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Council hears public finance plan for Bixby Parkway; $1M note proposed for right‑of‑way (Ordinance 25‑57)
Summary
City staff presented Ordinance 25‑57 proposing issuance of up to $1,000,000 in notes to acquire right‑of‑way for Bixby Parkway. Staff clarified the county will construct the road and the city's role is limited to right‑of‑way acquisition; council and public debated debt levels and capital spending. The item was left for additional readings.
City staff briefed council Oct. 27 on Ordinance 25‑57, which would authorize the issuance and sale of notes in a maximum principal amount of $1,000,000 in anticipation of bonds to cover the city’s right‑of‑way acquisition costs for Bixby Parkway.
Acting City Manager Rob Alger explained the ordinance targets the city’s…
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