HomeMy WebLinkAbout2004 04_OPWA_Authorize Reimbursement_2004.04.06
THE OW ASSO PUBLIC WORKS AUTHORITY
2004-04
A RESOLUTION OF THE OW ASSO PUBLIC WORKS AUTHORITY (THE
"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.
RESOLUTION NO.
started the widening of 86th Street in Owasso, which
and construction (the "86th Street Project"); and
WHEREAS, the Authority has
includes engineering, right-of-way acquisition,
WHEREAS, pursuant to Resolution No. 2004-01 of the Authority dated January 6, 2004,
the Authority evidenced its intent to reimburse itself for $820,175.79, which was expended by the
Authority within the sixty (60) days prior to the adoption of Resolution No. 2004-01: and
the last sixty
and
WHEREAS, the Authority has expended an additional $519,250.38 within
(60) days, which it intends to eventually fund through the issuance of debt obligations
$1,250,000 to complete the
WHEREAS, the Authority anticipates expending an additional
Street Project; and
86th
WHEREAS, the Authority anticipates expending (i) $200,000 on construction, engineering,
and right-of-way acquisition in connection with the 86th and Mingo intersection project, (ii)
$2,000,000 on engineering, right-of-way acquisition, intersection work, street widening, and
highway interchange work, in connection with the project at 96th Street, 129th East Avenue and
Highway 169, (iii) $8,000,000 on engineering, right-of-way acquisition, widening, signalization,
and intersection work, in connection with the project that includes work on Garnett, as well as the
intersection at 96th Street and Garnett, (iv) $410,000 on park improvements in connection with the
expansion of the sports park, which expenditures could include roadwork, ball fields, restrooms,
field lighting, irrigation, and utilities, (v) $1,500,000 on land acquisition, design, and construction
of a new fire station, (vi) $250,000 on the acquisition and installation of a storm siren system
(collectively, the "Future Projects"): and
to collectively
and the Future Proj ects shall be referred
Proj ect
WHEREAS, the 86t" Street
herein as the "Projects": and
through
of the Projects
intent to eventually fund the cost
Authority's
and
it is the
obligations
WHEREAS
the issuance of debt
the Projects
to
costs pertaining
initially fund certain
to
WHEREAS, the Authority desires
of the Authority's cash reserves: and
out
to reimburse itself
150-2 of the Treasury
Internal Revenue Code of
WHEREAS, the Authority further desires to declare its official intent
with the proceeds of debt incurred by the Authority, as required by Section
Regulations promulgated pursuant to Sections 03 and 141-150 of the
1986, as amended.
RESOLVED BY THE TRUSTEES OF THE OW ASSO
NOW, THEREFORE, BE
PUBLIC WORKS AUTHORITY:
Section 1. Cost of Projects The foregoing expenditures in connection with
total $14,949,426.17 and represent components of larger projects to be financed by the
The Authority intends to initially fund the costs of the Projects from the Authority's funds
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
$18,000,000 in connection with the specific items described as the Projects and set forth above.
the Proj ects
Authority.
The
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 APRIL, 2004
THE OW ASSO PUBLIC WORKS AUTHORITY
(SEAL)
ATTEST
Title
2