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Norman council approves three bond series totaling $35 million, including $8 million for new shelter

City of Norman City Council · May 13, 2026
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Summary

Council accepted bids and awarded three general obligation bond series (2026A $10M, 2026B $17M, 2026C $8M) and adopted companion ordinances with emergency clauses; the $8 million series is designated for the recently approved homeless shelter project.

The Norman City Council on May 12 voted to award three general obligation bond series and adopt companion ordinances authorizing the issuance and sale.

Finance Director Clint Mercer told the council the lowest bidders for the bids open that day were TD Financial Products LLC for the series 2026A ($10 million) at a rate reported as 3.807451 and for series 2026B ($17 million) at 2.903297. Robert W. Baird & Company submitted the winning bid for series 2026C ($8 million), the bond listed to fund the homeless shelter project, at a rate reported as 3.80114 (20-year bond).

The council voted to accept the bids and adopt the ordinances on first and second readings. For ordinances that included an emergency clause (a timing provision explained by staff as necessary to lock in bidder offers and allow immediate execution), the record shows the emergency-clause votes passed by an 8'0 to 1 margin on related items with Council Member Bruce voting against emergency clauses on several bond ordinances.

Mayor Holman and council members discussed timing and the municipal bond market during presentations; several members and members of the public asked for additional reporting on project status and progress (for example, bridge bond project updates requested for committee review). Public commenters also asked for more transparency about the bridge bond program and progress reports.

Council approved all three bond awards and companion ordinances; staff said the awards permit the city to proceed with financing for the projects tied to each bond series.

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