HomeMy WebLinkAbout2000 04_PW Promisory Note_200.04.04WHEREAS, The Owasso Public Works Authority (the "Authority") did, by its Resolution
adopted on April 4, 2000, authorize the issuance, sale and delivery of its Series 2000 Interim
Construction Clean Water SRF 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 Notes. That the issuance, sale and delivery of The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2000 Interim Construction Clean Water SRF
Promissory Note to Oklahoma Water Resources Board in the principal amount of not to exceed
$2,620,000 (the "2000 Note"), all as approved by said Authority on April 4, 2000, be and hereby is
authorized, approved and ratified.
Section 2. Ap rovaL That all actions heretofore taken by the Authority in connection with
the issuance, sale and delivery of the 2000 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 2000 Note is paid.
Section 4. 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.
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Section 5. 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 2000 Note and all other aspects of the transaction.
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Mark Wilken, May ®r
TO: HONORABLE MAYOR AND CITY COUNCIL
CITY OF OWAv
FROM: SHERRY BISHOP
FINANCE DIRECTOR
SUBJECT: RESOLUTION #2000-04
INTERIM CONSTRUCTION LOAN FROM OWRV
DATE- March 31, 2000
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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
financing for eligible projects. The OPWA has taken advantage of OWRB financing in the past and
currently has three notes with the OWRB.
The OPWA has anticipated utilizing OWRB funds for Phase IIA improvements to the wastewater
treatment facility. Design engineering has been completed and a contract for construction has been
approved contingent upon financing.
OFTIE"NIONO
Staff recommends Council approval of Resolution #2000-04 approving action taken by the OPWA.
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