveway Reconstruction, Utility Relocation, and Other Related Improvements); (ii) Constructing, Expanding, Repairing, Which May Also Include Improving, Renovating, Acquiring and Equipping Parks and Recreational Facilities, all to be Owned Exclusively by the City; and (iii) Acquiring, Constructing, Expanding, Renovating, Repairing, and/or Equipping Firefighting Buildings, Facilities, and Equipment, All to Be Owned Exclusively by the City; All to Be Completed With or Without the Use of Other Funds, and Levying and Collecting An Annual Tax, In Addition to All Other Taxes, Upon All the Taxable Property In Said City For the Payment of the Interest and Principal on Said Bonds; Providing For Election Procedures; Authorizing Professional Services Agreements Pertaining to the Issuance of Said Bonds; and Containing Other Provisions Related Thereto. (Citywide)
Special Election Proclamation and Notice Hereby Authorizing the Calling of a Special Election to be held on the 5th Day of November, 2024. (Citywide)
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