Loading...
HomeMy WebLinkAbout2001 02_OPWA_Loan Application OWRB_2001.01.16 THE OW ASSO PUBLIC WORKS AUTHORITY RESOLUTION NO 2001-02 A RESOLUTION AGREEING TO FILE APPLICATION WITH THE OKLAHOMA WATER RESOURCES BOARD FOR FINANCIAL ASSISTANCE THROUGH THE CLEAN WATER SRF LOAN PROGRAM AND/OR FINANCIAL ASSISTANCE PROGRAM, FOR THE PURPOSE OF FINANCING AND REFINANCING THE EXP ANSION AND IMPROVEMENT OF THE AUTHORITY'S WASTEWATER FACILITIES AND CONTAINING OTHER PROVISIONS RELATED THERETO. WHEREAS, The Owasso Public Works Authority, Tulsa County, Oklahoma (the "Authority) has under consideration the expansion and improvement of certain of the wastewater facilities operated by the Authority (the "Project"), as well as the refinancing of certain interim construction debt (the "Refinancing"); and to give preliminary authorization of WHEREAS, it is deemed desirable for the Authority issuance of obligations for such purpose; and to available momes made the WHEREAS, the Oklahoma Water Resources Board has qualified entities for the financing of certain qualifying projects; and WHEREAS, the Authority hereby agrees to file an application(s) with the Oklahoma Water Resources Board for financial assistance in the aggregate amount as, based upon engineering studies currently in progress, will be sufficient to pay certain of the costs associated with the referenced project and to pay costs associated with the Refinancing. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OW ASSO PUBLIC WORKS AUTHORITY, TULSA COUNTY, OKLAHOMA: Section 1. Application. The Authority shall file an Application(s) with the Oklahoma Water Resources Board seeking financial assistance through the State Revolving Fund Program and/or the Financial Assistance Program; and the Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized to execute said Application(s) for and on behalf of the Authority. The Authority is further authorized to advance to the Oklahoma Resources Board the necessary application fees in connection with the referenced Water Application( s) Section 2. Professionals The Authority authorizes staff of the Authority and Oppenheim, A division of BOSC, Inc., A subsidiary of BOK Financial Corp., as financial advisor and Fagin, Brown, Bush, Tinney & Kiser, as bond counsel, to prepare and submit the referenced Application(s) on behalf of the Authority and to take such other action as is necessary to obtain financing for the referenced Project and Refinancing Chairman or Vice Chairman and Secretary or Assistant and directed to do all other lawful things Resolution The hereby authorized and conditions of this Section 3. Other Matters ~j the Authority are carry out the terms the of Trustees the by 2001 day of January, 16t this APPROVED AND ADOPTED Owasso Public Works Authority. THE OW ASSO PUBLIC WORKS AUTHORITY , II l' ,I " " ~a ~CI).S ,,0) I!t/ . '<<(@ ~ ... $ .. ~~ ~ - 0 @ :.~ TjBSJ~: c>"",. /(1. (ill 0@Q "" . A '" ' ""'''''dI144 OPW A Resolution #2001-02 Page 2 AS TO FORM MEMORANDUM HONORABLE CHAIR AND TRUSTEES OW ASSO PUBLIC WORKS AUTHORITY TO SHERRY BISHOP FINANCE DIRECTOR FROM ATOR RELIEF LINE PROJECT RESOLUTION NO. 2001-01 REIMBURSEMENT RESOLUTION SUBJECT RESOLUTION NO. 2001-02 OWRB LOAN APPLICATION 12. 2001 January DATE the Oklahoma many months. ready to be from for Bids are Order III progress the project. BACKGROUND The Ator Relief Line Project was identified and required by Consent Department of Environmental Quality. The project has been Engineering and easement acquisitions have been completed for awarded so that construction may begin as soon as possible. The Oklahoma Water Resources Board (OWRB) operates the State Revolving Fund (SRF) loan program and the Financial Assistance Program (FAP). These programs provide low interest, tax- exempt financing for eligible projects. The OPW A has taken advantage of OWRB financing in the past for eligible water and wastewater projects. The OPW A currently has an interim construction loan with the OWRB for the improvements that are underway at the wastewater treatment facility. When this project is complete and the interim loan is converted to permanent financing, funding for the Ator Project will be obtained from the OWRB as well 2001-01 During construction of the Ator Relief Line, the OPW A will cash flow the project from the current operating reserves. Those funds will be reimbursed to the OPW A upon closing of the financing with the OWRB. Tax-exempt financing must meet certain IRS requirements. In order to expend funds prior to actually incurring the debt, the Trustees must officially declare their intent to do so. This resolution does that. Resolution No. 2001-01 states that the Authority intends to construct the Ator project and pay for it with its own funds and expects to be reimbursed with proceeds of debt that be incurred at a later date RESOLUTION NO the One application financing for the and other action OPWA is to Ator 2001-02 the loan application be authorized by resolution of separate applications the OWRB. interim construction loan and the is for new 2001-02 authorizes with other is that two the OWRB are actually the current RESOLUTION NO A requirement of Trustees. There refinance the OWRB loan applications This resolution authorizes Resolution No to proceed with Project necessary refinancing with the OWRB financing and the projects Execution and filing of the applications for Payment of application fees to the OWRB; OPW A staff, the Oppenheim firm and the Fagin financing O!I O!I 1II to obtain take action necessary terms of the resolution to firm law to carry out the financing The Chair and Secretary O!I to expend intent the declaring No. 2001-01 RECOMMENDATION Staff recommends Trustee approval of Resolution funds and be reimbursed from the proceeds of debt file application with the to of Resolution No. 2001-02 agreeing Staff recommends Trustee approval OWRB for financial assistance ATTACHMENT Resolution No. 2001-01 Resolution No. 2001-02 OWRB Loan Application(s)