HomeMy WebLinkAbout2006 01_OPWA_Expend funds_Water Distribution System_Reimbursement_2006.01.17
THE OW ASSO PUBLIC WORKS AUTHORITY
2006-01
RESOLUTION NO.
A RESOLUTION DECLARING THE INTENT OF THE OW ASSO PUBLIC
WORKS AUTHORITY (THE "AUTHORITY") TO EXPEND CERTAIN
FUNDS IN CONNECTION WITH WATER SYSTEM IMPROVEMENTS,
WITH SAID EXPENDITURES TO BE REIMBURSED FROM THE
PROCEEDS OF DEBT TO BE INCURRED BY THE AUTHORITY; AND
CONTAINING OTHER PROVISIONS RELATING THERETO.
WHEREAS, the Authority is considering the construction of certain water improvements as
more specifically set out below (collectively, the "Project"); and
through the
WHEREAS, it is the AuthoriWs intent to eventually fund the cost of the Project
issuance of debt obligations; and
initially fund certain costs pertaining to the Project out
WHEREAS, the Authority desires to
of the Authority's cash reserves; and
WHEREAS, the Authority further desires to declare its official intent to reimburse itself
with the proceeds of debt incurred by the Authority, as required by Section 1.103-18 of the Treasury
Regulations promulgated pursuant to Sections 103 and 141-150 of the Internal Revenue Code of
1986, as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE OW ASSO PUBLIC WORKS AUTHORITY:
Section 1. The Project to be constructed by the Authority shall
generally include improvements necessary to upgrade the water distribution system, including
specifically the construction of a 30-inch transmission line and a 12-inch distribution line along
East 106th Street North from Sheridan to Mingo Road, construction of a booster pump station in
the base of the new 2 million gallon elevated water storage tank, construction of a 20-inch line
across US Highway 169, construction of pressure plane separation valve structures, and
acquisition of related right-of-way.
Section 2. Cost of Project. The Authority intends to initially fund certain costs of the
Project from the Authority's funds. The Authority reasonably expects to reimburse any amounts
expended with the proceeds of debt to be incurred by the Authority. The Authority anticipates
issuing debt for the Project in an amount not to exceed $5,500,000.
Section 3. Declaration of Official Intent. This Resolution constitutes a declaration of
official intent as is required pursuant to Section 1.103-18 of the Treasury Regulations promulgated
pursuant to Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended.
2006.
ADOPTED THIS
(SEAL)
ATTEST:
APPROVED AS TO FORM:
CERTIFICATE OF
AUTHORITY ACTION
am the duly qualified and Secretary of The Owasso
I, the undersigned, hereby certify that I
Works Authority.
of The Owasso Public Works Authority held a
17, 2006, after due notice was given in full
c
I further certify that the Board of Trustees
Regular Meeting at 6:30 o'clock p.m. on January
compliance with the Oklahoma Open Meeting Act.
Publ
I further certify that attached hereto is a full and complete copy of a Resolution that was
passed and approved by said Board of Trustees at said meeting as same appears in the official
records of my office and that said Resolution is currently in effect and has not been repealed or
amended as of this date.
at said meeting;
and those
listed those board members present and absent
that said Resolution be passed and approved;
I further certify that below is
those making and seconding the motion
voting for and against such motion;
Brent Colgan
Stephen Cataudella, Susan Kimball,
PRESENT: Craig Thoendel,
Wayne Guevara
ABSENT
Brent Colgan
MOTION MADE BY
Stephen Cataudella
MOTION SECONDED BY
Brent Colgan
Stephen Cataudella, Susan Kimball,
AYE: Craig Thoendel,
2006.
NAY: None
WITNESS MY HAND THIS 17TH DAY OF JANUARY,
THE OW ASSO PUBLIC WORKS AUTHORITY
2
(SEAL)