HomeMy WebLinkAbout1998 09_OPWA_Authorize Utility_Sales Tax Revenu Note_1998.12.15
THE OW ASSO PUBLIC WORKS AUTHORITY
98-09
A RESOLUTION EVIDENCING THE OW ASSO PUBLIC WORKS
AUTHORITY'S INTENT TO ISSUE TAX-EXEMPT NOTES OR BONDS TO
REIMBURSE ITSELF FOR EXPENDITURES MADE IN CONNECTION
WITH PHASE II OF THE WASTEWATER TREATMENT PLANT
IMPROVEMENTS, WITH SAID TAX-EXEMPT OBLIGATIONS TO BE
ISSUED IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $8,500,000
AND CONTAINING OTHER PROVISIONS RELATING THERETO.
RESOLUTION NO
WHEREAS The Owasso Public Works Authority, Tulsa County, Oklahoma (the
"Authority"), was organized under Title 60, Oklahoma Statutes 1991, Sections 176-180.4, as
amended, for the purpose of furthering the public functions of the City of Owasso, Oklahoma (the
"City"); and
make expenditures in
and related
authorized and has determined to
treatment plant improvements
wastewater
Project"); and
WHEREAS, the Authority is
connection with Phase n of the
appurtenances serving the City (the
WHEREAS, the Authority anticipates ultimately financing the cost of the Project through
issuance of tax-exempt bonds or notes (the "Notes"); and
of
the
WHEREAS, the Authority anticipates utilizing cash or borrowed funds to pay the cost
the Project prior to the issuance of the Notes: and
issued in the principal
be
WHEREAS, it is anticipated that the Notes of the Authority will
amount of not to exceed $8,500,000; and
WHEREAS, the Authority desires to declare its official intent to issue the referenced Notes
with the proceeds to be utilized to pay the costs associated with the Project or to reimburse the
Authority for, and/or retire indebtedness of the Authority incurred in connection with, the payment
of costs of the Project; and
WHEREAS, the purpose of this Resolution is to satisfy the requirements of Section 1.150-2
of the Treasury Regulations promulgated pursuant to Sections 103 and 141-150 of the Internal
Revenue Code of 1986, as amended, which provisions relate to the proceeds of bonds being used
for reimbursement (the "Reimbursement Regulations")
IT RESOLVED BY THE TRUSTEES OF THE OW ASSO
NOW, THEREFORE, BE
PUBLIC WORKS AUTHORITY
Section 1 Cost ofProiect The Authority intends to fund any costs of the Project incurred
prior to the issuance of the Notes from Authority funds or borrowed funds. To the extent the
Authority utilizes Authority funds or borrowed funds for said purposes, it is intended that proceeds
..
of the Notes will be utilized to reimburse the Authority and/or repay said borrowed funds The
Authority expects to issue not in excess of $8,500,000 in principal amount of the Notes for the
purpose of paying costs of the Project or reimbursing the Authority for, and/or retiring indebtedness
of the Authority incurred in connection with, the payment of costs of the Project, including amounts
needed to fund a debt service reserve fund, if any, and to pay certain costs of issuance.
Section 2 Declaration of Official Intent. This Resolution constitutes a declaration of
official intent as is required by the Reimbursement Regulations
Section 3 Necessa Action. The Chairperson or Vice Chairperson and Secretary or
Assistant Secretary of the Authority are hereby further authorized on behalf of the Authority to
accept, receive, execute, attest, seal and deliver all additional documentation, certifications and
instruments and to take such further actions as may be required in connection with the transactions
contemplated hereby, and are further authorized to approve and make any changes to the
documents approved by this Resolution, for and on behalf of the Authority, the execution and
delivery of such documents being conclusive as to the approval of any terms contained therein.
1998
THE OW ASSO PUBLIC WORKS
AUTHORITY
15TH DAY OF DECEMBER,
PASSED AND APPROVED THIS
Denise Bode
Chairperson
Name
Title
ATTEST
2
retary
tb;FORM
Title
(SEAL)
CERTIFICATE
OF
AUTHORITY ACTION
the duly qualified and acting Secretary of The
am
I, the undersigned, hereby certify that I
Owasso Public Works Authority.
Trustees of The Owasso Public Works Authority held a Regular
1998, after due notice was given in full compliance with the
I further certify that the
Meeting at 6:30 P.M. on December 15
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 Trustees 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 Trustees 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
Mark
Mary Lou Barnhouse
Melinda Voss, Duston Smith
Wilken Denise Bode
PRESENT
None
ABSENT
Melinda Voss
MOTION MADE BY
Mary Lou Barnhouse
Bode
Wilken
Smith
MOTION SECONDED BY
Barnhouse
Voss
None
AYE
NAY
1998
THE OW ASSO PUBLIC WORKS
AUTHORITY
15TH DAY OF DECEMBER,
WITNESS MY HAND THIS
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