Broken Arrow City Council
Meeting of: 10/15/2024
Title:
title
Consideration, discussion, and possible adoption of Ordinance No 3784-corrected, an Ordinance of the City of Broken Arrow, a Municipal Corporation of the State of Oklahoma, creating the “PSO 1% Franchise Fee Funds” for Economic Development to include maintenance and repairs of the City’s right-a-way, public health, and safety improvements, for aesthetics purposes and other economic development opportunities; repeal all ordinances to the contrary; and approve the emergency clause
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Background:
On February 14, 2023, voter approved and additional 1% PSO franchise for Economic Development to include maintenance and repairs of City right-a-ways, public health, and safety improvements, for aesthetics purposes and other economic development opportunities. Ordinance 3784-corrected creates the “PSO 1% Franchise Fee Funds” and segregate the 1% to committed fund balance in order ensure fund availability for restricted expenditure criteria and uses to be determined in the future.
The ordinance is coming back to council since there was a couple of errors and staff felt that it necessary to bring back for approval. Also, there is now language stating that there will be 2 different funds, one for economic development and one for infrastructure.
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Cost: N/A
Funding Source: N/A
Requested By: Cynthia S. Arnold
Approved By: City Manager’s Office
Attachments: Adopt Ordinance No. 3784-Corrected
Recommendation:
recommend
Adopt Ordinance No. 3784-Corrected and approve the emergency clause
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