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Home My WebLink About2013.11.05_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY RECEIVED TYPE OF MEETING: Regular NOV 0 1. 7013 DATE: November 5, 2013 TIME: 6:30 p.m. City Clerk's Office PLACE: Council Chambers, Old Central Building 109 N. Birch A Notice of the meeting and agenda filed in the office of the City Clerk and posted at City Hall at 6:00 p.m. on Friday, November 1, 2013. Sherry Bishop/City Clerk_ -- AGENDA Call to Order Chairman 2. Roll Call 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an Item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non-debatable A. Approval of the Minutes of the October 15, 2013 Regular Meeting Attachment #3A B. Approval of Claims Attachment #3B 4, Consideration and appropriate action relating to items removed from the Consent Agenda S. Consideration and appropriate action relating to authorizing the distribution of bid packets with respect to the refunding transaction of certain existing indebtedness to the Oklahoma Water Resources Board (OWRB) Linda Jones Attachment #5 Staff recommends to approve the bid packet distribution relating to the OWRB refunding transaction (Series 2006 Drinking Water SRF Promissory Note to OWRB dated March 8, 2006). 6. Report from OPWA Manager 7. Report from OPWA Attorney 8. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) 9. Adjournment OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, October 15, 2013 The Owasso Public Works Authority met in regular session on Tuesday, October 11, 2013 in the Council Chambers at Old Central per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 6:00 p.m. on October 15, 2013. Call to Order Chairman Bonebrake called the meeting to order at 7:32 pm 1 Roll Call Chairman - Doug Bonebrake: Present Trustee - Jeri Moberly: Absent Vice Chairman - Chris Kelley: Present Trustee - Patrick Ross: Absent Trustee - Charlie Brown: Present A quorum was declared present Staff Interim Authority Manager - Warren Lehr Authority Attorney - Julie Lombardi 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable A. Approval of the Minutes of the October 1, 2013 Regular Meeting and the October 8, 2013 Work Session B. Approval of Claims C. Receipt of the Monthly Budget Status Report Mr. Brown requested item B be removed for separate consideration. Mr. Brown moved seconded by Dr. Kelley to approve A and C of the Consent Agenda. Chairman - Doug Bonebrake: Approve Vice Chairman - Chris Kelley: Approve Trustee - Charlie Brown: Approve Motion carried 3 -0 4. Consideration and appropriate action relating to items removed from the Consent Agenda After discussion, Mr. Brown moved, seconded by Dr. Kelley to approve item B of the Consent Agenda with claims totaling $374,470.86. Also, included for review was the payroll payment report for 10/05/13. Chairman - Doug Bonebrake: Approve Vice Chairman - Chris Kelley: Approve Trustee - Charlie Brown: Approve Motion carried 3 -0 Owasso Public Works Authority October 15, 2013 Page 2 5. Report from OPWA Manager No report 6. Report from OPWA Attorney No report 7. New Business None 8. Adjournment Dr. Kelley moved, seconded by Mr. Brown to adjourn the meeting. Chairman - Doug Bonebrake: Approve Vice Chairman - Chris Kelley: Approve Trustee - Charlie Brown: Approve Motion carried 3 -0 and the meeting was adjourned at 7:35 pm. Doug Bonebrake, Chairman Lisa Wilson, Minute Clerk Claims List 11/5/2013 Budget Unit Title Vendor Name Payable Description PaymentAmount OPWAADMINISTRATION JPMORGAN CHASE BANK LOWES -PARTS 5.78 TREASURER PETTY CASH PARKING EXPENSE 14.00 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES 27.16 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES 2.56 JPMORGAN CHASE BANK LOCKE -LIGHT BALLASTS 43.69 JPMORGAN CHASE BANK LOCKE -LIGHT BULBS 194.60 AT &T CONSOLIDATED PHONE BILL 507.84 JPMORGAN CHASE BANK LOWES -PARTS 37.62 JPMORGAN CHASE BANK WALMART- SUPPLIES 22.87 JPMORGAN CHASE BANK LOCKE SUPPLY -PARTS 17.94 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES 58.77 JPMORGAN CHASE BANK LOCKE -PARTS 5.13 JPMORGAN CHASE BANK LOCKE -PARTS 6.77 AEP /PSO ELECTRIC USE 1,114.65 AT &T LONG DISTANCE LONG DISTANCE SERVICE 97.46 JPMORGAN CHASE BANK LOCKE- REPAIR PARTS -5.13 JPMORGAN CHASE BANK LOWES- RETURN -5.98 JPMORGAN CHASE BANK LOCKE- RETURN -8.97 CITY OF OWASSO ADMIN OVERHEAD 15,416.00 UNIFIRST HOLDINGS LP UNIFORM RENTAL 52.91 UNIFIRST HOLDINGS LP UNIFORM RENTAL 52.01 UNITED STATES CELLULAR CORPORATION CELL BILL 62.62 TERMINIX PEST CONTROL 67.00 STANDLEY SYSTEMS, LLC OFFICE SUPPLIES 79.83 STANDLEY SYSTEMS, LLC COPIER MAINTENANCE AGREEM 296.33 UNIFIRST HOLDINGS LP UNIFORM RENTAL 49.91 ZEE MEDICAL, INC IRESTOCK FIRSTAID KITS 289.40 TOTAL OPWAADMINISTRATION 18,502.77 UTILITY BILLING TODD C. KIMBALL METER READER 544.50 KATHLEENA BALSIGER METER READER 152.55 TYRONE EUGENE DINKINS METER READER 234.00 TRACY HARLIN METER READER 22230 TYRONE EUGENE DINKINS METER READER 291.90 TODD C. KIMBALL METER READER 676.05 KATHLEEN A BALSIGER METER READER 472.95 TYRONE EUGENE DINKINS METER READER 549.30 TRACY HARLIN METER READER 353.70 TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 1,320.72 TOTAL UTILITY BILLING 4,817.97 WATER JPMORGAN CHASE BANK HOME DEPOT - FITTINGS 12.44 JPMORGAN CHASE BANK HD SUPPLY -METER SET 557.38 JPMORGAN CHASE BANK HD SUPPLY -METER REGISTER 78,58 Page 1 Claims List 11/5/2013 Budget Unit Title Vendor Name Payable Description Payment Amount WATER... JPMORGAN CHASE BANK HD SUPPLY -TOOLS 336.13 JPMORGAN CHASE BANK FLEET - SAFETY COAT 49.95 JPMORGAN CHASE BANK FASTENAL- NUTS /BOLTS 15.16 SPRINT SOLUTIONS, INC. SPRINT CARDS 39.99 JPMORGAN CHASE BANK MILL CREEK - LUMBER 20.20 JPMORGAN CHASE BANK BROWN FARMS -SOD 48.00 JPMORGAN CHASE BANK BROWN FARMS -SOD 80.00 JPMORGAN CHASE BANK UTILITY SUPPLY - SADDLE 165.32 JPMORGAN CHASE BANK FLEET DISTRIB -LENS 158.40 USA MOBILITY WIRELESS, INC PAGER USE 96.43 JPMORGAN CHASE BANK GREENHILL- CRUSHER RUN 652.42 UNIFIRST HOLDINGS LP UNIFORM RENTAL 53.86 CITY OF TULSA DEPT OF FINANCE LAB SERVICES FOR SEPT'13 500.00 UNIFIRST HOLDINGS LP UNIFORM RENTAL 53.86 SHERWOOD CONSTRUCTION CO, INC CONCRETE FOR 86 ST N 462.50 UNIFIRST HOLDINGS LP UNIFORM RENTAL 54.36 JPMORGAN CHASE BANK STEVE'S- WRENCHES 38.68 JPMORGAN CHASE BANK INTERSTATE - BATTERY 128.95 AEP /PSO JELECTRIC USE 442.17 TOTAL WATER 4,044.78 WASTEWATER TREATMENT JPMORGAN CHASE BANK GRAINGER- RETURN - 151.65 JPMORGAN CHASE BANK GRAINGER -WWTP PUMP 169.04 AT &T LONG DISTANCE LONG DISTANCE SERVICE 1517 JPMORGAN CHASE BANK NCL -BOD PROBE 558.61 UNIFIRST HOLDINGS LP UNIFORM RENTAL 69.94 KTURBO USA, INC STANDARDAIR FILTER 260.00 UNIFIRST HOLDINGS LP UNIFORM RENTAL 50.44 UNIFIRST HOLDINGS LP UNIFORM RENTAL 54.34 AEP /PSO ELECTRIC USE 21,785.96 JPMORGAN CHASE BANK HACH -TUBES 89.76 USA MOBILITY WIRELESS, INC PAGER USE 17.72 JPMORGAN CHASE BANK TULCO OILS - BLOWER MOTORS 119.80 SPRINT SOLUTIONS, INC. SPRINT CARDS 39.99 AT &T CONSOLIDATED PHONE BILL 229.34 JPMORGAN CHASE BANK LOWES -METER REPAIR PART 48.01 JPMORGAN CHASE BANK GRAINGER -WWTP PUMP 219.38 JPMORGAN CHASE BANK GREEN CO TESTING- TESTING 41.20 JPMORGAN CHASE BANK LOWES -WWTP PARTS 108.18 JPMORGAN CHASE BANK HOME DEPOT - SUPPLIES 51.28 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES 2.50 TOTAL WASTEWATER TREATMENT 23,779.11 WASTEWATER COLLECTION: JPMORGAN CHASE BANK HD SUPPLY - LOCATE PAINT 37.56 Page 2 Claims List Budget Unit Title Vendor Name Payable Description Payment Amount WASTEWATER COLLECTION! JPMORGAN CHASE BANK HOME DEPOT - BATTERIES 136.83 SPRINT SOLUTIONS, INC. SPRINT CARDS 39.99 JPMORGAN CHASE BANK BUMPER TO BUMPER -TRBLE LT 32.89 JPMORGAN CHASE BANK OREILLY- CHARGERS 73.98 JPMORGAN CHASE BANK LOWES- REPAIR PARTS 3.95 JPMORGAN CHASE BANK LOWES -LIFT STATION PARTS 11.55 JPMORGAN CHASE BANK INTERSTATE - BATTERIES 31.90 JPMORGAN CHASE BANK HD SUPPLY - LOCATE FLAGS 80.00 JPMORGAN CHASE BANK HD SUPPLY -PARTS 224.20 USA MOBILITY WIRELESS, INC PAGER USE 35.44 JPMORGAN CHASE BANK BUMPER TO BUMPER - BATTERY 61.00 SCHUERMANN ENTERPRISES, INC PUMP FLOAT INSTALLATION 344.14 UNIFIRST HOLDINGS LP UNIFORM RENTAL 27.33 TWIN CITIES READY MIX, INC CONCRETE 1,296.00 UNIFIRST HOLDINGS LP UNIFORM RENTAL 27.33 UNIFIRST HOLDINGS LP UNIFORM RENTAL 27.33 AEP /PSO IELECTRIC USE 1 4,634.19 TOTAL WASTEWATER COLLECTIONS 7,125.61 SANTA FE LIFT STATION GREELEY & HANSEN, LLC LBX 619776 ENGINEERING SERVICES 5,866.68 TOTAL SANTA FE LIFT STATION 5,866.68 REFUSE COLLECTIONS UNIFIRST HOLDINGS LP UNIFORM RENTAL 44.80 JPMORGAN CHASE BANK STEVES- BATTERY CHARGER 170.49 UNIFIRST HOLDINGS LP UNIFORM RENTAL 44.80 UNITED STATES CELLULAR CORPORATION CELL BILL 62.63 L & M DUMPTRUCK & BACKHOE SERVICE YARD WASTE AREA PUSH OFF 2,000.00 LENOX WRECKER SERVICE INC TOWING 263.05 UNIFIRST HOLDINGS LP UNIFORM RENTAL 44.80 COVANTA LANCASTER, INC REFUSE TIPPING FEES 4,383.34 LENOX WRECKER SERVICE INC TOWING 180.00 UNITED ENGINES, LLC PARTS 199.43 UNITED ENGINES, LLC PARTS 240.67 BRIDGEPORT TRUCK MFG, INC FLOW CONTROL VALVE 506.70 JPMORGAN CHASE BANK BUMPER TO BUMPER - WRENCH 11.49 JPMORGAN CHASE BANK AMERIFLEX -HOSE 268.00 USA MOBILITY WIRELESS, INC PAGER USE 62.52 AT &T CONSOLIDATED PHONE BILL 38.22 JPMORGAN CHASE BANK P &K EQUIP- SWEEPER BLOWER 501.32 JPMORGAN CHASE BANK CRANE CARRIER -PARTS 168.85 JPMORGAN CHASE BANK ALSUMATRUCK- REPAIRS 1.820.11 JPMORGAN CHASE BANK BUMPER TO BUMPER - GREASE 72.99 JPMORGAN CHASE BANK OFFICE DEPOT- SUPPLIES 74.661 JPMORGAN CHASE BANK BLUE ENERGY -FUEL 12.051 Page 3 Claims ,List 11/5/2013 Budget Unit Title Vendor Name Payable Description Payment Amount REFUSE COLLECTIONS... JPMORGAN CHASE BANK ABERDEEN -FUEL LINE 24.08 JPMORGAN CHASE BANK BUMPER TO BUMPER -FLUID 15.40 JPMORGAN CHASE BANK ATBATT - TOUGHBOOK BATTERY 89.99 TOTAL REFUSE COLLECTIONS 11,300.39 RECYCLE CENTER JPMORGAN CHASE BANK WASTE MGMT - RECYCLE TPING 1,647.36 AT &T CONSOLIDATED PHONE BILL 38.23 JPMORGAN CHASE BANK WASTE MGMT- RECYCLE TPING 1,388.97 UNIFIRST HOLDINGS LP UNIFORM RENTAL 10.98 UNIFIRST HOLDINGS LP UNIFORM RENTAL 10.98 UNIFIRST HOLDINGS LP UNIFORM RENTAL 10.98 AEP IPSO ELECTRIC USE 111.02 TOTAL RECYCLE CENTER 3,218.52 OPWA DEBT SERVICE THE BANK OF NEW YORK TRUST CO 618708/FAP040006 -L/04 21,181.79 THE BANK OF NEW YORK TRUST CO 212423/FAP 100002 -L /10 7,159.15 THE BANK OF NEW YORK TRUST CO 6187101ORF010002 -L /01 B 11,827.11 THE BANK OF NEW YORK TRUST CO 799420/ORF090007CW/09C 23,361.34 THE BANK OF NEW YORK TRUST CO 7994131FAP120011- 1-112 -02B 10,440.00 THE BANK OF NEW YORK TRUST CO 875013/ORF -09- 0003- CW /09B 55,960.40 THE BANK OF NEW YORK TRUST CO 618733/06 NOTE 36,269.17 THE BANK OF NEW YORK TRUST CO 618713 /FAP010003 -L /01C 6,414.35 THE BANK OF NEW YORK TRUST CO 618719/ORF990008 -L/99B 3,582.72 TOTAL OPWA DEBT SERVICE 176,196.03 FUND GRAND TOTAL 254,851.8 OPWA STF DEBT SERVICE RCB TRUST SERVICES 2008 NOTE 1,000.00 RCB TRUST SERVICES CONTINUATION FEES 10.00 RCB TRUST SERVICES SERIES 2008 NOTE 99,599.16 THE BANK OF NEW YORK TRUST CO 628924/07 NOTE 137,972.38 TOTAL OPWA STF DEBT SERVICE 238,581.54 FUND GRAND TOTAL 238,581.54 OPWA ST SUB - DEBT SERV (SF SHOPS INVESTORS, L.P. IDEVELOPMENT AGREEMENT ' 49,96019 TOTAL OPWA ST SUB - DEBT SERV 49,960.19 FUND GRAND TOTAL 49,960.19 Page 4 Claims List 11/5/2013 Budget Unit Title I Vendor Name Payable Description IPaymentAmount OPWA GRAND TOTAL $543,393.59'. Page 5 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 10/19/13 Department Payroll Expenses Total Expenses OPWA Administration 8,214.42 11,875.36 Utility Billing 4,465.60 7,640.39 Water 10,904.67 18,290.31 Wastewater 8,979.52 15,284.76 Wastewater Collection 5,591.49 8,825.93 Santa Fe Lift Station 100.00 111.28 Refuse 11,685.92 17,817.85 Recycle Center 958.40 1,846.86 FUND TOTAL 50,900.02 81,692.74 The Gay Wit,ouf Limits. TO: The Honorable Chair and Trustees Owasso Public Works Authority FROM: Sherry Bishop Assistant City Manager, Administrative Services SUBJECT: Debt Refinancing Series 2006 DWSFR Promissory Note to OWRB DATE: November 1, 2013 BACKGROUND: 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 water, wastewater and stormwater projects. For the past twenty years, all of the OPWA's major water and wastewater projects have been financed by the OWRB. Several weeks ago, our financial advisors informed us there may be an opportunity to refinance one of the existing Oklahoma Water Resources Board (OWRB) loans that could produce a savings for the OPWA. The OWRB has certain existing bonds outstanding that are subject to being called or redeemed in April 2014. These OWRB Bonds were originally issued in 2004 and Owasso's 2006 Drinking Water State Revolving Fund ( DWSRF) Loan along with other local loans secure that issue. The upcoming redemption date should enable the City to pay off the loan at par with no penalty. Municipal Financial Services, Inc. (MFS), financial advisor to the City and the OPWA, prepared a refunding analysis which proposes to shorten the term of the 2006 DWSRF Note by taking advantage of other OPWA debt paying off in the next 5 years. The proposed refunding would bid out the new financing with local banks and others and then use proceeds from the new loan to refinance the existing note. Obligation Proposed to be Refinanced — $4,853,250 Series 2006 Drinking Water SRF Promissory Note to OWRB dated March 8, 2006 • Maturity: September 15, 2026 • Interest Rate: 3.55% • Principal Outstanding: $2,720,271 • Next Payment Due: March 15, 2014 ($131,937) • Annual Debt Service: $263,873 • Total Debt Service to Maturity: $3,430,353 • Pre - payable only with consent of OWRB o OWRB Bonds callable 04/01/2014 Proposed Refinancing Option — The proposed refinancing would replace the OWRB note with bank financing with a shorter term and a lower interest rate. Utility System and Sales Tax Revenue Note, Series 2013 (Proposed) • Purpose: Refund Series 2006 DWSRF Note (shorten term) • Principal Size: $2,915,000 • Estimated Closing Costs: $77,000 • Reserve Fund Requirement: $291,500 (funded from proceeds) • Maturity: October 1, 2018 (8 years shorter) • Estimated Interest Rate: 1.75% to 2.00% fixed (Tax- Exempt Bank Qualified) • Keeps OPWA aggregate annual debt service at 2014 levels through 2018 • Estimated total Debt Service to Maturity: $3,099,880 to $3,126,292 • Savings after payment of all closing costs and application of reserve funds: • Estimated Gross Savings: $304,061 to $330,473 • Estimated Net Present Value Savings: $163,833 to $221,955 (-6,02% to - 7.79 %) PROPOSED ACTION: The November 51h OPWA agenda includes an item that would authorize the distribution of bid packets to financial institutions for the refunding. This action would serve as preliminary approval of the debt, indicating the OPWA's intent to proceed with the refunding transaction. The November 12th work session will provide an additional opportunity for review of the details of the refunding transaction. Final action on the proposed refinancing is anticipated on the November 19th agenda and would require approval by both the City Council and the OPWA Trustees. OPWA debt requires approval by a 3(4 vote of the Trustees and the Council. RECOMMENDATION: Staff recommends Council authorize the distribution of bid packets relating to the refunding of the Series 2006 DWSRF Promissory Note to the OWRB. ATTACHMENTS: OPWA Refinancing of the Series 2006 DWSRF Note to OWRB Municipal Financial Services Report - Proposed Refinancing of 2006 DWSRF Note to OWRB The Owasso Public Works Authority Refinancing of Series 2006 DWSRF Note to OWRB Prior Obligations • $4,853,250 Series 2006 Drinking Water SRF Promissory Note to OWRB dated March 8, 2006 (Distribution System Improvements) • Interest Rate: 3.55% fixed • Maturity: September 15, 2026 • Principal Outstanding: $2,720,271.00 • Next Payment Due: March 15, 2014 ($131,936.67) • Annual Debt Service: $263,87334 • Total Debt Service to Maturity: $3,430,353.14 • Pre - payable only with consent of OWRB OWRB Bonds callable 04/01/2014 • $2,350,000 Series 2004 Promissory Note to OWRB dated May 12, 2004 (Refinance of 1993A Note — water and wastewater system improvements) • Maturity: September 1, 2015 (callable September 1, 2014) • Reserve Fund: $235,000 • Principal Outstanding: $470,000 • $3,865,000 Utility System and Sales Tax Revenue Note, Series 2006 (Refinance of 1996 Utility Bonds) • Maturity: July 1, 2017 (non - callable) • Reserve Fund: $386,500 • Principal Outstanding: $1,585,000 • $1,005,000 Series 2012 Promissory Note to OWRB dated March 28, 2012 (Refinance of 2002B Note — wastewater system improvements) • Maturity: October 1, 2016 (non - callable) • Reserve Fund: $104,038.64 • Principal Outstanding: $845,000 Utility Svstem and Sales Tax Revenue Note Series 2013 • Purpose: Refund Series 2006 DWSRF Note (shorten term) • Target Closing Date: On or about November 1, 2013 • Principal Size: $2,915,000 • Estimated Closing Costs: $77,000 • Cash Contribution: $225,000 (allocation from Vision 2025) • Reserve Fund Requirement: $291,500.00 (funded from proceeds) • 5 Year Option (hfaturity: October 1, 2018 —11 years shorter) • Interest Rate: 20% fixed (Tax- Exempt Bank Ouali/kO • Aggregate annual debt service combined with 2004 OWRB, 2006 Note, and 2012 OWRB Notes remains the same as current (approximately $1,080,000 annually) a Principal Schedule wraps around other notes, including reserve funds 10 -07 -2013 • Estimated Total Debt Service to Maturity: $3,126,291.67 • Savings after payment of all closing costs and application of reserve funds: • Estimated Gross Savings: $304,061 • Estimated Net Present Value Savings: $163,833 (- 6.02 1/o) 5 Year Option (Maturity: October 1, 2018 —11 years shorter) • Interest Rate: 1.75% fixed (Tax - Exempt Bank Oualified) • Aggregate annual debt service combined with 2004 OWRB, 2006 Note, and 2012 OWRB Notes remains the same as current (approximately $1,080,000 annually) Principal Schedule wraps around other notes, including reserve funds • Estimated Total Debt Service to Maturity: $3,099,880.21 • Savings after payment of all closing costs and application of reserve funds: • Estimated Gross Savings: $330,473 • Estimated Net Present Value Savings: $211,955 (- 7.79 %) 10 -07 -2013 MLmicipal Finance f!pC_ Imo+ 3325 French Park Drive, Suite 8 °'O'""9 Edmoml, GK 73034 Phone 406.340.5727 Fax 406.340.3807 Proposed Refinancing of ii• • i • October 8, 2413 im The Owasso Public Warta Authority Series 2006 DW5RF Note W OWRB Principal Outstanding 2,720,271.01 Interest Rate 3.55% (1) Final Maturity 9/15/2026 Payment Prindpai Interest Semi - Annual I Annual Principal Date Payment Payment Payment Outstanding 3/15/2014 83,383.60 48 ,553.06 131,936.66 2,636,987.41 9/15/2014 84,091.80 47,844.86 131,936.66 263,873.32 2$52,795.61 3/15/2015 86,372,80 45,56186 131,936.66 2,466,422.80 9/15/2015 87,184.79 44,75187 131,936.66 263,873.32 2,379,798.01 3/15/2016 89,235.95 42,700.71 131,936.66 2,290,002.07 9/15/2016 90,38584 41550.82 131,936 -66 263,873.32 2,199,616-22 3/15/2017 92,676.57 39,260.09 131,936.66 2,106,939.66 9/15/2017 93,707.41 38,229.25 131,936.66 263,873.32 2,013,23225 3/15/2018 96,003.26 35,933.40 131,936.66 1,917,22899 9/15/2018 97,149.61 34,787.05 131,936.66 263,673.32 1,820,079.38 3/15/2019 99,450.77 32A8S.89 131,936.66 1,720,628.61 9/15/2019 100,716.81 31,219.95 131,936.66 263,873.32 11619,911.80 3/15/2020 102,863.74 29,072.92 131,936.66 1,537,048.06 9/15/2020 104,410.67 27,525.99 131,936.66 263,873.32 1,412,637.39 3/15/2021 106,72104 25,213.62 131,936.66 1,305,91435 9/15/2021 108,241.57 23,695.09 131,936.66 263,873.32 1,197,672 -78 3/15/2022 110,559.96 21,376.80 131,936.66 1,087,112.91 9/15/2022 117,211.60 19,725.06 131,936.66 263,873.32 974,901.31 3/IS/2023 114,536.03 17,40063 131,936.66 860,36529 9/15/2023 116,325.81 15,610.85 131,935.66 263,873.32 744,039.48 3/15/2024 118,583.22 13,353.44 131,936.66 675,456.26 9/15 /2024 120,568.10 11,34856 131,93666 263,873 -32 504,868.16 3/15 /2025 122,925.46 9,011.20 131,936.66 381,94269 9115/22075 125,006.52 6,930.14 131,936.66 263,873.32 256,936.17 3/15 /2026 127,350.71 4,585.95 131,936.66 129,585.46 9/15/2026 129,585.46 2,35126 131,936.72 263,87338 (0.00) Totals 2,720271.01 710,082.21 3,490,353.22 3,430,353.22 (1) Indudes 1 /2% OWRB administrative fee- Loan Rate is 3.OS% The Owasso Public Works Authority Summary of OWRB- Related Obligations As of July 2013 Note FYE 30dun FYE 30dun 2014 4 42,597 1 140,560 7 76,196 2 248,466 8 87,011 1 133,382 4 49,046 5 53,499 4 46,399 6 696,505 2 280,336 1 193,333 2015 4 42,508 1 140,326 7 76,105 2 248,265 8 84,809 1 132,092 4 48,804 5 53,238 4 46,174 6 696,505 2 280,336 1 193,333 2016 4 42,283 1 139,741 7 75,670 8 82,608 3 378,701 4 48,561 5 52.,977 4 45,949 6 696,505 2 280,336 1 193,333 2017 4 42,820 1 141,300 7 76,490 8 85,327 2 277,500 4 48,321 5 52,719 4 45,729 6 696,505 2 280336 1 193,333 2038 4 42,322 1 139,719 7 75,973 8 82,969 4 48,077 5 52,455 4 45,500 6 696,505 2 2801336 1 193,333 2019 4 42,515 1 140,473 7 761155 8 84,731 5 52,194 4 45,275 6 696,505 2 280,336 1 193,333 Z020 4 45,051 6 696,505 2 280,336 1 193333 2021 4 44,827 6 696505 2 280,336 1 193,333 2022 4 44,601 6 696,505 2 280,336 1 193,333 2023 6 696,505 2 280,336 1 193,333 2024 6 696,505 2 280,336 1 193,333 2025 6 696505 2 280,336 1 193,333 2026 6 696505 2 280,336 1 193,333 2027 6 696505 2 280,336 1 193,333 2028 6 696,505 2 280,336 1 193,333 2029 6 696,505 2 280,336 1 193,333 2030 6 696,505 2 280,336 1 193,333 2031 6 696,505 2 280,336 1 193,333 2032 3 348,252 2 280,336 1 193,333 2033 9 96,666 Totals 2 255,045 8 842,118 4 456,588 4 496,731 5 501,454 9 921,675 2 242,809 3 317,081 4 409,506 1 12,885,336 5 5,32.6,386 3 3,769,992 Fria, Outstanding 2 2.64,200 8 872,900 4 472,900 6 690,000 5 525,000 9 985,000 2 262,762 4 411,814 4 421,048 9 9,985,375 3 3,898,645 2 2,929,690 (1) Reflects use of Debt Service Reserve Fund to pay off In October 2015 (FY 2016) (2) Reflects use of Debt Service Reserve Fund applied t to last payment in October 2016 (FY 2,017) 263,873 263,873 263,873 263,873 263,873 263,873 263,873 263,873 263,873 263,673 263,873 263,873 263,873 131,937 3,562,290 2,801,378 Paymems ' 2,311,201 2,306,367 2,300,537 2,204,253 1,921,062 1,875,390 1,479,098 1,478,874 1,478,648 1,434,047 1,434,047 1,434,047 1,434,047 1,302,110 1,170,174 1,170,174 I,170,174 1,170,174 821,921 96,666 29,993,011 24,520,713 The Owasso Public Works Authority Sales Tax and Utility System Revenue Note, Series 2013 Sources and Uses of funds Sources Uses Par Amount of Note 2,915,000.00 Cash Contribution - Vision 2025 Funds 225,000.00 Total Sources 3,140,000.00 Retire 2006 DWSRF Note - Principal 2,720,271.01 Retire 2006 DWSRF Note - interest thm 3 /15/14 48,553.06 Reserve Fund Requirement 291,500.00 Bond Counsel Fee and Expenses 31,650.00 Financial Advisor Fee and Expenses 31,650.00 Tax Counsel 7,500.00 Bank Counsel 4,000.00 Trustee Acceptance Fee 2,000.00 Rounding 2,875.93 Total Uses 3,140,000.00 Total Costs of Issuance 79,675.93 Costs as % of Note Amount 2.73% The Owasso Public Works Authority 5 year Term $2,916,000 Sales Tax and Utility System Revenue Mote, Series 2013 Estimated Debt Service Requirements I=� Payment Date 04101114 10/01/14 04/01/15 10/01/15 04101116 IDIOM 04101/17 10/01/17 04101/18 MOMS Totals 11/1/2013 Principal Interest men Rate 105,000 2.00% 105,000 2.00% 105,000 2.00% 105,000 2.DD% 155,000 2.00% 155,000 2.00% 490,000 2.00% 495,OD0 2.00% 530,000 2.0% 670.000 2.00% 2,915,000 Average Interest Rate: Weighted Average Life: Interest Total payment t Pin t 24,291.67 129,291.67 28,100.00 133,100,00 27,050.00 132,050.00 26,000.00 131,000.00 24,950.00 179,950.00 23,400.00 178,400.00 21,850.00 511,860.0 16,950.00 511,950.00 12,000.00 542,000.00 9-70H4.-0 676 700.00 211,291.67 3,126,291.67 2.00% 3.62 Bond Years Fiscal Year Payment 262,391.67 263,050.00 358,350.00 1,023,800.00 1210.700_00 3,126,291.67 200% Rate Non -Rated Banc Osiaied Principal Outstanding 2,810,000 2,705,000 2,600,000 2,495,000 2,340,000 2,185,000 1.695,000 1,200,000 670,000 0 The Owasso Public Works Authority Sales Tax and Utility System Revenue Note, Series 2013 Cashflow Analysis Amended Debt Payments Existing Debt Payments Payment year OWRB Notes 2006 Sis Tax & UR Note (1) Total Exerting Debt 2004 FAP 2012 FAP 2006 OWSRF Amended Debt Payments Total Existing Debt (2) 2013 1 NO (31 Total Amended Debt Target Debt Payment 2014 248,466 132,782 263,873 435,230 816,478 262,392 1,078,870 1,080,351 1,080,353 2015 381,402 263,873 435,980 11081,255 817,382 263,050 1,080,432 2016 280,500 263,873 431,160 975,533 711,660 358,350 11070,010 2017 263,873 49,960 313,833 49,960 1,023,800 1,073,760 2018 263,873 263,873 0 227" 927,200 2019 263,873 263,873 0 0 2020 263,873 263,873 0 0 2021. 263.873 263,873 0 0 2022 263,873 263,873 0 0 2023 263,873 263,873 0 0 2024 263,873 263,873 0 0 2025 263,873 263,873 0 0 2026 263,873 263,873 0 Q Totals 248,465 1,352,330 51825,829 2,395A80 2,834,792 5,230,272 (1) Reflects use of Debt Service Reserve Fund applied to last payment on 10 )1116 (2) Reflects refinancing of 2006 DWSRF Note (3) Assumes 2.00% Rate on 2013 Note and Debt Service Reserve Fund applied to last payment Tire Ov Wbfic Woks Authority Sales Tax and tltiRty System Revemre Nola, Series 2013 (Rekance 2 W 6 0W 5RFNotej Wngs Malysis Payment iaisOrre Proposed Payment Mnual Oa[e Payment Payment Ogieren OiRerence 04/01/14 10/01/14 04101/15 10 /01/15 04/01/16 10101/16 04/01/17 20/01/17 04/01/18 10101/38 04/01/19 19/02/19 04/01/20 10/01/2D 04/03/23 10/01/21 WJ01/22 10/01/22 Wolin 10/01123 04/01/24 10(01/24 04/01125 10/01%25 Mj02/26 20(01/26 131,936.67 129,29L67 131,93667 133,SOOM 331,936.67 132,050.00 131,936.67 131,OW.W 131,936.67 1M9,950.W 131,936.67 SMB,SWAO 131,936,67 511,850.00 133,936.67 531.950.00 131,936.57 542,WO.W 131,936.67 676,7W.W 131,936.67 131.936.61 1263,073341 131,936.67 131 ,936.67 1263.873341 131,936.67 131,93657 (263,873.341 131,9365) 131,936.67 (263,873.341 131,936.67 131,936.67 (263,87?.341 331,936.6] 131,936.6] 1263,871.341 131.936.67 131,936.67 1263,873.34) 133,936.67 131,936.67 (263,873.341 (2,645.00) 1,163.33 (1,48L67', 313.33 97,333,49 {936671 1823.34; 48,01333 291,5 M 46,463.33 94,476.66 3'!9,913.33 2,720,27101 aw,012.33 759,92&66 430A63.33 544,76333 954,826.66 (31,936571 (131,93&67) 1263,073341 (131,936.67) 1131,936.67) 1263.873341 (131,936.67) (233,936.67) (263,873.341 (133,936.67) (131,936.67) (263,873.341 (131,93667) (131,936.67) (263,87?.341 (131,936.67) 1331$36.67) 1263,871.341 (331,93 &671 (133,936.61) 1263,873.34) (131,936.67) (131,936.67) (263,873.341 Totals 3,430,353 42 3,126,291.67 (304,061.75) (3 .7.75) W savings GkUMM 6mis Savings 304,061.75 W Savi�z@ 2.W% 97,333,49 less C h CMtribution 1225,OWA0) Am 2013 Reserve Fund 291,5 M Net WSav m 165,833.49 Refunded pbncipal 2,720,27101 Net W Savings as % W Re Mm M.ipai 6712% The Owasso Public Works Authority S Year Term $2,816,000 Sales Tax and Utility System Revenue Note, Series 2013 Estimated Debt Service Requirements Dated: Payment Date 04101/14 10101/14 04/01115 10/01/15 04/01/16 10101116 04/01117 10/01/17 04MI118 10/01/18 Totals 11/1/2013 Principal Interest Payment Rate 21,255.21 105,000 1.75% 105,000 1.75% 105,000 1.75% 105,000 1.75% 155,000 1.75% 155,000 1.75% 490,000 1.75% 495,000 1.75% 530,000 1,75% 670 000 1.75% 2,915,000 1.75% Average Interest Rate: 3.62 Bond Years Weighted Average Life: Avg. Ann. Payment Interest Total Payment payment 21,255.21 126,255.21 24.58250 129,587.50 23,668.75 128,668.75 22,750.00 127,750.00 21,831.25 176.831.25 20,475.00 175,475.00 19,118.75 509,118.75 14,831.25 509,831.25 10,500.00 540,500.00 5.882.50 7E62.50 184,860.21 3,099,880.21 1.75% 3.62 Bond Years 619,076.04 Fiscal Year Payment 255,842.71 256,418.75 352,306.25 1,018,950.00 3,099,860.21 1.76% Rate won -Rated Bank OualiL•ed Principal Q,utstanding 2,810,000 2,705,000 2,600,000 2,495,000 2340,000 2,185,000 1,695,000 1,200,000 670,000 0 The Owasso Public Wodm A liority Sales Tax and Utility System Revenue Note, Series 2013 GshOow Analysis _•__•_••• Amended Debt Payments Union Debt Payments Payment yeat OWRB Notes 2006 Sts Tee & UR Note (1) Total 6dstmg Debt 2004 FAP 2012 FAP 2006 DWSRF _•__•_••• Amended Debt Payments Total UsUng Debt (2) 1 2013 Note C3) Total AmetMetl Debt W14 248,466 132,782 263,8'13 435,230 1.080,353 816,478 255,843 1,072,321 2015 381,402 263,873 435,980 1.081,255 817,382 256,419 1,073,801 2016 28&500 263,873 431,160 975533 711,660 352,306 1,063,966 W17 263,873 49,960 313,833 49,960 1,018,950 1,006,910 2018 263,873 263,873 0 924.863 924,863 2019 263,873 263,873 0 0 2020 263,873 263,873 0 0 2021 263,873 263,873 D 0 2022 263,873 263,873 0 0 2023 263,873 26%873 0 0 2024 263,873 263,873 0 a 2025 263,873 263,873 0 0 2025 263,873 263,873 0 0 Totals 24 &466 1,352,330 5,829,829 2595,480 2,80&380 5,203,860 (1) Reflects use of Debt Service Reserve Fund applied to lest payment on 30 /l /16 (2) Reflects reRnoncing of 2006 DWSRF Note (3) Assumes 1.75% Rate on 2013 Note and Debt Service Reserve Fund applied to but payment Target Debt Payment 1,OSD,351 "*OV7au0GUMkwwksa thmry Saes Tay and OWky SWM ROVemte Note, Se s2013 (Refinance 2006 DWSRF N9[e) 6avlopma"s Payment I Exmng Proposed Payment Mnual I Oate Payment Payment DiHararrce Difference 04/01/14 10/01/14 04/01 /16 10/01/15 04/01/26 10/01/16 04/01117 30701/17 WOWS 30 /01/18 04/01/19 10/01%19 04/01/20 IOf01/20 04/01/21 10/01/21 04701122 10/01/22 04/01 /23 10/01/23 04/01/24 30/01/24 04(01725 lolw 25 04/01/26 10/01/26 131,936.67 126.25511 131,93667 129,567.50 131,93647 128,666.75 131,936.61 127.750.00 131,936.67 176,831.25 131,936,67 175,475.00 131936.67 509,118.75 131,936.67 509831.25 331,936.67 540,W M 131,936.67 675,66230 131,936.67 131936.67 (263,67334) 131,936.67 393,936.6) (263873.34{ 133836.6] 131,936.67 (263,873,34) 331,936.67 131,936.67 (263,87334) 33L936.67 131836.67 (263,873.34) 131,936.67 331,936.67 (263,873.34) 13L936.67 131.936.67 (263,87334) 131,93&67 331 ,436.67 (263,873.34{ (5,681.6) (2,349.17) (6,030.63) (3,267.921 145.65.42 (4,36667) (7,456.59) 44,894.56 291,500.00 43,53 &33 80,432.91 377,1&268 2,7 ,27L01 3)7,89456 755,07666 409,563.33 543,925.63 952,469.16 (231.936.67) (131,93667) (263,67334) (131,93667) (3311936671 (263873.34{ (13L936,67) (131,936.67) (263,873,34) (131,936.67) (331,936.61) (263,87334) (131836.611 (33L9M667) (263,873.34) (131,93667) (131,936.62) (263,873.34) (131,936.67) (131,93 &67) (263,87334) (131,936.67) (131,936.67) (263,873.34{ Totals 3,4W,353A2 3,099880.21 (330,4"1321) (330.473.21) W Savings GkuhOOn Gross Swir.BS 330,42313 W Swings @ 1.75% 145.65.42 Leu Cash COnMbu[lon 1225.�J.W) Md 2013 Reserve Fund 291,500.00 Net WSavings 211,955.42 0.e(unded Principal 2,7 ,27L01 Net W Savings as% a Refunded Mr pal 739%