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2007 City Bond Election
CITY OF OKLAHOMA CITY
   PROPOSITION 11 (ECONOMIC DEVELOPMENT) / Section - Economic Development

Shall the City of Oklahoma City, State of Oklahoma, incur an indebtedness by issuing its bonds in the sum of Seventy Five Million Dollars ($75,000,000) for the purpose of economic and community development in Oklahoma City, with or without the use of other funds, and levy and collect a special tax, payable annually in addition to all other taxes, upon all the taxable property in said City sufficient to pay the interest on said bonds as it falls due, and also to constitute a sinking fund for the payment of the principal thereof when due, said bonds to bear interest at not to exceed the rate of ten percentum (10%) per annum, payable semiannually and to become due within thirty (30) years from their date: Provided however, that in no event shall the real and personal taxable property in said City be subject to a special tax in excess of five mills on the dollar for all bonds issued pursuant to Section 35, Article X of the Oklahoma Constitution?


NumberLimitsEstimate
 CITYWIDE$75,000,000
Total: $75,000,000
  Quality jobs help strengthen our economy and provide better employment opportunities for our citizens. This proposition will help bring high-paying quality jobs to Oklahoma City by creating economic incentives for companies to relocate or expand here. These incentives will complement those provided by the State of Oklahoma and help Oklahoma City compete with other communities across the country for high paying jobs. The incentives include providing or improving a site, building facilities or buying equipment.

Biosciences, aviation and aerospace, high tech, bio-tech and other companies in strategic industries may be eligible to apply for the incentives if they create jobs that pay at least 125% of the Oklahoma County average wage (currently $35,179 per year) and provide health care for employees. The City Council and a new Oklahoma City Economic Development Trust, made up of citizens and elected officials, will oversee the incentive program and ensure that companies do not receive incentives until after the jobs have been created.