County Record Retention

Bond Cost: 5.75 Million

Proposition III — issue bonds in the amount of 5.75 Million Dollars to provide necessary storage space to retain and protect official records and documents which must be kept secure and protected in a facility large enough to kept current records and improve file access to such records.

 

Actual Ballot Language

Proposition III

SHALL THE COUNTY OF OKLAHOMA, STATE OF OKLAHOMA, BY ITS BOARD OF COUNTY COMMISSIONERS INCUR AN INDEBTEDNESS BY ISSUING ITS NEGOTIABLE BONDS UNDER THE PROVISIONS OF ARTICLE X, SECTION 35 OF THE OKLAHOMA CONSTITUTION IN THE SUM OF NOT TO EXCEED FIVE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($5,750,000) IN ONE OR MORE SERIES TO PROVIDE FUNDS, TO BE USED WITH OR WITHOUT OTHER GRANTS OR AVAILABLE FUNDS, FOR THE PURPOSE OF THE ECONOMIC AND COMMUNITY DEVELOPMENT OF OKLAHOMA COUNTY BY ACQUIRING AND/OR IMPROVING COUNTY FACILITIES FOR THE RETENTION OF COUNTY RECORDS AND LEVY AND COLLECT AN AD VALOREM TAX, PAYABLE ANNUALLY, IN ADDITION TO THE LEGAL RATE PERMITTED, UPON ALL THE REAL AND PERSONAL TAXABLE PROPERTY IN SAID COUNTY 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 NOT TO EXCEED THE RATE OF TEN PER CENTUM (10%) PER ANNUM, PAYABLE SEMIANNUALLY AND TO BE SERIAL BONDS, MATURING WITHIN FIFTEEN YEARS FROM THEIR DATE; PROVIDED, HOWEVER, THAT IN NO EVENT SHALL THE REAL AND PERSONAL TAXABLE PROPERTY IN SAID COUNTY BE SUBJECT TO AN AD VALOREM TAX IN EXCESS OF 5 MILLS ON THE DOLLAR FOR ALL BONDS OUTSTANDING UNDER SECTION 35, ARTICLE X OF THE OKLAHOMA CONSTITUTION?