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
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(N ame:;Iiary Cochran
Title: Chairman
(SEAL)
ATTEST
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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
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(SEAL)
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