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Home My WebLink About2006.11.21_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORDS AUTHORITY TYPE OF MEETING: Regular DATE: November 21, 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 Cleric and posted at City hall at 6:00 p.m. on Friday, November 17, 2006. } Juliann M. Stevens, - Administrative Assistant 1. 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 notion to adopt the Consent Agenda is non-debatable. A. Approval of the Minutes of the November 7, 2006 Regular Meeting. Attachment 4 4-A B. Approval of Claims. Attachment # 4 -13 C. Acknowledgement of receiving the monthly FY 2006-2007 budget status report. Attachment 4 4-C S \Agendas \OP W M2006 \I 321 _doe Owasso public Works Authority November 21, 2006 Page 2 S. Consider and appropriate action relating to a request for Trustee approval of Resolution Into. 2006 ®08, a resolution authorizing the Owasso Public Works Authority (the "Authority ") to issue its utility system and sales tax revenue note, series 2006 (the "note ") in the aggregate principal amount of not to exceed $4,000,000.00; waiving competitive bidding and authorizing the note to be sold on a negotiated basis; ratifying and confirming a security agreement by and between the City and the Authority pertaining to a year -to -year pledge of certain sales tax revenue; approving and authorizing execution of an indenture authorizing the issuance and securing the payment of the note; providing that the organizational document creating the Authority is subject to the provisions of the indenture; ratifying and confirming a lease agreement; designating an escrow trustee and approving and authorizing execution of a refunding escrow agreement; establishing the Authority's reasonable expectation with respect to the issuance of tax-exempt obligations by the Authority in calendar year 2006, and designating the note as a qualified tax-exempt obligation; authorizing and directing the execution of the note and other documents relating to the transaction; and containing other provisions relating thereto. Ms. Bishop Attachment #5 Staff will recommend Trustee approval of Resolution No. 2006 -08. 6. Consideration and appropriate action relating to a request for Trustee approval of a hand Purchase Agreement for the purchase of real property to wit: 7 acres, more or less, located at E. Mt" Street North and N. main Street owned by Mr. Wesley Ator; and, authorization for the Chairman to execute all necessary documentation relating to the financing of such land purchase. Ms. Lombardi Staff will recommend Trustee approval of a Land Purchase / agreement in the amount of $2,115,000 for the purchase of real property to wit: 7 acres, more or less, located at E. 86th Street North and N. Main Street owned by Mr. Wesley Ator; and, authorization for the Chairman to execute all necessary documentation relating to the financing of such land purchase. S \AgendasOP W A \2006 \1 121 doc Owasso public Works Authority November 21, 2006 Page 3 7. Consideration and appropriate action relating to a request for Trustee approval of Resolution No. 2006-09, a resolution authorizing the Owasso public Works Authority (the "Authority ") to issue its promissory note, series 2006 (the "note ") in the aggregate principal amount of not to exceed $2,000,000.00; waiving competitive bidding and authorizing the note to be sold on a negotiated basis; approving and authorizing execution of an indenture authorizing the issuance and securing the payment of the note; providing that the organizational document creating the Authority is subject to the provisions of the indenture; approving and authorizing execution of a lease purchase agreement; establishing the Authority's reasonable expectation with respect to the issuance of tax-exempt obligations by the Authority in calendar year 2006, and designating the note as a qualified tax-exempt obligation; authorizing and directing the execution of the note and other documents relating to the transaction; and containing other provisions relating thereto. Ms. Bishop Attachment 47 Staff recommends Trustee approval of Resolution No. 200609. 8. Report from OpWA Manager. 9. Report from OpWA Attorney. 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 AAgendas \OP W A\2006\ 1121 . doc OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, November 7, 2006 The Owasso Public Works Authority met in regular session on Tuesday, November 7, 2006 in the Council Chambers at Old Central per the Notice of Public Meeting and Agenda posted on the City Nall bulletin board at 5:00 p.m. on Friday, November 3, 2006, ITEM 1. CALL TO ORDER The meeting was called to order at 6:30 p.m. The invocation was offered by Jack Voss, Crossroads Christian Church. ITEM 3. FLAG SALUTE The flag salute was led by Trustee Guevara, ITEM 4. ROLL, CALL PRESENT" ABSENT Steve Cataudella, Chair gent Colgan, Vice Chair D.J. Gall, Trustee Wayne Guevara, Trustee Susan Kimball, Trustee A quorum was declared present. STAFF Rodney J. Ray, Authority Manager Julie Lombardi, Authority Attorney ITEM 5, CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF THE CONSENT AGENDA A. Approval of Minutes of the October 17, 2006 Regular Meeting. B. Approval of Claims. Owasso .Public Works Authority November I, 2006 Ms. Kimball moved, seconded by Mr. Guevara, to approve the OPWA Consent Agenda with claims totaling $910,859.24 and payroll claims for two pay periods totaling $137,690.94. YEA: Cataudclla, Colgan., Gall, Guevara, Kimball NAY: None Motion carried 5 -0. ITEM 6. PUBLIC HEARING. 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 Mayor Cataudclla opened the Public Hearing. There were no citizen comments. Mayor Cataudella closed the Public Hearing. Ms. Lombardi presented the item. Mr. Colgan moved, seconded by Ms. Kimball, for Trustee adoption of Resolution No. 2006 -07. YEA: Cataudella, Colgan, Gall, Guevara, Kimball NAY: Done Motion carried 5 -0. ITEM 8. REPORT FROM OPWA MANAGER None ITEM 9, REPORT FROM OPWA ATTORNEY None M Oivasso .Public Works AuthoritY ITEM 10. NEW BUSINESS None I'T'EM 11. ADJO ENT 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 6:38 p.m. Teat Fry, Minute Clerk Noveniber % 2006 Steve Cataudella, Chairman OPWA CLAIMS TO BE PAID 11/21/06 VENDOR DESCRIPTION AMOUNT OWASSO LAND TRUST TECH CENTER INTERCEPTOR 193,790.60 REFUND TOTAL 193,790.60 CARTRIDGE WORLD OFFICE SUPPLIES 11,50 OFFICE DEPOT OFFICE SUPPLIES 179.32 UNIFIRST HOLDINGS LP UNIFORM RENTAL /CLEANING 51.60 LOWES SUPPLIES -ROOF 34.90 MURPHY SANITARY SUPPLY CLEANING SUPPLIES 65.60 SAMS CLUB SUPPLIES 312.56 METROCALL MAINTENANCE /PAGING SOFTWARE 308.34 A EXPRESS GRAPHICS LITIGATION -RWD #3 VS. CITY OWASSO 764.50 OKLAHOMA NATURAL GAS 10/06 USE 31.30 PSO 10/06 USE 401.02 LOCKE SUPPLY REPLACEMENT LIGHT 89.20 TERMINIX PEST CONTROL 46.00 AT &T PHONE USE 252.61 CDW GOVERNMENT ONHOLD PLUS MUSIC 161.99 ANA STAGG LODGING /STAGG /STEVENS 994.20 OTA TOLLS 13.50 THE FADLER COMPANY CHARACTER TRAINING BREAKFES 45.51 WAL -MART CHARACTER BREAKFAST 44.82 OKLA ONE -CALL SYSTEM MEMBERSHIP DUES 185.02 ADMINISTRATION DEFT TOTAL 3,99149 OFFICE DEPOT OFFICE SUPPLIES 6.99 DAVID R. OLINGHOUSE METER READER 443.70 DAVID R. OLINGFIOUSE METER READER 268.65 KATHLEEN A BALSIGER METER READER, 298.35 KATHLEEN A BALSIGER METER READER 149.85 MARK MEYER METER READER 553.05 MARK MEYER METER READER 575.55 OSCAR L. MCLAURIN METER READER 76.95 TOMMY G ARRINGTON METER READER 124.65 TYRONE EUGENE DINKINS METER READER 356.40 TYRONE EUGENE DINKINS METER READER 219.30 TECHNICAL PROGRAMMING SERVICES BILLING SERVICE 1,045.79 UTILITY BILLING DEPT TOTAL. 4,119,23 UTILITY SUPPLY CO METER REPAIR 640.00 WATER PRODUCTS REPAIR /MAINTENANCE SUPPLIES 496.08 GEORGE & GEORGE SAFETY UNIFORM GEAR 33.67 UNIFIRST HOLDINGS LP UNIFORM RENTAL /CLEANING 85.48 BROWN FARMS SOD SOD 110.00 FERGUSON ENTERPRISES ST EM- INLINE VALVE REPAIR 427.64 L & S DEDMON TRUCKING ROCK 170.00 OWASSO TOP SOIL_ YARD DIRT 270.00 WATER PRODUCTS REPAIR /MAINTENANC SUPPLIES 496.08 WATER PRODUCTS REPAIR /MAINTENANC SUPPLIES 496.08 CITY GARAGE VEHICLE MAINT -PARTS 459.99 FUELMAN FUEL 917.43 WATER PRODUCTS CITY OF TULSA UTILITIES PSO CITY GARAGE TREASURER PETTY CASH HILLCREST MEDICAL GROUP OFFICE DEPOT ANA STAGG SAMS CLUB FORT BEND SERVICES ATWOODS GEORGE & GEORGE SAFETY UNIFIRST HOLDINGS LP ATWOODS H & E ENGINEERED EQUIPMENT LAB SAFETY SUPPLY LOWES NORTH CENTRAL LABS GRAINGER CITY GARAGE FUELMAN WASTE MANAGEMENT PSO CITY GARAGE AT &T TREASURER PETTY CASH WATER PRODUCTS ATWOODS GEORGE & GEORGE SAFETY UNIFIRST HOLDINGS LP ATWOODS IMPROVED CONSTRUCTION METHODS LOWES WATER PRODUCTS CITY GARAGE FUELMAN WATER PRODUCTS PSO VERDIGRIS VALLEY ELECTRIC COOP LOT MAINTENANCE OF OKLAHOMA CITY GARAGE AT &T 1- 111 -LCRES T MEDICAL GROUP HILLCREST MEDICAL GROUP TREASURER PETTY CASH REPAIR /MAINTENANCE SUPPLIES PURCHASED WATER 10/06 USE VEHICLE MAINT- SERVICE PARKING VACCINE- MORADOS /FARRIS WATER DEPT TOTAL OFFICE SUPPLIES WW SYSTEMS BOOKS SUPPLIES CHEMICALS - SLUDGE PRESS OUTERWEAR- CORLEY UNIFORM GEAR UNIFORM RENTAL /CLEANING FUEL STABILIZER POSITRON UNIT BOTTLE DISPENSING UTILITY KNIFE LAB SUPPLIES OPERATING SUPPLIES VEHICLE MAINT -PARTS FUEL. TIPPING FEES 10/06 USE VEHICLE MAINT - SERVICE PHONE USE WW TREATMENT PLANT DEPT TOTAL SUPPLIES REPAIR /MAINT SUPPLIES OUTERWEAR - BYRNE /BOGGS UNIFORM GEAR UNIFORM RENTAL /CLEANING ROPE LIQUID SMOKE - TESTING SEWER EXTENSION CORD /CLAMP REPAIR /MAINT SUPPLIES VEHICLE MAINT-PARTS FUEL REPAIR /MAIN-( SUI ""PLIES 10/06 USE LIFT STATION USAGE CLEAN OUT -LIFT STATION VEHICLE MAINT- SERVICE PHONE USE VACCINE -- GREENWOOD /BYRNE 11 VACCINE -STACY /EATON D SEWER LICENSE WASTEWATER COLLECTION DEPT TOTAL 496.08 186,854.17 514.21 1,226.67 20.00 137.00 193,50.58 10.38 138.00 33.28 1,442.60 67.99 33.67 115.21 9.24 2,644.57 32.58 9.40 53.90 44.95 0.40 399.61 2,519.43 15,271.48 230.00 149.84 23,206.53 4.33 496.08 430.94 33.67 321.16 17.90 516.00 63.27 496.08 56.47 1,050.75 496.08 3,114.43 353.82 450.00 613.33 245.43 2_06.00 149.00 4-J-5747-4 40.00 CROW BURLINGAME COMPANY KEYS 2.58 WILLIAMS REFUSE EQUIPMENT CO REPAIR POLY CARTS 2,453.84 GELLCO UNIFORMS WORK BOOTS- NEWMAN 97.19 GEORGE & GEORGE SAFETY UNIFORM GEAR 33.67 UN|F|R8T HOLDINGS LP FUELMAN CITY GARAGE FUELMAN JF7S SMALL ENGINE SERVICE NATIONAL POWER WASH CITY GARAGE AT&T WASTE MANAGEMENT UN|F|R8T HOLDINGS LP PS0 AMERICAN WASTE CONTROL WASTE MANAGEMENT' RC13 TRUST SERVICES RCB TRUST SERVICES SF MARKETPLACE INVESTORS UN|F0RMRENTALKCLEAN|NG 74.20 FUEL 173 VEH|CLEMA|NT-PARTS 3.387.47 FUEL 3.042.24 AIR COMPRESSOR REPAIR 32.50 POWER WASH |NG-VEH|CLES 120.00 VEHICLE MA|Nl-SERVICE 3.006.67 PHONE USE 17.90 TIPPING FEES 11,941.56 REFUSE DEPT TOTAL UN|FORMRENTALXCLEAN|NG 1420 10/00 USE 70.83 PHONE USE 17.90 LANDFILL TIPPING FEES 2.280.44 TIPPING FEES 4,147.05 RECYCLE DEPT TOTAL ---��- SEMI ANNUAL TRUST FEE 1.000.00 SEMI ANNUAL TRUST FEE 100000 OpVVASALES TAX FUND TOTAL 2,000.00 DEVELOPMENT AGREEMENT 8664007 OPWA0EBT SERVICE FUND TOTAL 8884097 �� OPWA GRAND TOTAL 548�364-.D OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 11/11/2006 OVERTIME TOTAL DEPARTMENT EXPENSES EXPENSES CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY - OPERATING FUND FISCAL YEAR 2006 -2007 Statement of Revenues & Expenses As of October 31, 2006 OPERATING REVENUES: Water Wastewater Refuse & recycle Other fees Interest & other TOTAL OPERATING REVENUES OPERATING EXPENSES: Personal services Materials & supplies Other services Capital outlay Debt service TOTAL OPERATING EXPENSES REVENUES OVER EXPENSES TRANSFERS OUT MONTH TO -DATE YEAR PERCENT BUDGET OFBUDGET 282,304 1,305,993 3,200,000 40.81% 110,535 437,759 1,260,000 34.74% 95,535 362,573 1,073,000 33.79% 37,981 159,715 545,500 29.28% 2,099 8,045 25,500 31.55% 528,453 2,274,084 6,104,000 37.26% 137,691 214,990 105,216 9,300 61,257 (27,083) NET INCOME (LOSS) 34,173 WORKING CAPITAL - Beginning Balance WORKING CAPITAL - Ending Balance 617,790 1,924,165 32.11% 1,052,037 2,754,240 38.20% 307,442 938,595 32.76% 30,128 162,000 18.60% 2,007,397 5,779,000 34.74% 266,687 325,000 (108,333) (325,000) 33.33% 158,354 991,070 1,000,000 1,149,424 1,000,000 a 1 TO: HONORABLE CHAIR AND TRUSTEES OWASSO PUBLIC WORKS AUTHORITIA FROM: SHERRY BISHOP FINANCE DIRECTOR SUBJECT- 1996 REVENUE ' BOND D D I $ DATE: Novembei- I7, 2006 BACKGROUND: The OPWA has outstanding revenue bond debt of $3,830,000 issued in 1996 for the Bailey Ranch Golf Club. As of July I, 2006, that debt is callable and could be refinanced at a lower interest rate. In 1992, the Owasso Public Golf Authority issued revenue bonds to finance the construction of the Bailey Ranch Golf Club. The 1992 Revenue Bonds were secured only by the revenues of the golf course with no pledge of revenue from the City of Owasso. In 1996, the OPGA was reorganized and the city management tools responsibility for operation of the golf course. At that same time, the OPWA issued revenue bonds and `purchased" the golf course from the OPGA. The 1996 Revenue Bonds are secured by the OPWA utility revenues, the OPGA golf revenues and two cents of the City of Owasso's sales tax. The outstanding 1996 Revenue Bonds bear interest rates ranging from 5.55% to 6.15% with final maturity of July 1, 2017. As of July 1, 2006 the bonds became callable at a 2% premium. The final maturity of the new debt would remain at July 1, 2017, The estimated interest rate for new debt is 3.95 %, providing a gross saving of approximately $600,000. The interest rate and final pricing of the debt will be available for the meeting on Tuesday, the 21s'. Allan Brooks, Bond Counsel, and Keith McDonald, Financial Advisor, are working to finalize documents and other details of the financing. If this refunding is approved by the City Council and the OPWA Trustees, loan closing will be scheduled for the 27"' OPWA Resolution No. 2006 -08 authorizes the issuance of the OPWA 2006 Revenue Note, provides various requirements of the financing and authorizes the execution of all documents related to the transaction. The blanks in Sections 1, 2 and 9 will be completed after the rate bids are received and analyzed. The final document will be provided at the meeting on Tuesday. RECOMMENDATION. Staff recommends OPWA Trustee approval of Resolution Igo. 2006 -08 authorizing the OPWA 2006 Revenue Note and containing other related provisions. ATTACHMENTS: Resolution No. 2006 ®08 ,t `fit tr' ��} , t�� ',� � ' f� � t i � ?�} � f�. :�; � , , _ ,�; �• a NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORIKS AUTHORITY: SECTION 1, INDEBTEDNESS AUTHORIZED, The Authority is authorized to incur an indebtedness by the issuance of its Utility System and Sales Tax Revenue Note, Series 2006, for and on behalf of the City of Owasso, Oklahoma (the "City ") in an aggregate principal amount of $ (the "Note ") for the purpose of (i) currently refunding the Authority's $5,340,000.00 Utility Revenue Bonds, Series 1996, dated July 1, 1996 (the "Series 1996 Bonds ", and said refunding referred to herein as the "Refunding"); (ii) funding a debt service reserve fund; and (iii) paying certain costs associated with the issuance of the Note, The Note shall bear interest at the rate of _`_% per annum. 'rhe principal installments on the Note shall be paid as set forth on Exhibit "A" hereto. SECTION 2. COMPETITIVE BIDDING WAIVED. Competitive bidding on the sale of said Dote is waived and the Note is authorized to be sold to — at a price of par. SECTION 3. SECURITY AGREEMENT. The Authority hereby ratifies and confirms the Security Agreement dated as of December 1, 1997, between the City and the Authority (the "Security Agreement "), which Security Agreement pertains to a year-to-year pledge of certain Sales Tax revenue as security for the Note. SECTION 4. INDENTURE. The General Bond Indenture, as previously supplemented and amended and as further supplemented and amended by a Series 2006 Supplemental Note Indenture, all by and between the Authority and Bank of New fork Trust Company, N.A., as successor to J.P. Morgan Trust Company, N.A., as Trustee (collectively referred to herein as the "Indenture "), authorizing the issuance of and securing the payment of the Note approved in Section 1 hereof, is hereby approved and the Chairman or Vice-Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION S. ORGANIZATIONAL DOCUMENT SUBJECT TO THE INDENTURE. The organizational document creating the Authority is subject to the provisions of the Indenture referenced in Section 4 hereof. SECTION 6. LEASE AGREEMENT. The Lease dated July 31, 1973, as amended by Amendment to Lease dated as of July 1, 1996, both by and between the City and the Authority, whereby the City leases unto the Authority its then existing and thereafter acquired water, sanitazy sewer, garbage and trash collection systems and the Bailey Ranch Golf Club (the "Lease Agreement "), is hereby ratified and confirmed. SECTION 7, REFUNDING ESCROW AGREEMENT. Bank of New York Trust Company, N.A., as successor to J.P. Morgan Trust Company, N.A., is hereby designated Escrow Trustee and the Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority be and are hereby authorized to execute and deliver a Refunding Escrow Agreement by and between the Escrow Trustee and the Authority in order to carry out the Refunding. SECTION 8. CERTIFICATE OF DESIGNATION. The Authority anticipates that the total amount of tax - exempt obligations (other than private activity bonds) issued by the Authority or other issuers on behalf of the City, will not exceed $5,000,000 ($ 10,000,000 being the applicable amount under the hereinafter referenced provisions of the Internal Revenue Code of 1946, as amended) for calendar year 2006, and hereby designates the Note to be a qualified tax - exempt obligation with respect to the financial institution interest deduction provisions contained in the Internal Revenue Code of 1986, as amended, and authorizes the Chairman or Vice Chairman of the Authority to execute and deliver on behalf of the Authority a Certificate of Designation to that effect. SECTION 9. ENECUrm -OF NECESSARY DOCUMENTS. The Chairman or Vice - Chairman and Secretary or Assistant OF of the Authority are hereby authorized and directed. on behalf of the Authority to execute and deliver the Note to - upon receipt of the purchase price and are further authorized and directed to execute all necessary documentation and closing and delivery papers required by Bond Counsel, including professional services agreements, approve the disbursement of the proceeds of the Note, including any costs of issuance; approve the disbursement of any remaining proceeds of the Series 1996 Bonds for the purposes as provided therein; to approve and make any changes to the documents approved by this Resolution, 2 for and on behalf of the Authority, the execution and delivery of such documents being conclusive as to the approval of any changes contained therein by the Authority; and to execute, record and file any and all the necessary financing statements and security instruments, including but not limited to the documents approved hereby, and to consummate the transaction contemplated hereby. THE OWASSO PUBLIC WORDS AUTHORITY (SEAL) Name: Stephen Cataudella Tide: Chairman ATTEST: Name: Sherry Bishop Title: Secretary t,) TO: HONORABLE MAYOR AND CITY COUNCIL CITY OF OASSO 11 N 1111 E ONO' `,k`° '�� SRO SHERRY B OP FINANCE DIRECTOR SUBJECT: CITY RESOLUTION NO. 2006-27 OPWA RESOLUTION NO. 2006-09 FINANCING ATOR PROPERTY DATE: November 17, 2006 An agreement has been reached with Wesley Ator for the purchase of seven acres known as Ator Field for $2,115,000. The city will pay $300,125 for the right of way required for the 861h Street North and Main intersection improvements, The balance of the purchase price will be financed by debt issued by the OPWA, CITY RESOLUTION NO. 2006.27 a- As a public dust of the City of Owasso, the OPWA cannot incur debt without the approval of the City Council, City resolution No, 200621 authorizes the OPWA to incur debt and authorizes the execution of any documents related to the transaction, The attached resolution No, 2006-09 contains several blank spaces that will be completed after bids are received, OPWA RESOLUTION NO. 2006 -09 — OPWA Resolution No. 200609 authorizes the OPWA to issue a Promissory Note for the purpose of purchasing; the Ator land; authorizes a lease purchase agreement with the school district; and authorizes the execution of any documents necessary to the transaction, The resolution contains several blank spaces that will be completed after bids for the financing are received. RECOMMENDATION. Staff recommends City Council approval of resolution. No. 2006--27 approving the incurrence of indebtedness by the OPWA and containing other provisions related thereto. Staff recommends OPWA Trustee approval of resolution No, 2006.09 authorizing the OPWA 2006 Promissory Note and containing other related provisions. 9, j N j 4 [ S M NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORDS AUTHORITY. SECTION I. INDEBTEDNESS AUTHORIZED. The Authority is authorized to incur an indebtedness by the issuance of its Promissory Note, Series 2006, for and on behalf of the City of Owasso, Oklahoma (the "City "), in an aggregate principal amount of $ _.00 (the "Note ") for the purpose of (i) purchasing certain real property to be leased to (the "School District ") and (ii) paying certain costs associated with the issuance of the Note. The Note shall bear interest at the rate of _% per annum. The principal installments on the Note shall be paid as set forth on Exhibit "A." hereto, SECTION 2. COMPETITIVE BIDDING WAIVED, Competitive bidding on the sale of said Note is waived and the Note i.s authorized to be sold to – — at a price of par, SECTION 3. 'INDENTURE. 'The Note Indenture by and between the Authority and Bank of New York Trust Company, N.A., as Trustee (referred to herein as the "Indenture "), authorizing the issuance of and securing the payment of the Note approved in Section 1 hereof, is hereby approved and the Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION 4. ORGANIZATIONAL DOCUMENT SUBJECT TO THE INDENTURE. The organizational document creating the Authority is subject to the provisions of the Indenture referenced in Section 4 hereof. SECTION 5. LEASE PURCHASE AGREEMENT. The Lease Purchase Agreement by and between the Authority and School District (referred to herein as the "Lease Purchase Agreement "), is hereby approved and the Chairman or Vice-Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION 6. CERTIFICATE OF DESIGNATION. The Authority anticipates that the total amount of tax-exempt obligations (other than private activity bonds) issued by the Authority or other issuers on behalf of the City, will not exceed $5,000,000 ($10,000,000 being the applicable amount under the hereinafter referenced provisions of the Internal Revenue Code of 1986, as amended) for calendar year 2006, and hereby designates the Note to be a qualified tax-exempt obligation with respect to the financial institution interest deduction provisions contained in the Internal Revenue Code of 1986, as amended, and authorizes the Chairman or Vice Chairman of the Authority to execute and deliver on behalf of the Authority a Certificate of Designation to that effect. SECTION 9. EXECUTION OF NECESSARY' DOCUMENTS. The Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized and directed on behalf of the Authority to execute and deliver the Note to , upon receipt of the purchase price and are further authorized and directed to execute all necessary documentation and closing and delivery papers required by Bond Counsel, including professional services agreements, approve the disbursement of the proceeds of the Note, including any costs of issuance, 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 changes contained therein by the Authority; and to execute, record and file any and all the necessary financing statements and security instruments, including but not limited to the documents approved hereby, and to consurm ate.the transaction contemplated hereby. PASSED AND APPROVED THIS 21 ST DAY OF NOVEMBER, 2006. (SEAL) ATTEST: Name: Sherry Bishop Title: Secretary THE OWASSO PUBLIC WORKS AUTHORITY Name: Stephen Cataudella Title: Chairman ►N [Principal Payment Schedule] Maturity Date M Principal Amount