HomeMy WebLinkAbout2001 06_Okla. Water Resource Board Promissary Note_2001.06.19INIM11 i M 11 1r
WHEREAS, The Owasso Public Works Authority (the "Authority") did, by its Resolution
adopted on June 19, 2001, authorize the issuance, sale and delivery of its Series 2001C Promissory
Note to Oklahoma Water Resources Board, in order to finance 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 CITY OF
OWASSO, OKLAHOMA THAT:
Section 1. Issuance of Note. That the issuance, sale and delivery of The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2001C Promissory Note to Oklahoma Water
Resources Board in the principal amount of $1,005,000 (the "2001 C Note"), all as approved by said
Authority on June 19, 2001, 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 2001 C Note, 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 2001C Note is 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 2001, and the City hereby
irrevocably allocates to the Authority not to exceed $1,005,000 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 2001 C Note, and all other aspects of the transaction.
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IN
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outwell, City
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Mary Lp 'Barnhouse, Mayor
STATE OF OKLAHOMA )
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COUNTY OF TULSA
1, the undersigned, City Clerk of the City of Owasso, Oklahoma, do hereby certify that the
above and foregoing is a true, full and correct copy of an excerpt from the minutes of a meeting of
the City Council of said City held on the date above stated, all as recorded in the official minutes of
such meeting. I further certify that the "Open Meeting Law" was complied with for such meeting.
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