HomeMy WebLinkAbout1998 08_OPWA_Issuance of Debt for Wastewater Treatment Plant_1998.12.15
THE OW ASSO PUBLIC WORKS AUTHORITY
98-08
A RESOLUTION AUTHORIZING THE OW ASSO PUBLIC WORKS
AUTHORITY (THE "AUTHORITY") TO ISSUE ITS UTILITY AND SALES
TAX REVENUE NOTE, SERIES 1998 (THE "NOTE") IN THE AGGREGATE
PRINCIPAL AMOUNT OF $1,200,000; WAIVING COMPETITIVE BIDDING
AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS;
RA TIFYING AND CONFIRMING THE LEASE, AS AMENDED BY THE
AMENDMENT TO LEASE, BY AND BETWEEN THE CITY OF OWASSO,
OKLAHOMA (THE "CITY") AND THE AUTHORITY PERTAINING TO THE
LEASING OF THE CITY'S UTILITY SYSTEMS TO THE AUTHORITY;
APPROVING AND AUTHORIZING EXECUTION OF THE NOTE AND
OTHER DOCUMENTS RELATING TO THE TRANSACTION, INCLUDING
A LOAN AGREEMENT, A SECURITY AGREEMENT AND A SALES TAX
AGREEMENT; ESTABLISHING THE AUTHORITY'S REASONABLE
EXPECTATION WITH RESPECT TO THE ISSUANCE OF TAX-EXEMPT
OBLIGATIONS BY THE AUTHORITY IN CALENDAR YEAR 1998, AND
DESIGNATING THE NOTE AS QUALIFIED TAX-EXEMPT OBLIGATION
WITH RESPECT TO THE FINANCIAL INSTITUTION INTEREST
DEDUCTION PROVISIONS CONTAINED IN THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"); AND CONTAINING OTHER
PROVISIONS RELATING THERETO.
RESOLUTION NO
IT RESOLVED BY THE TRUSTEES OF THE OW ASSO
NOW, THEREFORE, BE
PUBLIC WORKS AUTHORITY:
SECTION 1. INDEBTEDNESS AUTHORIZED. The Authority is authorized to incur an
indebtedness by the issuance of its Utility and Sales Tax Revenue Note, Series 1998, for and on
behalf of the City of Owasso, Oklahoma (the "City"), in an aggregate principal amount of
$1,200,000 (the "Note") for the purpose of (i) financing certain sanitary sewer system
improvements, and (ii) paying certain costs associated with the issuance of the Note. The Note
shall mature on or about December 1, 2003, and shall bear interest at the rate of five percent
(5.00%) per annum, to be amortized as set out in said Note.
SECTION 2. COMPETITIVE BIDDING WAIVED. Competitive bidding on the sale of
said Note is waived and the Note is authorized to be sold to First Bank of Owasso
SECTION 3 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. The Authority
hereby ratifies and confirms the Lease in all respects.
SECTION 4 APPROV AL OF DOCUMENTS. The documentation authorizing the
issuance of and securing the payment of the Note approved in Section 1 hereof, including
specifically, but not by way of limitation, a Loan Agreement, a Security Agreement and a Sales Tax
Agreement are hereby approved and the Chairperson or Vice Chairperson and Secretary or
Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and
on behalf of the Authority
SECTION 5. EXECUTION OF NECESSARY DOCUMENTS. The Chairperson or Vice-
Chairperson and Secretary or Assistant Secretary of the Authority are hereby authorized and
directed on behalf of the Authority to execute and deliver the Note to the purchaser upon receipt of
the purchase price and are further authorized and directed to execute all necessary documentation
and closing and delivery papers required by Bond Counsel; approve the disbursement of the
proceeds of the Note, including any costs of issuance; 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 changes contained therein by
the Authority; and to execute, record and file any and all the necessary financing statements and
security instruments, including but not limited to the documents approved hereby, and to
consummate the transaction contemplated hereby.
SECTION 6 CERTIFICATE OF DESIGNATION. The Authority anticipates that the
total amount of tax-exempt obligations (other than private activity bonds) issued by the Authority
or other issuers on behalf of the City, will not exceed $10,000,000 for calendar year 1998, and
hereby designates the Note to be a qualified tax-exempt obligation with respect to the financial
institution interest deduction provisions contained in the Internal Revenue Code of 1986, as
amended, and authorizes the Chairperson or Vice Chairperson of the Authority to execute and
deliver on behalf of the Authority a Certificate of Designation to that effect.
2
1998
THE OW ASSO PUBLIC WORKS
AUTHORITY
15TH DAY OF DECEMBER,
PASSED AND APPROVED THIS
Denise Bode
Chairperson
Name
Title:
3
ATTEST
CER TIFICA TE
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
15, 1998, after due notice was given in full compliance with the
I further certify that the
Meeting at 6:30 P.M. on December
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
Duston Smith
MOTION MADE BY
Mark Wilken
MOTION SECONDED BY
Bode
Voss
Barnhouse
Wilken,
Smith,
AYE
None
NAY
1998
THE OW ASSO PUBLIC WORKS
AUTHORITY
15TH DAY OF DECEMBER,
WITNESS MY HAND THIS
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