HomeMy WebLinkAbout2006 26_Authorize Indebtedness for OPWA_2006.11.21NOW, THEREFORE, BE IT _ _,SOLVED BY THE CITY COUNCIL OF THE CITY Of
OWASSO, OKLAHOMA:
SECTION 1. Indebtedness authorized. The Owasso Public Works authority (the
"/authority ") is hereby authorized to incur an indebtedness by the issuance of its Utility and Sales
Tax Revenue Note, Series 2006, in the amount of $3,865,000,00 (the "Mote "), according to the
terms and conditions of a 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 The Bank of New York Trust Company, N.A., as successor to J.P,
Dorgan Trust Company, N.A., as Trustee (collectively, the "Indenture "), provided that said Dote
shall never constitute a debt of the City of Owasso, Oklahoma (the "City ")
SEc'fION_2o frZq izational Document5ubi_ect to Indenture. The organizational document
creating the authority, is hereby made subject to the terms of the Indenture authorizing the issuance
and securing the payment. of the Note as more fully described. in Section 1. hereof
SECTION 3, Waarymp C-Om e—' LLvq,_bidding AWigvaI of $ lg_ rocee( dings. .The waiving
of competitive bidding for the sale of the Note and the sale of said Note by the authority to Barak of
America, .A,, at a price of par, is hereby approved,
SECTION 4, Seggrit a regiment, The City hereby ratifies and confirms a Security
Agreement 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 Mote,
SECTION S, Lease Agreement, The Lease dated July 31, 1973, as amended by
.Amendment to Lease dated as of July 1, 19969 both by and between the City and the .Authority,
whereby the City leases unto the Authority its then existing and thereafter acquired water, sanitary
sewer, garbage and trash collection systems and the Bailey Ranch Golf Club (the "Lease
Agreement "), is hereby ratified and confirmed,
SECTION 7. Authorizing Execution, The Mayor or Vice-Mayor and City Cleric or Deputy
City Clerk of the City representing the City at the closing of the above - referenced note issue are
hereby authorized to execute and deliver on behalf of the City any and all certifications and
documentation necessary or attendant to the delivery of the Note, as directed by Bond Counsel,
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ATTEST : }, « 110
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Names Sherry Ai's /
Title: City Clerk
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Name: Stephen Cataudella
T12w Mayor
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