HomeMy WebLinkAbout2001 05_Public Works Promissary Note_2001.06.19WHEREAS, The Owasso Public Works Authority (the "Authority ") did, by its Resolution
adopted on June 19, 2001, authorize the issuance, sale and delivery of its (1) Series 2001A Clean
Water SRF Promissory Note to Oklahoma Water Resources Board and (11) Series 2001B
Promissory Note to Oklahoma Water Resources Board, in order to refinance the outstanding
principal amount of the Authority's Series 2000 Interim Construction Clean Water SRF Promissory
Note to Oklahoma Water Resources Board 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 CITY OF
OWASSO, OKLAHOMA THAT:
Section 1. Issuance of Notes. That the issuance, sale and delivery of (i) The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2001A Clean Water SRF Promissory Note to
Oklahoma Water Resources Board in the principal amount of $1,029,535.03 (the "2001A Note")
and (ii) The Owasso Public Works Authority, Tulsa County, Oklahoma, Series 2001B Promissory
Note to Oklahoma Water Resources Board in the principal amount of $1,805,000 (the "200113
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 2001A Note and the 2001B 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 Notes are paid.
Section 4. Certificate of Designatio . 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 $1,805,000 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 2001A Note and the 2001B Note and all other aspects of the
transaction.
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APPROVED AND ADOPTED this 19th day of June, 2001.
FIF,
KCI L � Mary La Barnhouse, Mayor
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STATE OF OKLAHOMA )
)SS
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.
GIVEN UNDER MY HAND THIS 19TH DAY OF JUNE, 2001.
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MarAa Boutwell, City-tlerk
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