Broken Arrow City Council
Meeting of: 10/01/2019
Title:
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Consideration, discussion, and possible approval and authorization to execute Resolution No. 1270, a Resolution fixing the amount of Series 2019A Bonds to mature each year, fixing the time and place the bonds are to be sold and authorizing the clerk to give notice of said sale as required by law; approving a legal services agreement with Kiser Law Firm, PLLC and a financial advisor services agreement with Municipal Finance Services, Inc. and containing other provisions with respect to the issuance of general obligation bonds
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Background:
The City Council earlier approved at this meeting on October 1, 2019 the projects list for the sale of $23,250,000 in General Obligation Bonds. Resolution #1270 sets the amount of bonds to be issued, the time and place of the sale. These bonds will be referred to as Series 2019A. The bonds are scheduled to be awarded at the November 5, 2019 City Council meeting and are anticipated to close in December 2019.
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
2019A will be the second series sold from the 2018 bond elections;...
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