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RESOLUTION – Restoring Excellence CPS Bond
A RESOLUTION AUTHORIZING THE CALLING AND HOLDING OF AN ELECTION IN Independent School District Number 1 OF GRADY County, OKLAHOMA, FOR THE PURPOSE OF SUBMITTING TO THE REGISTERED QUALIFIED ELECTORS THEREOF THE QUESTION OF THE ISSUANCE OF THE BONDS OF SAID SCHOOL DISTRICT IN THE SUM OF TWO MILLION TWO HUNDRED NINETY-FIVE THOUSAND dollars ($2,295,000) TO PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND ACQUIRING SCHOOL SITES, CONSTRUCTING, REPAIRING, REMODELING AND EQUIPPING SCHOOL BUILDINGS, AND ACQUIRING SCHOOL FURNITURE, FIXTURES AND EQUIPMENT; AND FOUR HUNDRED FIVE THOUSAND dollars ($405,000) TO PROVIDE FUNDS FOR THE PURPOSE OF PURCHASING TRANSPORTATION EQUIPMENT; AND LEVYING AND COLLECTING AN ANNUAL TAX IN SUCH DISTRICT FOR THE PAYMENT OF THE INTEREST AND PRINCIPAL OF SAID BONDS.
WHEREAS, it is deemed advisable by the Board of Education of Independent School District Number 1 of Grady County, Oklahoma, to improve or acquire school sites, construct, repair, remodel and equip school buildings, and acquire school furniture, fixtures and equipment; and,
WHEREAS, it is deemed advisable by the Board of Education of Independent School District Number 1 of Grady County, Oklahoma, to purchase transportation equipment; and,
WHEREAS, there are no funds in the treasury for such purposes, and power is granted said Board by Section 26, Article 10 of the Constitution and Title 70, Article XV of the Oklahoma Statutes, 2011 and laws supplementary and amendatory thereto, to issue bonds to provide funds for such purpose provided the same be authorized by the registered qualified electors thereof, voting at an election held for that purpose.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF EDUCATION OF Independent School District Number 1 OF GRADY County, OKLAHOMA:
SECTION 1.
That a special election is hereby called in said School District to be held on the 9th day of February, 2021, for the purpose of submitting to the registered qualified electors of such School District the following propositions:
PROPOSITION NO. 1
"Shall Independent School District Number 1 of Grady County, Oklahoma, incur an indebtedness by issuing its bonds in the sum of Two Million Two Hundred Ninety-Five Thousand Dollars ($2,295,000) to provide funds for the purpose of improving or acquiring school sites, constructing, repairing, remodeling and equipping school buildings, and acquiring school furniture, fixtures and equipment; and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in such District sufficient to pay the interest on such 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 not to exceed the rate of ten (10%) percentum per annum, payable semi-annually and to become due serially within six (6) years from their date except bonds issued for equipment described in Section 15-106.1 of Title 70 of the Oklahoma Statutes shall become due serially within five (5) years from their date?”
PROPOSITION NO. 2
"Shall Independent School District Number 1 of Grady County, Oklahoma, incur an indebtedness by issuing its bonds in the sum of Four Hundred Five Thousand Dollars ($405,000) to provide funds for the purpose of purchasing transportation equipment; and levy and collect an annual tax, in addition to all other taxes, upon all the taxable property in such District sufficient to pay the interest on such 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 not to exceed the rate of ten (10%) percentum per annum, payable semi-annually and to become due serially within five (5) years from their date?"
SECTION 2.
That such call for said election shall be by proclamation and notice signed by the President and attested by the Clerk setting forth the propositions to be voted upon, the number and location of the polling places, the hours of opening and closing of the polls, the names of the officers who shall conduct said election, and the substance of Section 4 hereof; that the ballots shall set forth the propositions to be voted upon substantially as set out in Section 1 hereof and that the returns of said election shall be made to and canvassed by the County Election Board.
SECTION 3.
That the number and location of the polling places for said election shall be the same as the regular precinct polling places designated for statewide and local elections by the County Election Board; or combined as authorized by statute Title 26 O.S., Section 13A-101. The persons who shall conduct said election shall be those precinct officers designated by the County Election Board, which officers shall also act as counters and certify the election results as required by law.
SECTION 4.
That the specific projects for which at least seventy (70%) percent of the proceeds of the aforesaid Bonds shall be expended and the dollar amounts for each project shall be as follows:
Construct, furnish, equip, and/or acquire improvements at Lincoln Elementary School to include, but not be limited to:
$587,000
Construct, furnish, equip, and/or acquire improvements at Chickasha Middle School to include, but not be limited to:
$158,000
Construct, furnish, equip, and/or acquire improvements at Chickasha High School Activity Center to include, but not be limited to:
Construct, furnish, equip, and/or acquire improvements at Chickasha Adult Learning Center to include, but not be limited to:
$20,000
Construct, furnish, equip, and/or acquire improvements at Chickasha Early Childhood Center to include, but not be limited to:
$100,000
Construct, furnish, equip, and/or acquire improvements at Grand Avenue Elementary to include, but not be limited to:
$214,000
Construct, furnish, equip, and/or acquire improvements at Chickasha High School to include, but not be limited to:
$250,000
Construct, furnish, equip, and/or acquire improvements at Myers Field House to include, but not be limited to:
Construct, furnish, equip, and/or acquire improvements at Memorial Stadium to include, but not be limited to:
Management and support contracts and bond issuance costs $40,000
All remaining bond proceeds will be utilized for the purpose of acquiring or improving school sites, constructing, repairing, remodeling and equipping buildings, and acquiring school furniture, fixtures and equipment
$245,000
TOTAL PROPOSITION #1: $2,295,000
Acquire transportation equipment and auxiliary transportation equipment to include, but not be limited to school buses, small transportation buses, and an activity bus
$405,000
TOTAL PROPOSITION #2: $405,000