HomeMy WebLinkAbout1998 02_OPWA_Approve Issuance of Debt_1998.02.17
OWASSO PUBLIC WORKS AUTHORITY
98-02
A RESOLUTION PRELIMINARILY APPROVING THE ISSUANCE OF THE
AUTHORITY'S PUBLIC IMPROVEMENT REVENUE BONDS, SERIES 1998
(THE "BONDS") FOR THE PURPOSE OF FINANCING CERTAIN PUBLIC
IMPROVEMENTS BENEFITING THE CITY OF OWASSO, OKLAHOMA;
APPROVING THE PRELIMINARY OFFICIAL STATEMENT PERTAINING
TO THE ISSUANCE OF THE BONDS AND DEEMING SAID PRELIMINARY
OFFICIAL STATEMENT liNEAR FINAL II AND AUTHORIZING
DISTRIBUTION OF THE SAME; DESIGNATING AN UNDERWRITER WITH
RESPECT TO THE SALE OF THE BONDS; AND CONTAINING OTHER
PROVISIONS RELATING THERETO.
RESOLUTION NO.
WHEREAS, The Owasso Public Works Authority (the "Authority")
has determined to finance certain public improvements benefiting
the City of Owasso, Oklahoma (the "Project"); and
finance a portion of
of the Authority's
in the approximate
WHEREAS, the Authority has determined to
the cost of the Project through the issuance
Public Improvement Revenue Bonds, Series 1998,
principal amount of $8,500,000 (the "Bonds")
IT RESOLVED BY THE TRUSTEES OF THE OWASSO
NOW, THEREFORE, BE
PUBLIC WORKS AUTHORITY:
SECTION 1. PRELIMINARY AUTHORIZATION REGARDING ISSUANCE OF
BONDS. The Authority preliminarily authorizes the issuance of the
Bonds in the approximate principal amount and for the purposes set
forth above
SECTION 2. PRELIMINARY OFFICIAL STATEMENT. The Preliminary
Official Statement dated February 17, 1998 (the "Preliminary
Official Statement") outlining the terms, conditions and security
for the Bonds, is hereby adopted and approved and the Chairperson
or Vice Chairperson of the Authority is authorized to approve any
corrections, additions or deletions thereto for and on behalf of
the Authority and is further authorized and directed to execute and
deliver same for and on behalf of the Authority; provided further,
that the information contained in said Preliminary Official
Statement with respect to 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 Preliminary
Official Statement, in light of the circumstances under which they
were made, not misleading. The Authority hereby deems the
Preliminary Official Statement "near final" in accordance with the
requirements of Rule 15c2-12 of the Securities and Exchange
Commission promulgated pursuant to the Securities Exchange Act of
1934. The Authority designates James Baker & Associates, to act as
the underwriter of the referenced Bonds (the "Underwriter"). The
Authority authorizes the Underwriter to distribute the Preliminary
Official Statement in connection with the sale of the Bonds
APPROVED AND ADOPTED this 17th day of February, 1998 by The
Owasso Public Works Authority.
THE OWASSO PUBLIC WORKS AUTHORITY
~-
J. f?/
M Chairperson
(SEAL)
ATTEST
~fl?-e~
ary
Attorney
2
CERTIFICATE
OF
AUTHORITY ACTION
am the duly
Public Works
that I
Owasso
certify
of The
I, the undersigned, hereby
qualified and acting Secretary
Authority
I further certify that the Trustees of The Owasso Public Works
Authority held a Regular Meeting at 7:00 o'clock p.m. on February
17, 1998, 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 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:
Vice Chair
l'fark lVilken
Barnhouse, Chair; Tracy Standridge
Helm, Trustee; Denise Bode, Trustee
1'1ary Lou
Michael
Trustee
PRESENT
None
ABSENT
Hilken
MADE BY
MOTION
Standridge
SECONDED BY
MOTION
Barnhouse
Bode
Helm,
Standridge
vJilken
AYE
None
NAY
1998
THIS 17TH DAY OF FEBRUARY
MY HAND
WITNESS
THE OWASSO PUBLIC WORKS AUTHORITY
Marci~ Boutwell
3
MEMORANDUM
THE HONORABLE CHAIR & TRUSTEES
OW ASSO PUBLIC WORKS AUTHORITY
TO
RODNEY J RAY
CITY MANAGER
FROM
#98-02
REQUEST FOR ADOPTION OF OPW A RESOLUTION
PRELIMINARILY APPROVING THE ISSUANCE OF DEBT
SUBJECT:
1998
13,
February
DATE
Owasso voters approved the issuance of eight million, five hundred
for the purpose of funding capital projects. The voters also authorized
future fund monies through the year 2001 for those projects
BACKGROUND
1997,
in debt
On October 13,
thousand dollars
the use of capital
Due to a desire on the part of the City to take advantage of an opportunity to save interest cost
on a previous 988) debt, the Council authorized, in December 1997, a refinancing of the 1998
Series bond issue. That refinancing resulted in a need to postpone the actual issue of the debt
approved in October 1997. However, the refinancing process is complete and
requirements relating to maintaining our status as a "small issuer" have been met.
the staff has asked the financial advisor and bond counsel to begin the process of
while interest rates are favorable
the legal
Therefore,
issuing the
approved, will grant preliminary approval for our agents to initiate the
million dollars in debt. That debt is secured by the third penny sales tax
voter-approved debt
Resolution #98-02, if
process of issuing 8.5
and approved by the voters
3rd
be requested March
Subsequent action by the Public Works Authority and City Council will
That action if approved, grant final approval for the bond sale
have questions
If you
Council work session.
Mr McDonald, or me
the February 10th
Mr Brooks
This item was discussed during
please call Ms Bishop, Mr Cates
be filled in prior to the Authority s
..
will
that
The attached resolution contains a "blank
to the meeting
and distributed prior
NOTE
meeting
OPW A RESOLUTION 98-02
FEBRUARY 13, 1998
PAGE 2
be
the Chair
that
and
OPW A Resolution #98-02
of
RECOMMENDATION:
The staff recommends Trustee approval
authorized to execute such
ATTACHMENT
OPW A Resolution #98-02