HomeMy WebLinkAbout1996 04_OPGA_Authorize to Convey deed to Bailey Ranch Golf_1996.07.02
OW ASSO PUBLIC GOLF AUTHORITY
OPGA RESOLUTION NO 96-04
RESOLUTION OF THE OW ASSO PUBLIC GOLF AUTHORITY
AUTHORIZING THE OPGA TO CONVEY DEED TO THE BAILEY GOLF
RANCH TO THE CITY OF OW ASSO FOR A PURCHASE PRICE EQUAL TO
PAR PLUS ACCRUED INTEREST ON THE OUTSTANDING OWASSO
PUBLIC GOLF AUTHORITY RECREATIONAL FACILITIES REVENUE
BONDS, SERIES 1992.
WHEREAS, the revenues generated from the operation of Bailey Golf Ranch have been
insufficient to timely pay the principal of and interest on the Authority's outstanding Recreational
Facilities Revenue Bonds, Series 1992; and
of
declared an Event
has
WHEREAS, the trustee bank for the holders of said Bonds
Default under the Bond Indenture securing the Bonds; and,
WHEREAS, the City of Owasso, Oklahoma has offered to purchase the golf course from
the Authority at a price equal to the principal of and interest accrued on said Bonds.
NOW, THEREFORE, BE IT RESOL YED BY THE TRUSTEES OF THE OW ASSO
PUBLIC GOLF AUTHORITY that the Authority is authorized to sell the Bailey Golf Ranch
to the City of Owasso, Oklahoma at a purchase price equal to the outstanding principal amount
of the Authority's Recreational Facilities Revenue Bonds, Series 1992 and the Chair is
authorized and directed to execute a deed and all other necessary or proper documents to effect
the sale of said golf course
of the Owasso Public
1996 by the Trustees
this 2nd day
APPROVED AND ADOPTED
Golf Author ity
..
ATTEST