Norman OKs road projects, underpass bonds
Sales approved by voters in March

NORMAN — City officials have approved the sale of general obligation bonds to pay for major street improvements and building an underpass at the Robinson Street railroad crossing.

John Wolf of Municipal Financial Services said the city received one bid on each of two series of bonds at 3.95 percent interest from Morgan Stanley. Wolf advises the city on bond sales.

"It’s been a tough market over the last 60 to 90 days. The players are dramatically reduced,” Wolf said. "But I feel this is a very good rate, especially given the way the market is right now.”

City council members last week approved the sale of $10.6 million dollars in bonds, divided into two series — one for $5.2 million and the other for $5.4 million.

The sales were authorized by voters in a March election to pay for construction costs of a railroad underpass and a citywide street resurfacing project.

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