Source: City of Broken Arrow
The Broken Arrow City Council awarded the sale of more than $20.5 million in bond monies from the 2018 General Obligation Bond that will fund projects from transportation, public safety, quality of life, public facilities, stormwater, and drainage improvements.
The sale was in two parts, Series 2021A and Series 2021B, and it is the sixth and seventh such sale from the 2018 GO Bond.
The Baker Group submitted the lowest of four bids on the 20-year, $19.5 million 2021A series with an interest rate of 1.83 percent. Huntington Securities submitted the lone bid on the 10-year, $1 million 2021B series with an interest rate of 1.36 percent.
“You’re addressing a significant amount of your infrastructure at some of the lowest rates in U.S. history,” said Jon Wolfe of Municipal Finance Services. “So, you are certainly, economically putting your best foot forward for your citizens in getting these projects done.”
City Council unanimously awarded the bonds to The Baker Group and Huntington Securities, respectively.
Every year, the City sells a new set of bonds to fund the projects promised in the bond approved by Broken Arrow voters in August 2018. The General Obligation Bond is a standard financing tool used by municipalities to fund large capital infrastructure projects such as roads, bridges, flood control, parks, and public facilities.
“The original projected amount for Series 2021A was $13 million, but the assessed value was 4.76 percent higher, which gave the City an additional bonding capacity of $7.5 million,” City of Broken Arrow Finance Director Cynthia Arnold said at the City Council meeting held on Oct. 19.
The City’s total sale this year was $20.5 million, and it consists of the following propositions:
- Proposition 1 designates $9,150,000 for Transportation improvements such as street resurfacing projects, obtaining right of ways and moving utilities on six street widening projects, designing five street projects, and constructing six projects.
- Proposition 2 designates $3,590,000 for Public Safety projects such as expansion, renovation, equipping, and furnishing the jail, as well as City-wide siren improvements.
- Proposition 3 designates $2,700,000 for Parks and Recreation projects such as designing and constructing improvements to the Indian Springs Sports Complex, Elam Park construction, and the Nienhuis Park Pedestrian Trail.
- Proposition 4 designates $3,500,000 for Public Facilities such as construction and renovation of the General Services building and construction and renovation of the City Maintenance Facility.
- Proposition 5 is designated for stormwater projects such as design, obtaining right of ways, moving utilities and construction necessary for bridge replacements at $560,000.
- Proposition 6 is paid for by Series 2021B and will fund eight drainage projects at $1 million.
The funds from the sale should be available for use by the City beginning in January 2022. The projects ready for construction, such as the Nienhuis Park Pedestrian Trail and the improvements to the Indian Springs Sports Complex, will most likely be the first projects that will go out for bids. The bidding process takes approximately 75 days to complete.
You can review the projects in the city here on the Broken Arrow Capital Improvement and GO Bond Projects interactive map.
Below is a detailed list of the projects:
Series 2021A – Total Sale: $19,500,000
Proposition 1
- Widen Washington St. from 9th St. to 23rd St. (ROW/Utilities) $420,000
- Widen Aspen Ave. from Tucson St. from Shreveport St. (ROW/Utilities) $900,000
- Construction Improvements to intersection of 9th St. and Kenosha St. (ROW) $260,000
- Construction Improvements to intersection of 9th St. and Hillside Dr. (ROW) $230,000
- Rehabilitate and/or resurface various residential streets located throughout the city (Des/Const) $2,165,000
- Widen New Orleans St. from 209th E. Ave. to 217th E. Ave. (Const) $360,000
- City-wide Signalization Improvements (Des/ROW/Utilities/Const) $350,000
- BA Expressway Entryway Improve. (Des/ROW/Utilities/Const) $1,200,000
- City/County Joint Street Improvements (Des/ROW/Utilities/Const) $1,000,000
- Innovation District Improvements (Des/ROW/Utilities/Const) $2,265,000
Proposition 2
- Expansion, renovation, equipping and furnishing the Jail (Const) $2,990,000
- City-wide siren improvements (Des/ROW/Const) $600,000
Proposition 3
- Improvements to Indian Springs Sports Complex (Des/Const) $1,500,000
- Construct improvements to new Southwest Park (Elam Park) (Const) $1,000,000
- Construct Nienhuis Park Pedestrian Trail (Const) $200,000
Proposition 4
- Construction and renovation to General Services Bdg (Des/Const) $1,500,000
- Construction and renovation to City Maintenance Facility (Des/Const) $2,000,000
Proposition 5
- Bridge Replacements (Des/ROW/Utilities/Const) $560,000
Series 2021B – Total Sale: $1,000,000
Proposition 6
- Adams Creek Basin (Named) $125,000
- Broken Arrow Creek (Named) $125,000
- Haikey Creek Basin (Named) $125,000
- Elm and/or Aspen Creek Basin (Named) $125,000
- Adams Creek Basin (Unnamed) $100,000
- Broken Arrow Creek (Unnamed) $100,000
- Haikey Creek Basin (Unnamed) $200,000
- Elm and/or Aspen Creek Basin (Unnamed) $100,000
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