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City clarifies possible confusion over bond language

City clarifies possible confusion over bond language

The Norman Transcript
Submitted Content
Mar 18, 2019

In less than three weeks, Norman voters will consider three propositions on the ballot at the April 2 Special Election, which, if passed, will authorize three city ordinances that dictate how voter-approved funds will be spent.

The first two propositions are a transportation bond and a stormwater bond, and the third is a stormwater utility, which would be established as an enterprise fund that only allows collected fees to be used for stormwater needs.

There are several categories of bonds under the Oklahoma Constitution available to municipalities, each of which has specific guidelines for allowed use. The city worked with its bond counsel to develop the two separate general obligation bonds authorized by Oklahoma bond laws.

"The authorization and issuance of general obligation bonds by a city are governed by specific provisions set forth in the Oklahoma Constitution and related Oklahoma statutes," said Nathan Ellis, of the Public Finance Law Group, PLLC. "Propositions, or what appears on the ballot, are limited by State of Oklahoma election law to 200 words or less. After including the required technical language, there is little room for more than a general statement of purpose. However, all of the detail within the ordinance is incorporated as a matter of law." FULL ARTICLE

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