Natural Hazard Mitigation
and Flood Relief

Bond Cost: 6 Million

Proposition V — issue bonds in the amount of 6 Million Dollars to alleviate flooding problems in the Northwestern and Central areas of Oklahoma County, which would also provide for flood control, wildfire prevention and other disaster relief projects throughout the County, with the ability to have the funds of this bond issue matched with federal monies to be applied to provide natural hazard and disaster mitigation, roads, bridges and drainage facilities in these specified areas in Oklahoma County.”

 

Frequent flooding causes road closures and safety concerns in NW Oklahoma County

Proposition V

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 SIX MILLION DOLLARS ($6,000,000) 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 BY PROVIDING NATURAL HAZARD AND DISASTER MITIGATION, ACQUISITION, FLOOD CONTROL, ROADS, BRIDGES AND DRAINAGE FACILITIES IN OKLAHOMA COUNTY, INCLUDING BUT NOT LIMITED TO EAST CENTRAL OKLAHOMA COUNTY AND THE CRUTCHO CREEK FLOOD PLAIN AND FLOODWAY AND SURROUNDING AREA, AND NORTHWEST OKLAHOMA COUNTY AND THE ONE HUNDRED AND FIVE HUNDRED YEAR CIMARRON RIVER FLOOD PLAIN AND FLOODWAY AND SURROUNDING AREA, 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?