Cooperative Extension Service

Bond Cost: 7.25 Million

Proposition IV — issue bonds in the amount of 7.250 Million Dollars for the construction of a new facility for the Oklahoma County OSU Cooperative Extension Service in order to provide sufficient space for the numerous county programs offered through 4-H, Master Gardeners, Nutrition education, and other home, family and community education programs.

 
Cramped conditions prohibit additional programs and services

Actual Ballot Language

Proposition IV

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 SEVEN MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($7,250,000) 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 LAND AND CONSTRUCTING AND EQUIPPING A NEW OKLAHOMA COUNTY OKLAHOMA STATE UNIVERSITY COOPERATION EXTENSION SERVICE BUILDING 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?