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Oklahoma City Prepares For Next Year's Multimillion-Dollar General Obligation Bond Vote

Workers continue road-widening construction along S. Choctaw Road south of SE 59th Street in Oklahoma City Tuesday.
Brent Fuchs
/
The Journal Record
Workers continue road-widening construction along S. Choctaw Road south of SE 59th Street in Oklahoma City Tuesday.

Next year Oklahoma City will ask to borrow hundreds of millions of dollars for routine expenses like bridges, drainage, parks and streets as part of a 10-year renewal of the city's general obligation bond.

Residents now have a chance to tell city leaders how much to borrow and where the money should go. Oklahoma City officials have released a survey asking people what they think of infrastructure repairs and improvements.

Early projections indicate the city could borrow as much as $850 million depending on what the people want, which is slightly more than the amount borrowed a decade ago. The low estimate is $350 million.
The city will also ask neighborhood groups to fill out a different survey based on their needs, The Journal Record’s Brian Brus reports:

Residents need to decide what’s most important to them and how much they’re willing to pay for it in the long-run. The latter aspect takes the form of property tax mills. A single mill produces about $5.5 million in revenue annually in Oklahoma City, officials said. For homeowners, 16 mills on a $150,000 property assessment would cost $248 per year, whereas 18 mills would cost $279. The current rate of 16 mills has been maintained for many years, but residents might decide now is the time for change, Yager said. And early projections by city staff suggest the new GO target could range from $350 million to $850 million. That’s why public surveys over the next several months are going to be vital.

Even with a downturn in the state economy, Oklahoma City’s financial profile is among the best in the country. For six years, bonds sold by Oklahoma City were rated AAA, the highest possible. A high rating means less interest is paid to buyers.

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