Oklahoma City voters to decide on $2.7 billion of bonds in October

Oklahoma City

The Oklahoma City Council on Tuesday unanimously approved an Oct. 14 special election for $2.7 billion of general obligation bonds to finance infrastructure projects. 

Mayor David Holt said it would mark "the largest investment in our city's infrastructure in history should it pass."

The city's previous GO bond program in 2017 totaled $967 million.

The 11 bond propositions that will appear on the ballot are for streets, which have the biggest allocation at $1.35 billion, as well as for parks, drainage, libraries, mass transit, and public safety and other city facilities.

Debbie Miller, Oklahoma City's public works director, said the bonds would finance 547 projects, including 76 for critical infrastructure, while also providing a $274 million cushion.

"We do have unlisted funds that we've included in this and those are to provide cover for inflation that increases over the life of the bond, and also for any unforeseen needs we may see," she told the city council.

Bond proceeds would also be tapped for streetscape enhancements and a parking garage related to the construction of a 750,000 square-foot arena to replace Paycom Center, the home of the National Basketball Association's Oklahoma Thunder. The city is prepping a $787 million sales tax revenue bond sale to help finance the arena, which has a minimum price tag of $900 million.

If approved by voters, the GO bonds are expected to be sold over an approximately 10-year period, according to a memo to the city council from City Manager Craig Freeman, who told council members the additional debt will not require a tax increase. 

The city, which had $1.116 billion of outstanding GOs at the end of fiscal 2024, last sold GO bonds in March with a $160 million issue that was rated triple-A with a stable outlook by Moody's Ratings and S&P Global Ratings.

Separately, the city last week announced Angela Pierce will take over as finance director starting Aug. 22, succeeding Brent Bryant, who was promoted to assistant city manager in March.

"Angela is a proven leader with more than two decades of financial management experience, including four years as the city's deputy chief financial officer," Freeman said in a statement. 

Pierce, who has served as the city's debt coordinator, will oversee 87 positions across the finance department's seven divisions, including administration, accounting and financial reporting, community enhancement, financial planning and management, procurement, revenue management and risk management, according to the statement.