Your feedback ensures we stay focused on the facts that matter to you most—take our survey.
Oklahoma City, Oklahoma, Proposition 1, Street Bond Issue (September 2017)
| Proposition 1: Oklahoma City Street Bond Issue |
|---|
|
| The basics |
| Election date: |
| September 12, 2017 |
| Status: |
 Approved
|
| Topic: |
| City bonds |
| Related articles |
| City bonds on the ballot September 12, 2017 ballot measures in Oklahoma Oklahoma County, Oklahoma ballot measures |
| See also |
| Oklahoma City, Oklahoma |
A bond issue proposition to fund improvements of streets, Proposition 1, was on the ballot for Oklahoma City voters in Oklahoma County, Oklahoma, on September 12, 2017. It was approved.
| A yes vote was a vote in favor of increasing the city's debt by $491 million by issuing general obligation bonds in that amount to fund the improvement of streets. |
| A no vote was a vote against increasing the city's debt by $491 million by issuing general obligation bonds in that amount to fund the improvement of streets. |
The exact amount of the proposed bond was $490,560,000. The proposition required the bonds to be repaid within 25 years.[1][2]
Election results
| Proposition 1 | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 31,746 | 72.11% | ||
| No | 12,279 | 27.89% | ||
- Election results from Oklahoma State Election Board
Overview
The bond package
Proposition 1 was part of a 13-proposition bond package totalling $967 million in proposed new debt added to the September 2017 ballot by a vote of the Oklahoma City Council.
Projects to be funded by Proposition 1
Funds from the bond were dedicated to projects to resurface, rebuild, and widen streets and improve pedestrian walkways. A complete list of projects is below:[3]
Text of measure
Ballot question
The following is the ballot proposition language:[1]
| “ |
Shall The City of Oklahoma City, State of Oklahoma, incur an indebtedness by issuing registered bonds in the sum of Four Hundred Ninety Million Five Hundred Sixty Thousand Dollars ($490,560,000) to provide funds for the purpose of constructing, reconstructing, improving, rehabilitating, resurfacing, and repairing streets, including sidewalks and street enhancement improvements, along with street maintenance and construction equipment and materials, to be completed with or without the use of other funds, and levy and collect an annual tax, in addition to all 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 a rate not to exceed ten percent (10%) per annum, payable semi-annually, and to become due serially within twenty-five years from their date?[4] |
” |
Background
The 2017 bond package followed an $835.5 million bond package that was approved by voters in 2007. The 2007 bonds funded projects to improve streets, bridges, traffic control, drainage, parks, fire, police, libraries, maintenance facilities, transit, and economic development. In particular, voters approved a bond of $497.5 million to fund streets, which was used to rebuild or resurface 350 miles of streets, widen 48 arterial streets, and build more than 100 miles of sidewalks. Voters also approved bonds to fund streets in previous years: $106.5 million in 1989 (shared with bridges and traffic control), $69.5 million in 1995, and $192.2 million in 2000.[5][3]
Going into the September 2017 election, about 14 percent of property taxes in Oklahoma City were used to pay for bonds. As of June 30, 2017, the city carried $738,110,000 in outstanding general obligation bond debt. The 2017 bond package was designed to be issued over a 10 year period, resulting in an average total tax rate of 16 mills, which had been the average since the 1980s. The bonds were estimated to result in $514.5 million in interest on the $967 million in bonds.[6][2]
Path to the ballot
Proposition 1 was part of a 13-proposition bond package totalling $967 million in proposed new debt added to the September 2017 ballot by a vote of the Oklahoma City Council. The measure was originally proposed on May 30, 2017, with a public hearing on June 13, 2017. On June 20, 2017, the city council voted unanimously to place the measure on the ballot for the election on September 12, 2017.[7][8]
Recent news
The link below is to the most recent stories in a Google news search for the terms Oklahoma City streets bond issue Proposition 1. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
- Oklahoma County Elections Office website
- City of OKC: 2017 Bond Election website
- Oklahoma City Bond Program 2017 presentation
Footnotes
- ↑ 1.0 1.1 City of Oklahoma City, "September 12, 2017, Special Election Sample Ballot," accessed August 16, 2017
- ↑ 2.0 2.1 City of Oklahoma City, "Bond Package," accessed August 16, 2017
- ↑ 3.0 3.1 https://www.okc.gov/residents/sept-12-bond-and-sales-tax-election/bond-package/streets-and-sidewalks City of Oklahoma City, "Streets and Sidewalks," accessed August 23, 2017]
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ City of Oklahoma City, "Oklahoma City Bond Program 2017," accessed August 23, 2017
- ↑ Personal communication between staff writer and City of Oklahoma City staff member, information from the City of Oklahoma City Finance Department, August 29, 2017
- ↑ City of Oklahoma City, "OKC Council Meeting Notes: June 20, 2017," June 20, 2017
- ↑ Oklahoma City City Council, "Journal of Council Proceedings," accessed August 23, 2017
| ||||||||
