HomeMy WebLinkAbout2004 03_OPWA_Refinancing 1993A Note OWRB_2004.04.06
THE OW ASSO PUBLIC WORKS AUTHORITY
2004-03
A RESOLUTION AUTHORIZING THE SUBMISSION OF A LOAN APPLICATION TO THE
OKLAHOMA WATER RESOURCES BOARD FOR PURPOSE OF REFINANCING THE
REMAINING BALANCE OF THE AUTHORITY'S SERIES 1993A PROMISSORY NOTE
TO OWRB ORIGINALLY ISSUED IN THE PRINCIPAL AMOUNT OF $3,630,000;
DESIGNATING LEGAL AND FINANCIAL PROFESSIONALS TO ASSIST IN THE LOAN
PROCESS; AUTHORIZING THE CHAIRMAN OR VICE-CHAIRMAN AND SECRETARY
OR ASSISTANT SECRETARY TO EXECUTE CERTAIN APPLICATION DOCUMENTS;
AND CONTAINING OTHER PROVISIONS RELATED THERETO.
RESOLUTION NO
WHEREAS, The Owasso Public Works Authority (the "Authority") was organized under
Title 60, Oklahoma Statutes 2001, Sections 176 et seq., as amended, for the purpose of furthering
the public functions of the City of Owasso, Oklahoma; and
WHEREAS, the Authority previously issued its $3,630,000 Series 1993A Promissory
Note to OWRB dated April 1, 1993 (the "1993A Note") for the purpose of constructing certain
water and wastewater system improvements. Said 1993A Note was issued at a fixed interest rate
under the Board's Water and Sewer financial Assistance Loan Program; and
WHEREAS, the Oklahoma Water Resources Board has contacted the Authority
regarding the possible refinancing of said 1993A Note in order to reduce debt service
requirements through participation in a pooled refunding loan program in which the Authority
would issue a new note to the Board to refund the existing 1993A Note; and
WHEREAS, the Oklahoma Water Resources Board requires a resolution from potential
borrowers authorizing the submission of certain application documents
OF THE
NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES
OW ASSO PUBLIC WORKS AUTHORITY
Section 1. The Authority hereby approves the submission of a loan application to the
Oklahoma Water Resources Board for the purpose of acquiring funds to refinance its existing
1993A Note to OWRB in the approximate amount of$2,400,000.
Section 2. Wells, Nelson & Associates, LLC, as Financial Advisor, and Fagin, Brown,
Bush, Tinney & Kiser, as Bond Counsel, are hereby directed by the Authority to work with City
staff members to prepare all loan application materials and supporting documents sufficient for
proper submission to the Oklahoma Water Resources Board.
Section 3. The Chairman or Vice-Chairman of the Authority and Secretary or Assistant
Secretary are hereby authorized to execute the application materials on behalf ofthe Authority.
Section 4. The Chairman or Vice-Chairman and Secretary or Assistant Secretary of the
Authority are hereby further authorized on behalf of the Authority to accept, receive, execute,
attest, seal and deliver the above mentioned applications and all additional documentation,
certificates and instruments and to take such further actions as may be required in connection
with the applications, and are further authorized to approve and make any changes to the
documents approved by this Resolution, for and on behalf of the Authority, the execution and
delivery of such documents being conclusive as to the approval of any terms contained therein.
ADOPTED AND APPROVED THIS 6TH DAY OF APRIL, 2004.
THE OW ASSO PUBLIC WORKS
AUTHORITY
)
(SEAL)
ATTEST
Name
Title
TO FORM