Newspaper article THE JOURNAL RECORD

$192 Million Bond Issue Election Scheduled Jan. 10 by City Council

Newspaper article THE JOURNAL RECORD

$192 Million Bond Issue Election Scheduled Jan. 10 by City Council

Article excerpt

City voters will determine if they want to issue $192 million in general obligation bonds and increase the sales tax one cent, the Oklahoma City Council decided Tuesday.

The Oklahoma City Council also approved a zoning request for a proposed McDonald's restaurant on the northwest corner of NW 23 St. and N. Broadway Ave. and deferred indefinitely the zoning request for Jericho Detention Center.

The council asked the mayor to call a special election Jan. 10 to determine if the voters want to issue bonds in the amount of:

- $106.5 million for streets, bridges and intersections.

- $47.3 million for a drainage control system.

- $12.4 million for parks and recreational facilities.

- $25.9 million for a combined public library and arts and heritage museum.

Mayor Ronald J. Norick said that the bonds can be issued without any change in the millage, so it will not affect property taxes.

When the bonds that were issued every year or every other year in the 1960s and 1970s are retired, the property mill levy decreases. This decline in the mill levy, from 15.51 mills in 1988 to a projected 3.61 mills in 1997, gives the city the opportunity to fund needed capital improvements without raising the property tax mill levy beyond the current level, according to Cathy Ginter, city capital budget officer.

The assessed valuation of property subject to taxes is $1.9 million, so the city could issue general obligation debt for $192 million from 1988 to 1995.

"This is a good way to keep our city growing and prosperous," Norick said.

In other action, the council:

- Rezoned the northwest corner of NW 23 St. and N. Broadway Ave. from "R-4/UC" general residential/Jefferson Park Urban Conservation District and "I-2" moderate industrial district to "SPUD," a simplified planned unit development.

The 1.97 acre tract includes 100-126 NW 24 St. and 101-121 NW 23 St. and 2401-2425 N. Broadway Ave.

The zoning request by McDonald's Corp. represents one of the first major efforts to launch a new construction project along Centennial Expressway, which should be completed in May.

- Deferred the application for zoning for the Jericho Detention Center indefinitely following a heated discussion before a capacity crowd in the council chamber.

The community-based detention and work release facility for low security offenders is proposed for 1.9 acres at 2772-2724 NE 23 St., in what is now the Wishing Well Motel. …

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