2018 Bond Projects - Information and Updates


MovingForward-Website

Voters Approve Propositions for Quality of Life Projects 

On August 28, 2018 Midwest City voters approved four propositions to meet important needs in different categories of essential city services: streets, water, parks and recreation and public safety. (For more information on each of the four propositions, click on the tabs below.)

Voter approval of the propositions authorized the City to issue General Obligation Bonds in the amount approved for all of the projects within each proposition.

COUNCIL APPROVES SCHEDULE FOR BOND ISSUANCE

At the October 9, 2018 Council meeting, the City Council approved the schedule for the three phases for bond issuance as well as the project prioritization for the three phases.

COUNCIL AWARDS PHASE ONE AND TWO OF BOND ISSUANCE

On February 12, 2019 the City Council voted to award the sale of $20 million in General Obligation Bonds to BOK Financial Securities, the lowest bidder with a 25-year interest rate of 3.17333% based on the City's excellent bond rating of AA-. Funds from the sale of the bonds will be available April 1. This is the first phase of the bond issuance schedule. 

On May 14, 2019 the City Council approved the sale of $17.25 million in General Obligation Bonds to D.A. Davidson, the lowest bidder with a 25-year interest rate of 2.78111% based on the City's excellent bond rating of AA-. Funds from the sale of the bonds became available June 27, 2019. This is the second phase of the bond issuance schedule. 

Phase III will be issued in early 2020.

(See the Project Prioritization and Latest Updates for each of the areas by clicking on the tabs below.)

Images relating to the four propositions

  1. Streets (Prop. 1)
  2. Water (Prop. 2)
  3. Parks/Rec (Prop. 3)
  4. Public Safety (Prop. 4)

Proposition #1 repairs or repaves 249 residential streets. Midwest City residents noted repair of residential streets as a priority in the last Citizen Survey. 

We will be investing $15,965,000 in repairing 249 residential streets throughout the community.

Phase I

  • Street Repair (49.75%) - $7,943,425
    • On July 9, 2019 the City Council awarded a contract for $2,825,560 for concrete paying projects in the first round of the street repairs. At the same meeting, a contract was awarded for $2,488,907.25 for asphalt street paving projects. 

Phase III

  • Street Repair (50.25%) - $8,021,575

Why General Obligation Bonds?

A General Obligation (GO) Bond is a low-risk loan that cities frequently use to fund capital improvement projects. The City Council viewed GO Bond projects as an investment in the future of our community. Many of these projects don't have fees or other sources of revenue associated with them so it is difficult to fund development, replacement, and maintenance. 

How The General Obligation Bonds Are Repaid

The 25-year GO Bonds are repaid by raising property taxes for residential and non-residential properties in our city. The increases are based on the property's market value.

Example: A property owner with a net assessed value of $100,000 saw an increase in property taxes of about $8-$9 per month, or about $100 per year. (There may be additional tax benefits for those who qualify. You can check with your tax consultant for more information.)

Questions?

If you have questions about any of the projects, you can contact the City Manager's office at 739-1204 or 739-1202.  

Additional Documents and Information