Council approves bond note issuances for two roadway projects and a small insurance settlement
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Council approved note/bond authorizations to finance the Bixby Parkway and Merrick Boulevard projects (ord. 25-57 and 25-58) and approved a $7,487.30 settlement release with the Shelley Company via emergency ordinance 25-66.
Council passed multiple financing-related ordinances on Nov. 10: an authorization (ordinance 25-57) to issue notes up to $1,000,000 in anticipation of bonds for Bixby Parkway improvements (primarily to purchase land and related roadway work), and an ordinance (25-58) to issue notes up to $8,500,000 in anticipation of bonds for the Merrick Boulevard extension. Presenters clarified the $1,000,000 cap is a maximum; the land purchase cost will be less and the ordinance covers related project costs.
Mr. Alger and Mr. Belcher summarized the bond purposes and repayment sources; Mr. Belcher said the Merrick Boulevard note will be repaid through Tax Increment Financing (TIF) mechanisms.
Council also approved ordinance 25-66 authorizing the city manager to execute a general release and indemnity with Shelley Company and insurers (Liberty Mutual) to resolve a contractor-caused light pole damage incident on Aug. 12, 2025. City risk management presented the repair cost as $7,487.30 and said insurers offered payment contingent on the city's execution of the release; council suspended the rules, approved the emergency clause, and passed the ordinance.
Roll calls were recorded for the bond and settlement ordinances and motions carried on all items recorded.