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HomeMy WebLinkAbout2006.11.07_OPWA Agendaa � �1�x;?�rF�Ua� �— b s �� l7il� / ^�.�rf!�S?iic!3 11't�s I�.y�i�T.�v ' ) g u, 7 CLr,_,_li i1c" J +u ()y rV%`?� D aen W ...g"lia ,hi, PUBLIC NOTICE OF TI-E- MEETING OF r OWASSO PUBLIC WORICTS AUTHORITY TYPE O F 1JT a E Tft\.TG ATE: 'r MME: PLACE: Regular November 7, 2006 :30 p.m. Council CBea_ -bees, Old Central Building, 109 M Birch NoLice a-rid agenda -filed in the office of the City Clerk and i�u��ed �a.. r Ha_. c 5000 P.M. �� > "006, - ['iuily, j�T.�Cr�,f Rbe�' � �� j' . F, r = LAW OQ r.. _ s rd -- . A PGA Qi� and wK been a Ned by one mobor ., an f-.. ,,.,, Mg Ien -,13,... 3... JB, App-irovall of Claims, Attachinera 440 S 4g"hsWPWA'UNM1107 &c Owasso Public Works Authority November 7, 2006 Page 2 PUBLIC HEARING 6, The Owasso Public Works Authority will conduct a public hearing on a proposal that the Tulsa Industrial Authority issue its revenue bonds or obligations to provide financing and refinancing for various facilities located both within and without the corporate limits of Tulsa, Oklahoma, including a new YMCA facility located at 8300 Owasso Expressway in the City of Owasso, Ms. Lombardi A public hearing will be held for the purpose of receiving comments and citizen input regarding a proposal that the Tulsa Industrial Authority issue its revenue bonds or obligations to provide financing and refinancing for various facilities located both within and without the corporate limits of Tulsa, Oklahoma, including a new YMCA facility located at 8300 Owasso Expressway in the City of Owasso, 7e Consideration and appropriate action relating to a request for Trustee adoption of Resolution No. 2006 -07, a resolution approving the issuance of Revenue Fonds by the Tulsa Industrial Authority, and, authorizing the Chairman to execute an Interlocal Cooperation and Allocation Agreement relating to the Owasso YMCA facility. Ms. Lombardi Attachment 46 Staff will recommend Trustee adoption of Resonation No, 2006-07, 8, Report from OPWA Manager, 9, Report from OPWA Attorney, S AAge nd a s \OP W A\2006\ 1 107 . doe Owasso .Public Works Authority November 7, 2006 Page 3 10. New Business. (New Business is any item of business which could not have been foreseen at the time of posting of the agenda.) 11. Adjournment. S\Agendas \0PWA \2006\1 ] 07.doe r LNUI 11JEUR a Em � U WEVE TYPE OF MEETING: Regular DATE: November 7, 2006 TIME: 6:30 p.m. PLACE: Council Chambers, Old Central Building 109 N. Birch Notice and agenda filed in the office of the City Clerk and posted at ,City Hall at 5:00 P.M. on Friday, November 3, 2006. Juliann M. Stevens, administrative Assistant AGENDA I . Call to Order Chairman Stephen Cataudella 2. Flag Salute 1 Roll Call 4. Consideration and appropriate action relating to a request for approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A emotion to adopt the Consent Agenda is non- debatable, A. Approval of the Minutes of the October 1`17, 2006 Regular Meeting. Attachment #4 °A B. Approval of Claims. Attachment #4-B S: \Agendas \OP WA \2006\ 1107.doc Owasso Public Works Authority November 7, 2006 Page 2 s S. The Owasso Public Works Authority will conduct a public hearing on a proposal that the Tulsa Industrial Authority issue its revenue bonds or obligations to provide financing and refinancing for various facilities located both within and without the corporate limits of Tulsa, Oklahoma, including a new YMCA facility located at 8300 Owasso Expressway in the City of Owasso. Ms. Lombardi A public hearing will be held for the purpose of receiving comments and citizen input regarding a proposal that the Tulsa Industrial Authority issue its revenue bonds or obligations to provide financing and refinancing for various facilities located both within and without the corporate limits of Tulsa, Oklahoma, including a new YMCA facility located at 8300 Owasso Expressway in the City of Owasso. 6. Consideration and appropriate action relating to a request for Trustee adoption of Resolution No. 200607, a resolution approving the issuance of Revenue Bonds by the Tulsa Industrial Authority- and, authorizing the Chairman to execute an Interlocal Cooperation and Allocation Agreement relating to the Owasso YMCA facility. Ms. Lombardi Attachment #6 Staff will recommend Trustee adoption of resolution No. 2006-07. T Report from OPWA Manager, 8. Report from OPWA Attorney, 9. New Business. (New Business is any item of business which could not have been foreseen at the time of posting of the agenda.) s:'�Ase„aas%OPWAv2006\1 iozaoo Owasso Public Works Authority November i, 2006 Page 3 10. Adjoununent. S: \Agendas \OPWA \2006\ 1107.doc. OWASSO PUBLIC WORDS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, October 17, 2006 The Owasso Public Works Authority met in regular session on Tuesday, October 17, 2006 in the Council Chambers at Old Central per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Friday, October 13, 2006. ITEM 1. CALL TO ORDER The meeting was called to order at 8:05 p.m. ITEM 2. FLAG SALUTE The flag salute was held during the City Council meeting preceding this meeting, ITEM 3. ROLL CALL A quorum was declared present. STAFF Rodney J. Ray, Authority Manager Julie Lombardi, Authority Attorney ITEM 4. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF THE CONSENT AGENDA A. Approval of Minutes of the October 3, 2006 Regular Meeting, E. Approval of Claims. C. Acknowledgement of receiving the monthly FY 2006-2007 budget status report. Mr. Colgan moved, seconded by Mr. Guevara, to approve the OPWA Consent Agenda with claims totaling $77,343.25 and payroll claims totaling $68,068.44. YEA: Cataudella, Colgan, Gall, Guevara, Kimball NAY: None Motion carried 5 -0. Owasso Public Works Authority None ITEM 6. DEPORT FROM OPWA ATTORNEY None ITEM 7. NEW BUSINESS Mr. Colgan moved, seconded by Mr. Guevara, to adjourn. YEA: Cataudella, Colgan, Gall, Guevara, Kimball NAY: None Motion carried 5-0 and the meeting was adjourned at 8:06 P.m. Pat Fry, Minute Clerk 9. October 17, 2006 Steve Cataudella, Chairman OPWA CLAIMS TO DE PAID 11/07/06 VENDOR DESCRIPTION AMOUNT DELL MARKETING PALM PILOT 299.00 OFFICE DEPOT OFFICE SUPPLIES 110.37 UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 87.80 WAL -MART COMMUNITY OFFICE SUPPLIES 87.30 LOWES HOME IMPROVEMENT MAINT SUPPLIES 15.60 MURPHY SANITARY SUPPLY CARPET CLEANING SOLUTION 19.00 OFFICE DEPOT OFFICE SUPPLIES 82.99 DOERNER, SAUNDERS, DANIEL & ANDERSON LITIGATION -RWD #3 VS. CITY 27,093.78 DOERNER, SAUNDERS, DANIEL & ANDERSON LITIGATION -RWD #3 VS. CITY 7,359.48 TERMINIX PEST CONTROL 46.00 IKON OFFICE SOLUTIONS COPIER MAINT 37.46 AT &T PHONE USE 6.71 TREASURER PETTY CASH PER DIEM /STAGG 117.00 OKLAHOMA MUNICIPAL LEAGUE ANNUAL DUES 100.00 TRIAD PRINTING COPY MACHINE 9,300.00 ADMINISTRATION DEPT TOTAL 44,762.49 ALL COPY SUPPLIES TONER 50.00 OFFICE DEPOT OFFICE SUPPLIES 35.86 OSCAR L. MCLAURIN METER READER 78.30 MARK MEYER METER READER 372.60 DAVID R. OLINGHOUSE METER READER 26820 KATHLEEN A BALSIGER METER READER 171.90 TYRONE EUGENE DINKINS METER READER 217.35 TYRONE EUGENE DINKINS METER READER 212.40 OSCAR L. MCLAURIN METER READER 260.55 MARK MEYER METER READER 212.85 DAVID R. OLINGHOUSE METER READER 369.00 TECHNICAL PROGRAMMING SERVICES BILLING SERVICE 2,556.32 TECHNICAL PROGRAMMING SERVICES BILLING SERVICE 1,107.08 UTILITY BILLING DEPT TOTAL 6,912.41 WATER PRODUCTS REPAIR /MAINT SUPPLIES 1,130.44 OFFICE DEPOT OFFICE SUPPLIES 10.99 GEORGE & GEORGE SAFETY /GLOVE UNIFORM GEAR 99.23 UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 128.22 BILL BASORE TRUCKING & EXCAVATION DIRT 40.00 APAC CONCRETE- STREET REPAIRS 136.58 .TWIN CITIES READY MIX CONCRETE FOR SIDEWALKS 183.38 WATER PRODUCTS REPAIR /MAINT SUPPLIES 1,176.09 BROWN FARMS SOD SOD 295.00 LOWES HOME IMPROVEMENT HARDWARE 98.92 CITY OF TULSA PURCHASED WATER 180,164.42 TRUGREEN LANDCARE LANDSCAPE MAINT 130.00 METROCALL_ PAGER USE 62.55 WATER DEPT TOTAL 183,655.82 OFFICE DEPOT OFFICE SUPPLIES 36.17 NORTH CENTRAL LABS DESICCANT CANISTER 206.41 GEORGE & GEORGE SAFETY /GLOVE UNIFORM GEAR 99.23 VENDOR DESCRIPTION AMOUNT UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 130.65 LOWES HOME IMPROVEMENT MAINT SUPPLIES 23.14 MID - CONTINENT EQUIPMENT DUAL CHANNEL ANALYZER 5,110.00 GRAINGER PUMP 290.03 LOWES HOME IMPROVEMENT STEEL PLATE 41.14 WAL -MART COMMUNITY TELEPHONE 79.86 WAL -MART COMMUNITY MICROWAVE 46.42 LOWES HOME IMPROVEMENT HAMMER DRILL 109.00 ALDINGER COMPANY CALIBRATE LAB SCALES 154.59 TERMINIX PEST CONTROL 47.00 SPRINT PCS CHARGES 1.10 AT &T PHONE USE 0.76 SPRINT PCS CHARGES 51.09 METROCALL PAGER USE 13.90 HOLIDAY INN LODGING- PRIDGEN 180.00 WW TREATMENT PLANT DEPT TOTAL 6,620.49 NORTH CENTRAL LABS LAB SUPPLIES 995,77 WATER PRODUCTS REPAIR /MAINT SUPPLIES 405.50 GEORGE & GEORGE SAFETY /GLOVE UNIFORM GEAR 99,23 UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 129.11 O'REILL.Y AUTOMOTIVE MOTOR OIL 8.99 WATER PRODUCTS REPAIR /MAINT SUPPLIES 983.42 GRAINGER FUSE 10.60 CROW BURLINGAME CO INVENTORY SUPPLIES 226.90 HAYNES EQUIPMENT CO FLOATS 461.34 LOWES HOME IMPROVEMENT CONDUIT 56.09 ATWOODS MORTAR HOE /WHEELBARROW 82.05 GRAINGER LABEL PRINTER 180.00 VVEC LIFT STATION USAGE 350.64 METROCALL PAGER USE 45.70 TREASURER PETTY CASH PER DIEM /STEVENS 117.00 WASTEWATER DEPT TOTAL 4,152.34 O'REILLY AUTOMOTIVE OIL DRY 54,90 GRAINGER HARDWARE 50.50 GEORGE & GEORGE SAFETY /GLOVE UNIFORM GEAR 99.30 UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 104.25 GELLCO UNIFORMS & SHOES BOOTS- BURTON 107.99 NATIONAL POWER WASH POWER WASHING - VEHICLES 120.00 METROCALL PAGER USE 41.69 US CELLULAR CELT_ PHONE USAGE 40.34 TREASURER PETTY CASH CDL. LICENSE /MARSHALL.. 56.50 TREASURER PETTY CASH CDL LICENSE /NEWMAN 56.50 REFUSE DEPT TOTAL. "-" _ 731.97 UNIFIRST HOLDINGS UNIFORM RENTAL /CLEANING 21.30 AT&T PHONE USE 0.02 WASTE MANAGEMENT QUARRY LANDFILL TIPPING FEES 3,772.61 NATIONAL WASTE & DISPOSAL GLASS RECYCLING 200.00 RECYCLE DEPT TOTAL 3,993.93 ,#PfVA OPERATING FUND TOTAL 249,829.45 GREEN COUNTRY APPRAISAL SERVICE JPMORGAN CHASE BANK JPM0RGAN CHASE BANK JPMOR8AN CHASE BANK JPK8OR8AN CHASE BANK JPMORGAN CHASE BANK JPMORGAN CHASE BANK MCGUIRE BROTHERS CONSTRUCTION RCB TRUST SERVICES KCB TRUST SERVICES HOME DEPOT USA DESCRIPTION AMOUNT APPRAISAL-CITY VS. GRAMMER 2.500,00 FAp-01'0003-L 6.517.03 FAP-04-0006-L 21.837.38 FAP492-107'LB 4.052.55 ORF-01-0002'L 11.421.60 ORF-02-017-L 10.00110 ORF-80'000-L 3 CAPITAL IMPROVEMENTS FUND TOTAL TRANSMISSION k8A|N/80O8TERPUMP 327,610.00 CAPITAL PROJECTS WATER SYSTEM IMPROVEMENTS ��---- SERIES 2004NOTE 132.01111 SERIES 2O05NOTE 135/410.34 DEBT SERVICE MONTHLY PAYMENT 432538 OPVVA SALES TAX 272,�V9�n3 ��� OPWA GRAND TOTAL —il 0, 8 5-9.24 e ASSO PUBLIC WORKS AUTHORITY AYR PAYMENT REPORT PAY PERIOD ENDING D ° 10/14/200 ' <'�, w, ,�■ t�r.;. .: »# �, ���2 kya�2■ - � 2■ k y �w - »�� 2.42 2•| ». ,©- , -\, -�■� »® ■' ; ,® � ». .- °k4• °: *- ■ ■■ ■; OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING GATE 10/28/2006 OVERTIME TOTAL DEPARTMENT EXPENSES EXPENSES Wastewater 577.55 11,964.34 Wastewater Collection 664.41 10,314.47 Refuse 42.64 11,658.27 Recycle Center 0.00 1,531.04 FROM: JULIE TROUT LOMBARDI € [, COUNSEL ! BACKGROUND: City staff was contacted on September 27, 2006 by Dick Flelde, an attorney with the Minneapolis, Minnesota firm of Dorsey, Whitney, L.L.P., regarding revenue bond financing for the YMCA. Proceeds from the $17,500,000 bond project will be used to finance renovation projects for the YMCA facilities in Tulsa, Broken Arrow, and Owasso. Specifically, funds allocated to the Owasso project will be used for the construction and furnishing of an approximately 4,000 square foot addition to the recently opened facility, and for refinancing of interim bank indebtedness originally incurred for the construction of the new facility. The bonds will be issued by the Tulsa Industrial Authority and underwritten by Wells Largo, Bonds must be issued by an authority or public trust for optimum tax benefits, and the Tulsa Industrial Authority historically has served as the vehicle for YMCA revenue bond financing. In addition, all of the facilities earmarked for renovation projects are located in or around Tulsa and the proposed bond issuance refinances a portion of debt previously issued by the Tulsa Industrial Authority for past YMCA Projects, thus TIA is the logical choice to be the issuer of these bonds. Federal law governing 501(c)(3) corporations, such as the YMCA, requires that each city that has facility included in the renovation project consent to the issuance of the revenue bonds. Such assent is required to be documented by the enactment of resolutions by the individual cities and their Public Trust Authorities. The proposed Interlocal Agreement to be signed by all participating cities and the Tulsa Industrial Authority providgs the bonds shall not constitute an indebtedness of the Cit i the OPWA and that neither entity shall have liability for the bonds. This proposal has been reviewed by the City's bond counsel, Allan Brooks of Fagin, Brown, Bush, Tinney & Kiser, to ensure that the City is not financially responsible for the proposed bonds, and Mr. Brooks has assured staff that neither the City nor the OPWA will have liability or financial obligation for these bonds. NOTE As a requirement of the law, a public hearing is required to be conducted. by the OPWA regarding the proposed issuance of revenue bonds. Memo November 3, 2006 Page 2 of 2 RECOMMENDATION: : The staff recommends Trustee approval of the Resolution No. 2006 -07, authorizing issuance of the revenue bonds and further authorizing the OPWA to enter into the proposed Interlocal Agreement. ATTACHMENTS: 1. Resolution No. 2006 -07 2. Proposed Interlocal Agreement RESOLUTION GIVING APPROVAL TO THE ISSUANCE OF REVENUE BONDS BY THE TULSA INDUSTRIAL AUTHORITY 1% AUTHORIZING EXECUTION OF INTERLOCAL COOPERATION l ALLOCATION AGREEMENT BE IT RESOLVED by the Trustees of The Owasso Public Works Authority (the "Authority "), as follows: I . The Young Den's Christian Association of Greater Tulsa, Tulsa County, Oklahoma, an Oklahoma nonprofit corporation ( "Borrower "), has advised the Authority of its desire to obtain financing (including refinancing of interim indebtedness incurred) for various facilities located both within and without the corporate limits of Tulsa, Oklahoma, including a recently opened YMCA facility located at 8300 Owasso Expressway, and the construction and equipping of an approximately 4,000 square foot addition thereto (the "Project ") in the City of Owasso (the "City ") with revenue bonds or obligations (the "Bonds ") to be issued by the Tulsa Industrial Authority (the "Issuer "), under the authority of Title 60, Oklahoma Statutes, Sections 176 et seq. and Title 74, Oklahoma Statutes, Section 1001 et seq. 2. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "), requires that the applicable elected representative of each governmental unit in which facilities to be financed or refinanced by the Bonds are located must approve the issuance of the Bonds, following a public hearing, called and held in accordance with Section 147(f) of the Code, The Authority has called a public hearing in accordance with such requirements, has, on the date hereof, held the hearing, and will request that the City Council of the City of Owasso, as the applicable elected representative, approve the issuance of the Bonds. The Authority hereby approves the issuance of the Bonds. 3. The Borrower has proposed that the Issuer, pursuant to an Interlocal Cooperation and Allocation Agreement (the "Interlocal Agreement ") to be entered into between the Authority and the Issuer, issue its revenue bonds, in one or more series, in an original aggregate principal amount not to exceed $17,500,000 (the "bonds "), to provide financing for, among other things, the Project and for YMCA facilities in the City of Tulsa, A copy of the proposed form of the Interlocal Agreement has been placed on file with the Authority in the offices of the Secretary and has been presented to the governing body of the Authority in connection with the consideration of this Resolution. 4. The Interlocal Agreement is hereby approved in substantially the form now on file in the offices of the Authority, together with such modifications thereto as may be approved by the officers executing the Interlocal Agreement, which approval shall be conclusively evidenced by the execution thereof-, and the Chair, and the Secretary, or other officers of the Authority, are authorized to execute the same in the name of and on behalf of the Authority. In the event of the disability or the resignation or other absence of the Chair or the Secretary of the Authority, such other officers of the ,Authority who may act in their behalf shall without further act or authorization of the Authority do all things and execute all instruments and documents required to be done or to be executed by such absent or disabled officials. The approval hereby given to the Interlocal Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the officers of the Authority authorized herein to execute the Interlocal Agreement, such approval to be conclusively evidenced by the execution thereof. 5. In no event shall the Bonds ever be payable from or charged upon any funds of the Authority; the Authority is not subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of the Authority to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of the Authority; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Authority; and the Bonds do not constitute an indebtedness of the Authority within the meaning of any constitutional, statutory, or charter limitation. Dated: November 7, 2006. Approved as to forme By Julie Lombardi, Attorney I BY ORDER OF THE OWASSO PUBLIC WORKS AUTHORITY M M Stephen Cataudella, Chair Sherry Bishop, Secretary lawW5 111", twit, AININ, This INTERLOCAL COOPERATION AND ALLOCATION AGREEMENT (the "Interlocal Agreement" or the "Agreement "), is entered into as of the first day of November, 2006 by and between the Tulsa Industrial Authority (the "Issuer "), and The Owasso Public Works Authority (the "Participating Authority "). Each of the Issuer and the Participating Authority is an Oklahoma public trust created and existing under the laws of the State of Oklahoma. WHEREAS, Title 74, Oklahoma Statutes, Sections 1001 et seq. (the "Interlocal Cooperation Act ") provides that two or more public agencies or trusts, by agreement entered into through action of their governing bodies, may jointly or cooperatively exercise any power common to the contracting parties, and may provide for the exercise of such power by one of the participating public agencies or trusts; and WHEREAS, the Issuer and the Participating Authority have been requested by The Young Men's Christian Association of Greater Tulsa, Tulsa County, Oklahoma (the "Borrower "), an Oklahoma not-for-profit corporation, and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code "), to cooperatively exercise certain powers, including the power to issue revenue bonds or obligations for projects that promote economic development, pursuant to Title 60, Oklahoma Statutes, Sections 176 et seq. (the "Act," and sometimes referred to together with the Interlocal Cooperation Act as the "Acts "); and WHEREAS, the Issuer and the Participating Authority desire to provide for a reasonable allocation of the amount of the Bonds for purposes of Section 265(b)(3)(C)(iii) of the Code, NOW THEREFORE, the parties hereto agree, as follows: 1. Pursuant to the Acts, the Issuer will issue, on behalf of itself and the Participating Authority, one or more series of revenue bonds or obligations, in an aggregate principal amount not to exceed $ 17,500,000 (referred to, collectively with any refunding revenue bonds authorized pursuant to Section 3 hereof, as the "Bonds "), and loan the proceeds thereof to the Borrower to provide financing for the Tulsa Projects and the Owasso Project, all as described in Exhibit A hereto (the Tulsa Projects and the Owasso Project sometimes referred to together as the "Projects"). 1 The trustees of each of the Issuer and the Participating Authority, respectively, have adopted resolutions (i) evidencing approval of their respective Projects, (ii) evidencing an intent to enter into this Agreement, and (iii) granting host approval (or, in the case of the Issuer, granting approval) to the issuance of the Bonds, all as required under the Acts and Section 147(f) of the Code. 3. The Issuer shall exercise the powers granted by the Acts by adopting, approving and executing such resolutions, documents, and agreements as shall be necessary or convenient to authorize, issue, and sell the Bonds and such other resolutions, documents, and agreements as shall be necessary or desirable in connection with the issuance of the Bonds and giving effect to or carrying out the provisions of this Agreement and the documents under which the Bonds are issued and /or secured. 4. The Bonds shall be special, limited obligations of the Issuer, payable solely from proceeds, revenues and other amounts pledged thereto. In no event shall the Bonds ever be payable from or charged upon the general credit, taxing powers or any funds of either of the Issuer or the Participating Authority; neither the Issuer nor the Participating Authority shall ever be subject to any liability thereon; no owners of the Bonds shall ever have the right to compel the exercise of the taxing power of either of the Issuer or the Participating Authority to pay any of the Bonds or the interest thereon, nor to enforce payment thereof against any property of either of the Issuer or the Participating Authority; the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of either the Issuer° or the Participating Authority; and the Bonds do not constitute an indebtedness of the Issuer or the Participating Authority within the meaning of any constitutional, statutory, or charter limitation. 5. The entire aggregate principal amount of the Bonds is hereby allocated to the Issuer and the Participating Authority in the following manner, provided that such allocations shall be for calendar year 2006 only: (i) The Owasso Public Works Authority in an amount not to exceed $2,937,688 for the Owasso Project described in Exhibit A; and (ii) The Issuer in an amount not to exceed $14,062,312 for the Tulsa Projects described in Exhibit A. The Issuer and the Participating Authority agree that the Projects and the Bonds will promote economic development and will benefit the residents of the City of Tulsa and the City of Owasso and that the allocation of the Bonds set forth above bears a reasonable relationship to the benefits to be received by the Issuer and the Participating Authority in connection with the issuance of the Bonds. 6. This Agreement shall terminate upon the retirement or defeasance of the last outstanding Bonds and this Agreement may not be terminated in advance of such retirement or defeasance. T This .Agreement may be executed in counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. I IN WITNESS WHEREOF, each of the Issuer and the Participating Authority have caused this Agreement to be executed on their behalf by their duly authorized officers, all as of the day and year first above written. TULSA INDUSTRIAL AUTHORITT, as Issuer M 0 By Secretary Chairman [Signature page to Interlocal cooperation and Allocation Agreement dated as of November 1, 2006, between the Tulsa Industrial Authority and 'I "he Owasso Public Words Authority] THE OWASSO PUBLIC WORKS AUTHORITY ATTEST: Ey: Secretary Chair [Signature page to tnterlocal Cooperation and Allocation Agreement dated as of November 1, 2006, between the Tulsa Industrial Authority and The Owasso Public Works Authority] 4 Attorney General, State of Oklahoma [Signature page to lnterloeal Cooperation and Allocation Agreement dated as of November 1, 2006, between the 'ruisa Industrial Authority and The Owasso Public Works Authority] I r <� Thornton Project: The renovation of an existing YMCA facility, including roof renovation and replacement, located at 5002 South Fulton, Tulsa, Oklahoma. Hutcherson Project: The acquisition and construction of a new YMCA facility (of approximately 48,000 square feet), to be located at 1120 East Pine, Tulsa, Oklahoma, including the refinancing of interim bank indebtedness originally incurred for the initial construction thereof. Bond Refunding: The refunding and redemption of the outstanding Revenue Bonds (YMCA of Greater Tulsa Project), Series 1999, issued in the original aggregate principal amount of $6,000,000 by the Tulsa Industrial Authority, Dickenson Project: The acquisition and construction of a new YMCA facility (to be approximately 21,000 square feet), to be located at 8501 South Garnett Road, Broken Arrow, Oklahoma, including the refinancing of interim bank indebtedness originally incurred for the initial acquisition of the site thereof. Owasso Projcct Owasso Proiect: The construction and equipping of an approximately 4,000 square foot addition to and the refinancing of interim bank indebtedness originally incurred for the initial acquisition and construction of a recently opened approximately 30,000 square foot YMCA facility, located at 8300 Owasso Expressway, Owasso, Oklahoma. A- I 4842 - 9164 - 9793 \8