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HomeMy WebLinkAbout1997 15_Approve OPWA indebtedness_1997.12.22RESOLUTION NO. 97 -15 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, APPROVING THE INCURRENCE OF INDEBTEDNESS BY THE OWASSO PUBLIC WORKS AUTHORITY (THE 11AUTHORITY ") IN CONNECTION WITH THE ISSUANCE OF ITS REVENUE REFUNDING BONDS, SERIES 1997 (THE "BONDS ") ; PROVIDING THAT THE DECLARATION OF TRUST CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE GENERAL BOND INDENTURE, AS SUPPLEMENTED AND AMENDED, AUTHORIZING THE ISSUANCE OF SAID BONDS; WAIVING COMPETITIVE BIDDING AND APPROVING THE PROCEEDINGS OF THE AUTHORITY PERTAINING TO THE SALE OF SAID BONDS; RATIFYING AND CONFIRMING A LEASE, AS HERETOFORE AMENDED (THE "LEASE ") BETWEEN THE CITY OF OWASSO (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; APPROVING AND AUTHORIZING EXECUTION OF A SECURITY AGREEMENT PERTAINING TO A YEAR -TO -YEAR PLEDGE OF CERTAIN SALES TAX REVENUE; APPROVING THE OFFICIAL STATEMENT PERTAINING TO SAID BONDS; ESTABLISHING THE CITY'S REASONABLE EXPECTATIONS WITH RESPECT TO THE ISSUANCE OF TAX- EXEMPT BONDS IN CALENDAR YEAR 1997; AND CONTAINING OTHER PROVISIONS RELATING THERETO. NOW, THEREFORE, BE IT RESOLVED 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 Revenue Refunding Bonds, Series 1997 (the "Bonds "), in the amount of $4,345,000, according to the terms and conditions of a General Bond Indenture dated as of December 1, 1997, as heretofore supplemented and amended, and as supplemented and amended by a Series 1997 Supplemental Bond Indenture dated as of December 1, 1997 (collectively, the "Indenture ") , provided that said Bonds shall never constitute a debt of the City of Owasso, Oklahoma (the "City "). SECTION 2. Declaration of Trust Subject to Indenture. The Declaration of Trust dated January 10, 1973, creating the Authority, is hereby made subject to the terms of the Indenture authorizing the issuance and securing the payment of the Bonds as more fully described in Section 1 hereof. SECTION 3. Waiving Competitive Bidding; Approval of Sale Proceedings. The waiving of Competitive Bidding for the sale of said Bonds and the sale of said Bonds by the Authority pursuant to a Purchase Contract with Rauscher Pierce Refsnes, Inc. (the "Underwriter "), is hereby approved and the Mayor or Vice Mayor is authorized to approve any changes or additions to said Purchase Contract which may be approved by the Authority. The Bonds shall be sold to the Underwriter at a discount of to of the principal amount thereof. SECTION 4. Lease. The Authority and the City heretofore entered into a Lease dated July 31, 1973, as amended by an Amendment to Lease dated as of July 1, 1996 (collectively, the "Lease ") , whereby the City leased its then existing and thereafter acquired water, sanitary sewer and garbage and trash collection systems and- the Bailey Ranch Golf Club to the Authority, (collectively, the "System "), and whereby the Authority agreed to operate and maintain the same, which Lease, as amended, amends and supersedes all prior lease agreements between the City and the Authority pertaining to said systems. The City hereby ratifies and confirms the Lease in all respects. SECTION 5. Official Statement. The Official Statement dated December 22, 1997, outlining the terms, conditions and security for said Bonds, is hereby adopted and approved and the Mayor or Vice Mayor is authorized to approve any corrections, additions or deletions thereto for and on behalf of the City; provided further, that the information contained in said Official Statement with respect to the City and the Authority is correct in all material respects and such information does not contain any untrue statements of a material fact and does not omit to state a material fact necessary to make the statements made in such Official Statement, in light of the circumstances under which they were made, not misleading. e SECTION 6. Security Agreement. The Security Agreement dated as of December 1, 1997, between the City and the Authority pertaining to the use of certain sales tax revenue of the City by the Authority is hereby adopted and approved and the Mayor or Vice Mayor and City Clerk or Assistant City Clerk are authorized to execute and deliver the same on behalf of the City. SECTION 7. City's Expectations. The City of Owasso, Oklahoma, anticipates that the total amount of tax - exempt obligations (other than private activity bonds) issued by The Owasso Public Works Authority or other issuers on behalf of said City, will not exceed $5,000,000 for calendar year 1997, and the City hereby designates the Bonds to be qualified tax - exempt obligations with respect to the financial institution interest deduction provisions contained in the Internal Revenue Code of 1986, as amended (the "Code ") and authorizes the Mayor or Vice Mayor to execute and deliver on behalf of the City a Certificate of Designation t that effect. The City irrevocably allocates to the Authority $4,345,000 of the City's $5,000,000 exemption from the rebate requirements pursuant to Section 148(f)(4)(D) of the Code, with said allocation being incorporated into the referenced Certificate of Designation. SECTION 8. Authorizing Execution. The Mayor or Vice Mayor and City Clerk or Assistant City Clerk of the City representing the City at the closing of the above - referenced bond issue is 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 Bonds, as directed by Bond Counsel. 2 PASSED AND APPROVED THIS 22ND DAY OF DECEMBER, 1997. CITY OF OWASSO, OKLAHOMA SEA Mayor ATTEST: No I m - I . 6nald D. Catei5, City Attorney 13 CERTIFICATE OF CITY COUNCIL ACTION I, the undersigned, hereby certify that I am the duly qualified and acting Clerk of the City of Owasso, Oklahoma. I further certify that the City Council of the City of Owasso, Oklahoma, held a Special Meeting at 7:30 o'clock a.m., on December 22, 1997, after due notice was given in full compliance with the Oklahoma Open Meeting Act. I further certify that attached hereto is a full and complete copy of a Resolution that was passed and approved by said City Council at said meeting as the same appears in the official records of my office and that said Resolution is currently in effect and has not been repealed or amended as of this date. I further certify that below is listed those Council Members present and absent at said meeting; those making and seconding the motion that said Resolution be passed and approved, and those voting for and against such motion: PRESENT: MOTION SECONDED BY Mary Lou Barnhouse, Tracy Standridge, Denise Bode and Mark Wilken Michael Helm Bode Standridge Bode, Standridge, Barnhouse None WITNESS MY HAND THIS 22ND DAY OF DECEMBER, 1997. Wilken and CITY OF OWASSO, OKLAHOMA City Clerk T SEA.J ) G!