Meeting Summary
The city council held a study session to discuss the proposed renewal of the Oklahoma Natural Gas franchise agreement and the Bridge Bond Program. For the ONG franchise, an October election date was discussed, with initial readings scheduled for July and August. For the Bridge Bond Program, two options (5-year, $20M vs. 10-year, $50M) were presented, and the council decided to conduct a citizen survey to gather feedback before making a final decision on the program structure and election date.
Key Decisions & Votes
Citizen Survey for Bridge Bond Program
52:20The council approved moving forward with a citizen survey by the Gooden group to gather feedback on the proposed Bridge Bond Program, including preferences for the 5-year or 10-year plan and potential election dates.
Financial Matters
Oklahoma Natural Gas Franchise Fee
The current franchise fee is 4.25%, which generated $1.6 million for the city in the last 12 months. The proposed renewal maintains this fee.
Bridge Maintenance Bond Program (5-year proposal)
A proposed 5-year construction program with $20 million in debt service over 5 years, including 3 bridge replacements and 8 major rehabilitations. Estimated monthly property tax increases were discussed.
Bridge Maintenance Bond Program (10-year proposal)
A proposed 10-year construction program with $50 million in debt financing over 20 years, covering 10 bridge replacements and 9 major rehabilitations. This option presented lower monthly property tax increases due to longer debt financing.
Coming Up
Tabled
- Final decision on Bridge Bond Program structure and election date
Deadlines
- First reading of ONG franchise ballot ordinance: July 27th
- Second reading of ONG franchise ballot ordinance: August 8th
- Notice to election board for ONG franchise: August 10th
- Launch of citizen survey for Bridge Bond Program: Next week (following June 20th, 2023 meeting)
Watch For
- Results of citizen survey on Bridge Bond Program
- Potential election for Oklahoma Natural Gas franchise renewal in October
- Potential election for Bridge Bond Program in October, November 2023, or February/April 2024
Announcements
- Recognition of Brandon Brooks, newest professional engineer, for passing his exam.
Agenda Summary
Discussion regarding proposed Oklahoma Natural Gas franchise
Presentation by Oklahoma Natural Gas representatives on the proposed renewal of their 25-year franchise agreement, which expires in March 2024. The current fee is 4.25%, generating $1.6 million annually for the city. Discussion included potential election dates in September or October and the 'favored nations' clause.
Continued discussion regarding the bridge bond program and potential election
Presentation on the city's 80 bridges, their condition, past maintenance efforts, and proposed bond programs. Two options were discussed: a 5-year, $20 million program with 5-year debt financing, or a 10-year, $50 million program with 20-year debt financing. The council discussed the pros and cons of each, including tax impact and voter fatigue.