HomeMy WebLinkAbout1993.03.23_City Council MinutesOWASSO CITY COUNCIL
MINUTES OF SPECIAL MEETING
Tuesday, March 23, 1993
Pursuant to the legal notice as is required by the Oklahoma Open Meeting Act, including the
posting of notice and agenda on the City Hall bulletin board at 4:00 p.m. on Friday, March 19,
1993, as is required by the terms thereof, the City Council of the City of Owasso, Oklahoma
(the "City") met in special session on Tuesday, March 23, 1993 at 6:30 p.m. in the Council
Chambers at the Owasso Community Center.
ITEM 1: CALL TO ORDER
Chairperson Marlar called the meeting to order at 6:51 p. m.
ITEM 2: FLAG SALUTE
The flag salute was not held.
ITEM 3: ROLL CALL
PRESENT
Patricia Marlar, Mayor
John Phillips, Councilmember
Bob Randolph, Councilmember
STAFF
Rodney J Ray, City Manager
Ronald D Cates, City Attorney
Marcia Boutwell, City Clerk
ABSENT
Jason Gittelman, Vice Mayor
Jim Smalley, Councilmember
There was not the required 3/4 membership present to conduct the business as posted; therefore
John Phillips moved to recess the meeting and reconvene at 6:00 p. m. on Wednesday, March
24, 1993. Motion was seconded by Bob Randolph.
AYE: Phillips, Randolph, Marlar
NAY: None
The motion carried 3-0 and the meeting was recessed at 6:52 p. m.
Owasso City Council
March 23, 1993
Chairperson Marlar reconvened the meeting at 6:18 p. m. on Wednesday, March 24, 1993 and
asked for a roll call.
PRESENT
Patricia Marlar, Mayor
John Phillips, Councilmember
Bob Randolph, Councilmember
Jim Smalley, Councilmember
STAFF
Rodney J Ray, City Manager
Ronald D Cates, City Attorney
Marcia Boutwell, City Clerk
A quorum was declared present.
ABSENT
Jason Gittelman, Vice Mayor
ITEM 3: CONSIDERATION AND APPROPRIATE ACTION RELATING TO
RESOLUTION #93-05, A RESOLUTION APPROVING ACTION TAKEN BY
THE OWASSO PUBLIC WORKS AUTHORITY AUTHORIZING ISSUANCE,
SALE. AND DELIVERY OF TWO (2) PROMISSORY NOTES OF THE
AUTHORITY TO THE OKLAHOMA WATER RESOURCES BOARD•
ESTABLISHING THE CITY'S REASONABLE ESXPECTATIONS WITH
RESPECT TO THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS ON
BEHALF OF SAID CITY IN CALENDAR YEAR 1993: APPROVING AND
AUTHORIZING THE EXECUTION OF A SECURITY AGREEMENT:
RATIFYING A LEASE• AND CONTAINING OTHER PROVISIONS
RELATED THERETO.
Mr Ray presented this item. This resolution approves action taken by the Owasso Public Works
Authority for the issuance, sale and delivery of Series 1993A Promissory Note to the Oklahoma
Water Resources Board in the principal amount of $3,630,000 and Series 1993B Promissory
Note to Oklahoma Water Resources Board in the principal amount of not to exceed $970,000,
and related documents. Question was raised concerning fees for this issue. The following are
fees and expenses to be paid at closing:
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Owasso City Council
Liberty Bank and Trust Company
of Tulsa, National Association
Acceptance Fee
Leo Oppenheim & Co. , Inc.
Financial Advisory Fee
Fagin, Brown, Bush, Tinney & Kiser
Representing the Legal Fee and
Out-of-Pocket Expenses of Fagin,
Brown, Bush, Tinney & Kiser and
Ronald D. Cates
Oklahoma Water Resources Board
Conversion Costs Associated with
Fixed Rate Bonds
Oklahoma Water Resources Board
Rating Fee
The total cost of the issue is 3.62%.
March 23, 1993
$ 1,250
1.25 % for the first $2,500,000
and
1.00% for all above $2,500,000
of the Referenced Notes
1.5 % of the Original
Principal Amount of the
Referenced Notes
$ 41,305
$ 2.500
John Phillips moved to approve Resolution #93-05, a resolution approving action taken by the
Owasso Public Works Authority authorizing issuance, sale, and delivery of two (2) promissory
notes of the Authority to the Oklahoma Water Resources Board; establishing the City's
reasonable esxpectations with respect to the issuance of tax-exempt obligations on behalf of said
City in calendar year 1993; approving and authorizing the execution of a security agreement;
ratifying a lease; and containing other provisions related thereto. Motion was seconded by Bob
Randolph.
AYE: Phillips, Randolph, Smalley, Marlar
NAY: None
Motion carried 4-0.
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Owasso City Council
March 23, 1993
ITEM 4: ADJOURNMENT
There being no further business, John Phillips moved for adjournment. Motion was seconded
by Mayor Marlar.
AYE: Phillips, Marlar, Smalley, Randolph
NAY: None
The meeting was adjourned at 6:23 p.m.
~ ~ -E~~_
P ricia K Marlar, ayor
Marcia outwell, City Jerk
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