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Norman staff outlines options for parking authority trust to finance garages and parking management
Summary
City staff presented a plan to create a public parking authority trust that could issue revenue bonds, manage parking and potentially include transit. Council members expressed support but asked staff to return with financing scenarios and a study session; no formal action was taken.
City staff described options Thursday for creating a public parking authority trust that could plan, develop and operate parking structures and other parking services in Norman and could be structured to include transit operations.
The proposal, presented to the City of Norman Finance Committee, would create a trust entity separate from the city to hold title, issue debt and operate parking facilities while keeping city general‑fund liabilities separate. Staff said a trust indenture (the trust’s charter) would be adopted by council resolution and the city would be the beneficiary of the trust in the draft presented.
The trust model would allow the authority to issue long‑term revenue bonds and exercise powers such as property sales and eminent domain within the scope of the trust’s purpose. Staff noted constitutional and local voting requirements: beneficiary approval of certain debt actions would require two‑thirds of council votes, and waiving competitive bidding to issue negotiated debt would require a three‑quarters vote (seven votes in the…
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