County Courthouse Renovation

Bond Cost: 10.5 Million

Proposition II — issue bonds in the amount of 10.5 Million Dollars to provide necessary funds to renovate the plumbing, air conditioning, heating and other structural necessities in the Oklahoma County Courthouse.

 
Rusted utitlity pipes cause frequent problems & require costly repair

Actual Ballot Language

Proposition II

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 TEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($10,500,000) 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 PROVIDING FUNDS FOR OKLAHOMA COUNTY PUBLIC FACILITIES INCLUDING IMPROVEMENTS TO THE COUNTY COURTHOUSE AND ANNEX, INCLUDING UTILITY SYSTEMS, SUCH AS PLUMBING, ELECTRICAL, SEWER, HVAC AND FIRE SUPPRESSION SYSTEMS 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?