$60 million general obligation bond
Impact to Current Taxes:
Approximately $5.25 a month increase for average Norman property owner based on property’s market value of $150,000
The proposed $60 million stormwater bond would fund 33 stormwater infrastructure projects with the aim of reducing flooding in Norman and replacing aging, undersized drainage structures. These projects were selected from a list of 60 projects identified in part in the City’s 2009 Storm Water Master Plan as critical to addressing flooding and water pollution issues in Norman.
The 33 projects represented in this proposition were put forward by the Stormwater Citizen Committee, a group that spent nearly two years studying Norman’s stormwater issues to develop practical and fiscally responsible solutions. The criteria for selection for each project included priority ranking, location, and project cost with the goal of having at least three projects in each Ward.
If approved, this would be the first stormwater bond of its kind in the City of Norman and would provide funding for large infrastructure project needs where state and federal funding is not currently available.
The Proposition 2 vote on a Stormwater Bond will appear on the April 2, 2019 ballot as follows:
PROPOSITION NO. 2
Stormwater Bond Projects
Shall The City of Norman, State of Oklahoma, incur an indebtedness by issuing its general obligation limited tax bonds in the sum of Sixty Million Dollars ($60,000,000) for the purpose of economic and community development in said City, to include constructing, improving, and equipping stormwater drainage facilities, to be completed with or without the use of other funds, and levy and collect a special annual tax, in addition to alt 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 fourteen percentum (14%) per annum, payable semi-annually and to become due within thirty (30) 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 annual tax in excess of five mills on the dollar for all bonds issued pursuant to Section 35, Article X of the Oklahoma Constitution?
The voting machines or devices used at said election shall set out the proposition as above set forth and shall also contain the words:
YES – FOR THE ABOVE PROPOSITION
NO – AGAINST THE ABOVE PROPOSITION
To see the complete ordinance language, click here.
Use this interactive project map to view the proposed project locations across Norman. You can click on the blue dot next to the highlighted project name to see a full project description. To view a larger map, click here.