Broken Arrow City Council
Meeting of: 09/19/2023
Title:
title
Consideration, discussion, and possible approval of Resolution No. 1546, a Resolution fixing the amount of General Obligation Bonds, Series 2023 to mature each year; fixing the time and place the bonds are to be sold; designating a Paying Agent/Registrar and Disclosure Counsel; approving the Preliminary Official Statement and distribution thereof; and authorizing the Clerk to give notice of said sale as required by law and fixing other details of the issue
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Background:
On August 28, 2018, an election was held for the purpose of submitting to the voters the question of issuance of general obligation bonds and the following amount were approved at said election. (i) $142,625,000 to provide funds for the purpose of constructing and repairing streets within the City; (ii) $20,350,000 to provide funds for the purpose of purchasing, constructing and repairing public safety utilities within the City; (iii) $17,750,000 to provide funds for the purpose of purchasing, constructing, and repairing parks and recreation utilities of the City; (iv) $16,800,000 to provide funds for the purpose of purchasing, constructing, furnishing and equipping public buildings; (v) $7,500,000 for the purpose of constructing, reconstructing and repairing stormwater facilities; and (vi) $5,500,000 for the purpose of drainage improvements to property exclusively owned or in part by said City
The 2023A Bonds will be the eighth series sold from the 2018 bond election, which will include $26,080,000 from proposition 1 (Streets), $4,750,000 from proposition #2 (Public Safety), $3,120,000 from proposition 3 (Quality of Life) and $400,000 from proposition #4 (Public Buildings and Facilities). $650,000 from proposition #5 (Stormwater). The bonds will have a term of 20 years. A detailed list of the projects is attached.
Cost: Estimate $145,000
Funding Source: Proceeds from Sale
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1546, Notice of Sale, and list of projects
Recommendation:
recommend
Approve Resolution No. 1546 and authorize its execution
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