News Column

City to consider issuing $70 million in bonds

July 6, 2014

By Michelle Charles, Stillwater NewsPress, Okla.

July 06--STILLWATER, Okla. -- When the Stillwater City Council meets on Monday, it will consider a resolution allowing the Stillwater Utilities Authority to issue up to $70 million in bonds to finance construction of a new power plant. The meeting will be at 5:30 p.m. at City Hall, 723 S. Lewis.

The resolution also authorizes waiving competitive bidding on the bonds and authorizes paying proceeds from a one-cent sales tax to the authority on a year-to-year basis.

Several transportation items are on the agenda as well, including consideration of bids to widen Country Club Road from State Highway 51 to the Stillwater city limits.

The project, which combines city, county and Oklahoma Department of Transportation resources, involves reworking the intersection at State Highway 51, replacing a bridge and extending improvements north to Lakeview Road.

Bids came in significantly higher than expected and it was rebid in June.

The city's transportation department is asking for $843,272 in additional funding for its portion of the project. It's also asking the council to approve allocation of $4 million in Pavement Management Program funding for fiscal year 2015.

The council will consider options for widening a bridge that crosses Boomer Creek on Third Avenue to three lanes, adding bicycle lanes and sidewalks. That project will cost up to $1.52 million.

Staff requested a public hearing about rezoning property located at 498 and 519 S. Jardot be rescheduled to July 21 but a hearing on a text amendment to the land development code that would allow food truck courts will be held.


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Source: Stillwater NewsPress (OK)

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