ITEM TITLE:
Receive bids for the sale of the City's $6,300,000 General Obligation Bonds, Series 2024, and award the sale of the $6,300,000 General Obligation Bonds, Series 2024, to the lowest bidder.
INITIATOR: City Council
STAFF INFORMATION SOURCE: John Ratliff - City Manager; Tim Wilson - Deputy City Attorney
BACKGROUND: On September 12, 2023, City of Lawton qualified approved a Street Improvements Capital Improvement Program in the amount of $60,000,000 to be funded by ad valorem taxes. The ordinance approved by voters authorized the issuance of general obligation bonds to finance the street and roadway and bridge improvements repayable by such taxes.
On May 14, 2024, the City Council of the City of Lawton adopted a resolution fixing the amount of the General Obligation Bonds, Series 2024, to mature each year; fixing the time and the place the General Obligation Bonds, Series 2024, are to be sold; designating a paying agent/registrar; approving the preliminary official statement and distribution thereof; ratifying and confirming a continuing disclosure agreement; authorizing the City Clerk of the City of Lawton to give notice of said sale as required by law and fixing other details of the issue. Upon approval of the Resolution by the City Council, documents were prepared by the City's financing team to sell the bonds in accordance with Oklahoma Constitutional and Statutory requirements, including the publication of a Notice of Sale of Bonds in the local newspaper. In addition, the Preliminary Official Statement and Instructions to Bidders were distributed to interested bidders which included local banks and other banks in Oklahoma and surrounding States and Broker-Dealers.
Bids for the General Obligation Bonds, Series 2024, will be accepted until 11:00 a.m. on Tuesday June 25, 2024. The bids will be compiled by the financing team and presented to the City Council at its regular meeting on the above date. The bidder offering the lowest interest rate and ...
Click here for full text