City of Moore Proposition ($18M GO Bond for Drainage Improvements)Moore: borrow $18 million for streets and drainage
What your vote means
Moore borrows $18 million for streets and drainage and pays it back from city property taxes.
Moore does not borrow the $18 million for these projects.
Our one-line summary of the official wording.
In plain words
Our summary of the official materials and local reporting.
- Lets Moore borrow $18 million by selling bonds (loans the city pays back with interest) for streets, bridges and drainage. Property owners in the city repay it through their property taxes. source: cityofmooreok.gov
- Interest can be no more than 7% a year, and the loans must be paid off within 20 years. source: cityofmooreok.gov
- City-listed projects (at least 70% of proceeds): N.E. 20th St. and Lincoln Ave. drainage ($7.7M); Ramblin Oaks Dr. resurfacing and drainage plus a segment of Main St. ($8.8M); Sooner Dr. drainage ($1.5M). source: cityofmooreok.gov
- The city says passing it would not push the city's part of the property tax rate above its current limit (16.5 mills, or $16.50 for every $1,000 of taxed value). source: cityofmooreok.gov
Cost: $18 million borrowed plus interest (at most 7% a year), paid back from property taxes over up to 20 years. The city says its part of the property tax rate would stay under its current limit of 16.5 mills ($16.50 for every $1,000 of taxed value). Source: http://www.cityofmooreok.gov/government/elections/november-3-special-election-26
Why people want it, and why others object
Why supporters want it
No public statement found.
Why opponents object
No public statement found.
Who backs each side
No public record found of a campaign committee or campaign money for either side.
In each side's own words where we could find them, quoted or summarized with a link to the source. We don't endorse either side.
What you will see on your ballot
Official ballot wording, word for word (tap to open)
Word for word from the city's official sample ballot: cityofmooreok.gov .
PROPOSITION
Shall the City of Moore, Oklahoma, incur an indebtedness by issuing its bonds in the amount of Eighteen Million Dollars ($18,000,000) to provide funds for the purpose of constructing, reconstructing, improving or repairing streets, bridges and drainage improvements in said City, to be owned exclusively by said City, and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in said City 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 7 per centum per annum, payable semiannually and to become due serially within 20 years from their date?
- FOR THE PROPOSITION - YES
- AGAINST THE PROPOSITION - NO
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