ITEM TITLE:
Receive bids for the sale of the City's $3,420,000 General Obligation Bonds, Series 2021, and award the sale of the $3,420,000 General Obligation Bonds, Series 2021, to the lowest bidder.
INITIATOR: City Council
STAFF INFORMATION SOURCE: Michael Cleghorn - City Manager; John Ratliff - City Attorney
BACKGROUND: On February 14, 2017, Lawton voters approved a Street Improvements Capital Improvement Program in the amount of $55,3000,000 to be funded by ad valorem taxes. The ordinance approved by voters authorized the issuance of general obligation bonds over a period of 13 years to finance the street improvements repayable by such taxes. City of Lawton qualified electors approved a Street Improvements Capital Improvement Program in the amount of $55,300,000 to be funded by ad valorem taxes. The ordinance approved by voters authorized the issuance of general obligation bonds to finance the street improvements repayable by such taxes.
On September 28, 2021, the City Council by Resolution fixed the amount of the Street Improvement General Obligation Bonds, Series 2021, to mature each year, fixed the time and the place the General Obligation Bonds, Series 2021, are to be sold; designated a paying agent/registrar; approved the preliminary official statement and distribution thereof; ratified and confirmed a continuing disclosure agreement; authorized the City of Lawton City Clerk to give notice of said sale as required by law and fixed other details of the issue. General Obligation Bonds in Oklahoma must be sold through a public or competitive sale process. 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 lo...
Click here for full text