HomeMy WebLinkAbout2002 11_Approve PW promissary notes_2002.11.18WHEREAS, The Owasso Public Works Authority (the "Authority") did, by its Resolution
adopted on November 18, 2002, authorize the issuance, sale and delivery of its (1) Series 2002A
Clean Water SRF Promissory Note to Oklahoma Water Resources Board and (11) Series 2002B
Promissory Note to Oklahoma Water Resources Board, in order to refinance the outstanding
principal amount of (1) the Authority's Series 2001D Interim Construction Clean Water SRF
Promissory Note to Oklahoma Water Resources Board and (11) the Authority's Series 2001E Clean
Water SRF Interim Construction Bond Loan Promissory Note to Oklahoma Water Resources
Board, both of which financed improvements to the Authority's wastewater system; and
WHEREAS, the Mayor and City Council hereby determine that the actions taken by the
Authority should be authorized and approved.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITT'j'
OF OWASSO, OKLAHOMA THAT:
Section 1. Issuance of Notes. That the issuance, sale and delivery of (1) The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2002A Clean Water SRF Promissory Note to
Oklahoma Water Resources Board in the principal amount of not to exceed $939,236 (the "2002A
Note") and (11) The Owasso Public Works Authority, Tulsa County, Oklahoma, Series 2002B
Promissory Note to Oklahoma Water Resources Board in the principal amount of not to exceed
$1,665,000 (the "2002B Note"), all as approved by said Authority on November 18, 2002, be and
hereby are authorized, approved and ratified.
Section 2. Approval. That all actions heretofore taken by the Authority in connection with
the issuance, sale and delivery of the 2002A Note and the 2002B Note (collectively, the "Notes"),
and all other aspects of the transaction be and are hereby authorized, approved and ratified.
Section 3. Lease. The Lease dated July 31, 1973, as amended by an Amendment to Lease
dated as of July 1, 1996, between the City and the Authority, whereby the City leases its water,
sanitary sewer, garbage and trash collection systems and the Bailey Ranch Golf Club to the
Authority, is hereby ratified and confirmed and the term of said Lease, as amended, shall extend
until the Notes are paid.
Section 4. Certificate of Designation. The City anticipates that the total amount of tax-
exempt obligations (other than private activity bonds) issued by the Authority or other issuers on
behalf of said City will not exceed $5,000,000 for calendar year 2002, and the City hereby
irrevocably allocates to the Authority not to exceed $1,665,000 of the City's $5,000,000 exemption
from the rebate requirements pursuant to Section 148(f)(4)(D) of the Internal Revenue Code of
1986, as amended, and authorizes the Mayor or Vice Mayor and City Clerk or Assistant City Clerk
to execute and deliver on behalf of the City a Certificate of Designation to that effect.
Section 5. Sales Tax Pledge. That the Mayor or Vice Mayor and City Clerk or Assistant City
Clerk be and are hereby authorized to execute and deliver any and all documentation on behalf of
the City pertaining to a year-to-year pledge of certain sales tax revenue levied pursuant to
Ordinance No. 103 of the City, as amended by Ordinance No. 153 of the City.
Section 6. Necessary Action. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and hereby are authorized and empowered to execute and deliver for and on behalf of
the City any and all other documents or instruments reasonably necessary to accomplish the
issuance, sale and delivery of the 2002A Note and the 2002B Note and all other aspects of the
transaction.
APPROVED AND ADOPTED this 18th day of November, 2002.
CITY OF OWASSO, OKLAHOMA
OFFICIAL
Mar 'a Boutwell, CitylCl'erk
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