The City Council received and approved the sale of $35,000,000 in General Obligation Bonds, Series-2023 on Oct. 17, to fund a wide range of infrastructure projects.
The bids were opened at 11 a.m. and BOK Financial was the lowest bidder at a True Interest Cost at 4.219 percent. In all, five bids were received by the deadline by BOK Financial, Meisrow Financial, Inc., KeyBanc Capital Markets, Jefferies, LLC, and The Baker Group.
The City Council authorized the solicitation of the bids to sell the bonds at the Sept. 19 City Council meeting.
The Series-2023 A Bonds are the eighth series sold from the 2018 General Obligation Bond election, which includes $26,080,000 for Streets, $4,750,000 for Public Safety, $3,120,000 for Quality-of-Life projects, $400,000 for public buildings and facilities, and $650,000 for Stormwater projects.
Jon Wolff, Vice President of Municipal Finance Services recommended the City Council award the sale to BOK Financial and said the City's credit rating was affirmed at a Aa3. Obligations rated Aa3 are judged to be of high quality and are subject to very low credit risk.
"The market is kind of crazy these days, anytime you can get this many bids, it gives you an idea where the market is," Wolff said. "The two lowest bids were very close. Based on the 4.219 rounded, I recommend that you award to BOK Financial."
Following the City Council's vote to approve the sale of the bonds, City Manager Michael Spurgeon expressed his appreciation for the decision by the Council and the public's support of bond projects.
"There are a lot of projects that we hear about all the time that are on here and I'm proud to say that we will continue our efforts to reconstruct and keep up the infrastructure to meet the needs of the community," Spurgeon said.
Bond funding will be allocated for various stages of the projects such as design, construction, or right of way as noted by the italics.
Proposition No. 1 - Transportation projects named in the bond program:
—Washington St. (91st St.), widening from 9th St. (Lynn Lane) to 23rd St. (County Line Road)
—Resurface Aspen Avenue (145th E. Ave.) from Albany Street (61st St.) to Kenosha St. (71st St.)
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Design $160,000
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Construction $1,840,000
—Widen Elm Place (161st E. Ave.) from Kenosha St. (71st St.) to SH-51 (Broken Arrow Expressway)
—Widen 37th St. (209th E. Ave.) from Dearborn St. (41st St.) to Omaha St. (51st St.)
—Rehabilitate and/or resurface various residential streets located throughout the city
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Design $385,000
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Construction $4,400,000
—New Orleans St. Widening (Garnett Rd. to Olive Ave.)
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Design $110,000
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Right of way $155,000
—23rd St. Rehabilitation (Albany St. to Kenosha St.)
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Design $160,000
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Right of Way $240,000
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Construction $1,600,000
—23rd St. and Washington St. Intersection Improvements
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Design $120,000
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Right of Way $180,000
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Construction $260,000
—79th St. (Midway) and Kenosha Intersection Widening
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Design $120,000
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Right of Way $170,000
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Construction $1,160,000
—79th St. (Midway) and Houston Intersection Widening/Signalization
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Right of way $150,000
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Construction $1,000,000
—BA Expressway Entryway Improvements (Various locations
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Design $45,000
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Right of way $50,000
—Sidewalk Improvements (Various Locations)
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Design $10,000
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Right of way $10,000
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Construction $230,000
—Downtown Infrastructure Improvements
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Design $45,000
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Construction $455,000
—Innovation District Improvements
—University Blvd from Washington St. (91st St.) to New Orleans St. (101st St.)
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Design $100,000
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Right of Way $160,000
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Construction $1,040,000
—Proposition No. 2 - Public Safety Projects Named in the Bond Program Construction, renovation, equipping and furnishing of Fire Department improvements to the Police and Fire Training Center Facility located at 4205 E. Omaha St.
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Design $80,000
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Construction $920,000
—Acquisition and equipping of fire truck(s) and/or ambulance(s)
—Design, engineering and resurfacing of parking lot at the Public Safety Complex,
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Design $40,000
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Construction $460,000
—Proposition No. 2 - Public Safety Projects Unnamed in the Bond Program
New or Replacement Fire Station in the North portion of the city
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Design $440,000
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Right of Way $60,000
Proposition No. 3 - Quality of Life Projects Named in the Bond Program
- Construct, furnish and equip a new park to be located in the southwest part of Broken Arrow.
—Improvements to Nienhuis Park
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Design $10,000
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Construction $40,000
Proposition No. 3 - Quality of Life Projects Unnamed in the Bond Program
Nienhuis Park - Synthetic Turf for Football Fields
Battle Creek Golf Course - New Irrigation System
Central Park - Rose Garden
Proposition No. 4 - Public Facilities Projects Named in the Bond Program
-Construction and renovations to the General Services Building, located at 1700 W. Detroit St.
Proposition No. 5 - Stormwater Projects Named in the Bond Program
-Drainage improvements in the vicinity of Village Square II and Vandever Acres, near Washington Street (91st St.) and Elm Place (161 E. Ave.)
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Design $30,000
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Right of Way $20,000
Drainage improvements in the vicinity of the Detention Facility within the Shops at Adams Creek Wetlands Preserve, located along Hillside Drive between 9th Street (Lynn Lane) and 23rd Street (County Line Road)
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Design $20,000
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Construction $230,000
The Council approved Resolution No. 1546, fixing the amount of the bonds that can mature yearly and setting a date and time for the sale. The bonds were sold to the lowest bidder of the True Interest Cost the bonds will bear, with an agreement to pay par and accrued interest for the bonds.
