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HomeMy WebLinkAbout2004 01_OPWA_Reimbursement of Tax-Exempt Obligations_2004.01.06 THE OW ASSO PUBLIC WORKS AUTHORITY RESOLUTION NO. 2004-01 A RESOLUTION OF THE OW ASSO PUBLIC WORKS AUTHORITY (THE II AUTHORITY") AUTHORIZING THE REIMBURSEMENT OF CERTAIN EXPENDITURES, WITH SAID EXPENDITURES TO BE REIMBURSED FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS TO BE ISSUED BY THE AUTHORITY AND CONTAINING OTHER PROVISIONS RELATED THERETO. WHEREAS, the Authority has started the widening of 86th Street and within the past sixty (60) days has paid $820,175.79 in connection with right-of-way acquisition and construction (the "86th Street Project"); and WHEREAS, the Authority anticipates expending within the next sixty (60) days (i) $1,590,000 to purchase an approximately eighty (80) acre parcel ofland to be used for a sports park expansion, (ii) approximately $200,000 for engineering in connection with intersection work, street widening and highway interchange work at 96th Street, 129 East Avenue, and Highway 169, (iii) approximately $15,900 in connection with signalization at the 96th Street and Highway 169 interchange, and (iv) approximately $200,000 to remodel the facility at 207 S. Cedar for use as a fire station (collectively, the "Future Projects"): and be referred to collectively and the Future Projects shall Project Street WHEREAS, the 86th herein as the "Projects' of the Projects through intent to eventually fund the cost Authority's and it is the obligations WHEREAS issuance of debt the Projects initially fund certain costs pertaining to to the WHEREAS, the Authority desires out of the Authority's cash reserves; and reimburse itself 150-2 ofthe Treasury Internal Revenue Code of WHEREAS, the Authority further desires to declare its official intent to with the proceeds of debt incurred by the Authority, as required by Section 1 Regulations promulgated pursuant to Sections 103 and 141-150 of the 1986, as amended. RESOLVED BY THE TRUSTEES OF THE OW ASSO NOW, THEREFORE, BE IT PUBLIC WORKS AUTHORITY: Section 1 Cost of Projects The foregoing expenditures in connection with the Projects total $2,826,075.79 and represent components of larger projects to be financed by the Authority. The Authority intends to initially fund the costs of the Projects from the Authority's funds. The Authority reasonably expects to reimburse any amounts expended from proceeds of debt to be incurred by the Authority. The Authority anticipates issuing tax-exempt indebtedness not to exceed $3,400,000 in connection with the specific items described as the Projects and set forth above. Section 2 Declaration of Official Intent. This Resolution constitutes a declaration of official intent as is required pursuant to Section 1.150-2 of the Treasury Regulations promulgated pursuant to Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended. PASSED AND APPROVED THIS 6TH DAY OF JANUARY, 2004 THE OW ASSO PUBLIC WORKS AUTHORITY / j " ,Ii /"'- / /.! 111"'// l/ ,'-;)/1,,0'/1 " U' ,j .,,'- (N ame:;Iiary Cochran Title: Chairman (SEAL) ATTEST 2 ;1 Title: Secretary CER TIFICA TE OF AUTHORITY ACTION the duly qualified and acting Secretary of The am that I I, the undersigned, hereby certify Owasso Public Works Authority. I further certify that the Trustees of The Owasso Public Works Authority held a Regular Meeting at 6:30 o'clock P.M. on January 6,2004, after due notice was given in full compliance with the Oklahoma Open Meeting Act. I further certify that attached hereto is a full and complete copy of a Resolution that was passed and approved by said 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. I further certify that below is listed those board Trustees present and absent at said meeting; those making and seconding the motion that said Resolution be passed and approved; and those voting for and against such motion: Trustee Craig Thoendel PRESENT: Chairman Gary Cochran, Vice Chair Susan Kimball Trustee Steve Cataudella None ABSENT MOTION MADE BY: Vice Chair Kimball MOTION SECONDED BY: Trustee Thoendel Trustee Cataudella, Chairman Cochran Trustee Thoendel, AYE: Vice Chair Kimball NAY: None WITNESS MY HAND THIS 6TH DAY OF JANUARY, 2004 THE OW ASSO PUBLIC WORKS AUTHORITY , ~ '~"" 'S .-.,) "'~) (SEAL) 3