Tinker Air Force Base

T. A. C. 9000

Tinker Aerospace Complex - Bond Cost: $55 Million

Proposition I — issue bonds in the amount of 55 Million Dollars to purchase the GM facility and allow Tinker Air Force Base to lease the facility from the county with potential of transferring the property to the Air Force at some future time.

Proposition I - Actual Ballot Language

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 FIFTY FIVE MILLION DOLLARS ($55,000,000) 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, INCLUDING BUT NOT LIMITED TO THE ACQUISITION OF THE LAND AND BUILDING CURRENTLY OWNED BY GENERAL MOTORS, INCORPORATED, LOCATED NEAR TINKER AIR FORCE BASE AS WELL AS ANY NECESSARY PROPERTY IN THE VICINITY OF SUCH FACILITY AND PROVIDING FUNDS TO DEVELOP SUCH PROPERTY FOR THE UNITED STATES AIR FORCE OR FURTHER ECONOMIC DEVELOPMENT IN OKLAHOMA COUNTY, 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?