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Home My WebLink About2015.10.06_OPWA AgendaRECEIVED OCT U 2 201 O w PUBLIC NOTICE OF THE MEETING OF THE �`-' OWASSO PUBLIC WORKS AUTHORITY CkycleNISoffice Council Chambers, Old Central Building 109 N Birch, Owasso, OK 74055 Regular Meeting Tuesday, October 6, 2015 - 6:30 pm 1. Call to Order Chair Jeri Moberly 2. Invocation Pastor Doug Johnson of Beacon Hill Baptist Church 3. Flag Salute 4. Roil Call 5. Presentation of the Character Trait of Thoroughness Scott Pallett, Character Council Member 6. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes - September 15, 2015 B. Approve claims 7. Consideration and appropriate action relating to items removed from the Consent Agenda 8. Consideration and appropriate action relating to Resolution 2015 -04, authorizing the issuance of the OPWA Revenue Anticipation Note (RAN) in an amount not to exceed $330,000, to the City of Owasso, approving the Agreement, the RAN and other documents, and authorizing the transfer of proceeds of the Note to the Police Restricted Sales Tax Fund of the City of Owasso Sherry Bishop Staff recommends approval of Resolution 2015 -04. 9. Report from OPWA Manager 10. Report from OPWA Attorney 11. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) Owasso Public Works Authority October 6, 2015 Page 2 12. Adjournment Notice of Public Meeting filed in the office of the City Clerk and the Agenda posted at City Nall bulletin board at 6:00 pm on Friday, October 2, 2015. Ayzozl Sherry Bishop,dty Clerk � — OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, September 15, 2015 The Owasso Public Works Authority met in regular session on Tuesday, September 15, 2015, in the Council Chambers at Old Central, 109 N Birch, Owasso, Oklahoma per the Notice of Public Meeting and the Agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 6:00 pm on Friday, September 11, 2015. 1. Call to Order Chair Jeri Moberly called the meeting to order at 6:30 pm. 2. Invocation The invocation was offered by Matt Feldi, Associate Pastor of Bible Church of Owasso. 3. Flag Salute Trustee Bush led the flag salute. 4. Roll Call Present Absent Chair - Jeri Moberly None Vice - Chair- Lyndell Dunn Trustee - Doug Bonebrake Trustee - Bill Bush Trustee - Chris Kelley A quorum was declared present. Staff: Authority Manager- Warren Lehr Authority Attorney - Julie Lombardi 5. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes • September 1, 2015 Regular Meeting • September 8, 2015 Regular Meeting B. Approve claims C. Receive monthly budget status report Mr. Bonebrake moved, seconded by Dr. Kelley to approve the Consent Agenda with claims totaling $529,438.04. Also, included for review was the payroll report for 09/05/15. YEA: Bonebrake, Bush, Dunn, Kelley, Moberly NAY: None Motion carried: 5 -0 Owasso Public Works Authority September 15, 2015 Page 2 6. Consideration and appropriate action relating to items removed from the Consent Agenda None Consideration and appropriate action relating to a budget amendment for FY 2014 -15 Budget Carryover for re- appropriation in the FY 2015 -16 budgets Linda Jones presented the item recommending approval of a FY 2016 budget amendment increasing the appropriation for expenditures by $604,261. After discussion, Dr. Kelley moved, seconded by Mr. Bonebrake to approve the FY 2016 budget amendment, as recommended. YEA: Bonebrake, Bush, Dunn, Kelley, Moberly NAY: None Motion carried: 5 -0 8. Consideration and appropriate action relating to the purchase of a refuse vehicle and declaring a vehicle as surplus and authorizing disposal Tim Doyle presented the item recommending approval to purchase and authorize payment of a 2016 Freightliner /Heil 20 -yard compactor body, rear load refuse collection vehicle in the amount of $146,279 from United Engines of Oklahoma City, Oklahoma per the Oklahoma State Bid Contract. Staff further recommends the 1997 International /Heil rear load vehicle be declared as surplus and authorize disposal. After discussion, Dr. Kelley moved, seconded by Mr. Bonebrake to approve the purchase and authorize payment of a refuse collection vehicle not to exceed $146,279, per the Oklahoma State Bid, as recommended and to authorize disposal of 1997 International /Heil rear load vehicle, as recommended. YEA: Bonebrake, Bush, Dunn, Kelley, Moberly NAY: None Motion carried: 5 -0 9. Report from OPWA Manager Mr. Lehr acknowledged recent city events. 10. Report from OPWA Attorney None 11. New Business None 12. Adjournment Mr. Bush moved, seconded by Mr. Bonebrake to adjourn the meeting. YEA: Bonebrake, Bush, Dunn, Kelley, Moberly NAY: None Motion carried 5 -0 and the meeting adjourned at 6:43 pm. Jeri Moberly, Chair Lisa Wilson, Minute Clerk Claims List 10/6/2015 Budget Unit Title Vendor Name I Payable Description Payment Amount OPWA JAMERICAN MUNICIPAL SERVICES CORP. 1COLLECTION SERVICES 1 99.78 TOTAL OPWA 99.78 OPWA ADMINISTRATION JPMORGAN CHASE BANK STATE OF CITY ADD CONFERE 40.00 JPMORGAN CHASE BANK RED BUD- FILTERS 134.66 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES 31.98 AT &T CONSOLIDATED PHONE BILL 158.21 JPMORGAN CHASE BANK PARKING EXPENSE 5.00 JPMORGAN CHASE BANK WALMART- SUPPLIES 6.64 JPMORGAN CHASE BANK SAMSCLUB - SUPPLIES 210.73 UNIFIRST HOLDINGS LP UNIFORM CLEANING 36.66 UNIFIRST HOLDINGS LP UNIFORM CLEANING 34.66 UNIFIRST HOLDINGS LP UNIFORM CLEANING 64.16 UNITED STATES CELLULAR CORPORATION PW CELL PHONES 56.55 YOUNGS FIRE SUPPRESSION SERVICES FIRE EXTINGUISHER INSPECT 125.00 TECHSICO ENTERPRISE SOLUTIONS TROUBLESHOOT FIBER OPTIC 1,100.00 STANDLEY SYSTEMS, LLC COPIER MAINTENANCE AGREEM 252.06 AEP IPSO ELECTRIC USAGE 1,336.78 TOTAL OPWA ADMINISTRATION 3,593.09 UTILITY BILLING JPMORGAN CHASE BANK POSPAPER- RECEIPT PAPER 91.90 TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 1,407.87 TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 2,62189 JPMORGAN CHASE BANK SAMSCLUB- SUPPLIES 6.49 TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 1,660.87 TODD C. KIMBALL METER READER 763.20 TYRONE EUGENE DINKINS METER READER 236.25 KATHLEENA BALSIGER METER READER 146.70 TYRONE EUGENE DINKINS METER READER 281.55 TODD C. KIMBALL METER READER 614.70 TYRONE EUGENE DINKINS IMETER READER 322.20 TOTAL UTILITY BILLING 8,154.62 WATER JPMORGAN CHASE BANK HD SUPPLY - SUPPLIES 42.88 UNIFIRST HOLDINGS LP UNIFORM CLEANING 45.65 OWASSO TOP SOIL DIRT FOR WATER DIVISION 65.00 JPMORGAN CHASE BANK HD SUPPLY -CLAMP 102.05 JPMORGAN CHASE BANK HD SUPPLY -METER LOCKS 97.00 JPMORGAN CHASE BANK HD SUPPLY -METER SETTERS 1,602.01 JPMORGAN CHASE BANK HD SUPPLY -VALVE /FITTINGS 1,319.93 JPMORGAN CHASE BANK INTERSTATE - SUPPLIES 96.00 JPMORGAN CHASE BANK HD SUPPLY - BATTERY PACK 54.66 JPMORGAN CHASE BANK HD SUPPLY -HYD EXTENSION 323.14 Page 1 Claims List 1 0/612 01 5 Budget Unit Title Vendor Name Payable Description PaymentAmount WATER... VERDIGRIS VALLEY ELECTRIC COOP WATER CONTROL ELECTRIC 30.60 JPMORGAN CHASE BANK BROWN FARMS-SOD 95.00 JPMORGAN CHASE BANK BROWN FARMS-SOD 95.00 JPMORGAN CHASE BANK TRANSCO -PPE 35.16 JPMORGAN CHASE BANK OREILLY - SUPPLIES 23.49 AEP IPSO ELECTRIC USAGE 670.28 SPOK, INC. PAGER USE 89.30 TREASURER PETTY CASH COL LICENSE /SAVOY 51.50 UNIFIRST HOLDINGS LP UNIFORM CLEANING 55.02 JPMORGAN CHASE BANK YELLOWHOUSE- BACKHOE REPAI 1,142.14 CITY GARAGE VEH PARTS PURCH -AUG 210.00 UNIFIRST HOLDINGS LP UNIFORM CLEANING 55.02 UNIFIRST HOLDINGS LP UNIFORM CLEANING 55.02 JPMORGAN CHASE BANK DEQ- CERTIFICATION FEE 62.00 TOTAL WATER 6,417.85 WASTEWATER TREATMENT JPMORGAN CHASE BANK ROSE STATE - TRAINING CLASS 184.00 JPMORGAN CHASE BANK HOME DEPOT - SUPPLIES 40.90 JPMORGAN CHASE BANK BUMPER TO BUMPER- FILTERS 45.04 JPMORGAN CHASE BANK HD SUPPLY -PARTS 84.00 JPMORGAN CHASE BANK SAMSCLUB- SUPPLIES 138.86 JPMORGAN CHASE BANK ACCURATE ENV - TESTING 1,500.00 UNIFIRST HOLDINGS LP UNIFORM CLEANING 126.45 UNIFIRST HOLDINGS LP UNIFORM CLEANING 62.18 CITY GARAGE VEH PARTS PURCH -AUG 62.88 SPOK, INC. PAGER USE 17.76 AEPIPSO ELECTRIC USAGE 24,126.49 UNIFIRST HOLDINGS LP UNIFORM CLEANING 58.51 JPMORGAN CHASE BANK HACH CO -LAB SUPPLIES 57.89 JPMORGAN CHASE BANK GELLCO -BOOTS 130.00 JPMORGAN CHASE BANK LOWES- SUPPLIES 6.44 JPMORGAN CHASE BANK ROYAL FILTER - FILTERS 1,488.08 JPMORGAN CHASE BANK DALE AND LEES - REPAIR 273.98 JPMORGAN CHASE BANK TRANSCO -PPE 35.16 JPMORGAN CHASE BANK EQUIPMENT ONE - REPAIR 307.35 JPMORGAN CHASE BANK HACH COMPANY - SUPPLIES 91.48 JPMORGAN CHASE BANK ATWOODS- SCREWS 0.96 JPMORGAN CHASE BANK ATWOODS- SUPPLIES 29.99 JPMORGAN CHASE BANK ATWOODS- GREASE 24.90 JPMORGAN CHASE BANK WW GRAINGER- REGULATOR 518.40 JPMORGAN CHASE BANK WW GRAINGER - WRENCH 43.97 JPMORGAN CHASE BANK OFFICE DEPOT- SUPPLIES 19.69 JPMORGAN CHASE BANK BUMPER TO BUMPER - SUPPLIES 8.68 JPMORGAN CHASE BANK IWASTE MGMTSLUDGE REMOVAL 2,321.07 Page 2 Claims List 10/6/2015 Budget Unit Title Vendor Name Payable Description Payment Amount WASTEWATER TREATMENT.. JPMORGAN CHASE BANK FASTENAL -BOLTS 3.91 JPMORGAN CHASE BANK ERA - EPATESTING 92.24 JPMORGAN CHASE BANK OFFICE DEPOT- SUPPLIES 7.36 JPMORGAN CHASE BANK LOWES - BULBS /BATTERIES 68.28 JPMORGAN CHASE BANK AMER SPORTSWORKS -BRAKE 78.56 JPMORGAN CHASE BANK OFFICE DEPOT -TABS 9.79 JPMORGAN CHASE BANK NCL -LAB TESTING 31.47 JPMORGAN CHASE BANK WASTE MGMT- SLUDGE REMOVAL 2,531.13 AT &T CONSOLIDATED PHONE BILL 69.49 GREELEY & HANSEN, LLC LBX 619776 ENGIENEERING SERVICES 4,180.00 TREASURER PETTY CASH JCDL RENEWAL /BRUTON 51.50 TOTAL WASTEWATER TREATMENT 38,928.84 WASTEWATER COLLECTION! JPMORGAN CHASE BANK P &K EQUIPMENT- RETURN -23.75 JPMORGAN CHASE BANK AUTOZONE- SUPPLIES 11.08 JPMORGAN CHASE BANK DEQ- CERTIFICATION FEE 62.00 JPMORGAN CHASE BANK HD SUPPLY- SUPPLIES 174.00 VERDIGRIS VALLEY ELECTRIC COOP COFFEE CREEK ELECTRIC 568.55 JPMORGAN CHASE BANK TRANSCO -PPE 35.16 VERDIGRIS VALLEY ELECTRIC COOP GARRETT CREEK ELECTRIC 144.55 VERDIGRIS VALLEY ELECTRIC COOP GARRETT CREEK ELECTRIC 241.89 UNIFIRST HOLDINGS LP UNIFORM CLEANING 45.65 AEP /PSO ELECTRIC USAGE 5,947.34 SPOK, INC. PAGER USE 53.78 CITY GARAGE VEH PARTS PURCH -AUG 310.03 UNIFIRST HOLDINGS LP UNIFORM CLEANING 45.65 JPMORGAN CHASE BANK HOME DEPOT- BATTERIES 125.76 TOTAL WASTEWATER COLLECTIONS 7,741.69 REFUSE COLLECTIONS UNIFIRST HOLDINGS LP UNIFORM CLEANING 44.49 UNITED STATES CELLULAR CORPORATION PW CELL PHONES 51.44 UNIFIRST HOLDINGS LP UNIFORM CLEANING 42.09 CITY GARAGE VEH PARTS PURCH -AUG 2,626.29 SPOK, INC. PAGER USE 65.49 JPMORGAN CHASE BANK BOB HURLEY -TRUCK REPAIRS 4,792.07 UNIFIRST HOLDINGS LP UNIFORM CLEANING 42.59 JPMORGAN CHASE BANK CUMMINS - SERVICE 643.89 JPMORGAN CHASE BANK STEVE'S -TOOLS 413.69 JPMORGAN CHASE BANK KIM'S INT'L -VEH PARTS 15.16 JPMORGAN CHASE BANK KIM'S INT'L -HOSES 19.93 JPMORGAN CHASE BANK LOWES- SLEDGE HAMMER 19.97 JPMORGAN CHASE BANK ZEP SALES -HAND CLEANER 62.45 JPMORGAN CHASE BANK STEVE'S- RETURN - 144.08 JPMORGAN CHASE BANK FRONTIER INTL -REAR BRAKE 298.40 Page 3 Unit Title .ECTIONS... (RECYCLE CENTER RECYCLE CENTER DEBT SERVICE Claims List 10/6/2015 Vendor Name 3AN CHASE BANK 3AN CHASE BANK A LANCASTER, INC 3 FIRE SUPPRESSION SERVICES ENGINES, LLC ENGINES, LLC ENGINES, LLC ENGINES, LLC ENGINES, LLC 3AN CHASE BANK 3AN CHASE BANK 3AN CHASE BANK 3AN CHASE BANK 3AN CHASE BANK \N CHASE BANK -WASTE & DISPOSAL, INC. \N CHASE BANK FIRE SUPPRESSION SERVICES AT &T JPMORGAN CHASE BANK AEP IPSO UNIFIRST HOLDINGS LP UNIFIRST HOLDINGS LP CITY GARAGE JPMORGAN CHASE BANK UNIFIRST HOLDINGS LP BANCFIRST BANCFIRST 3UMPER TO BUMPER - FITTING REFUSE TIPPING FEES CONSOLIDATED PHONE BILL =IRE EXTINGUISHER INSPECT TRANSMISSION SWITCH ROLLER GRABBER CYLINDER FOR TRUCKS AIR ACTUATOR, CONT VALVE BELT FOR AUTOMATED TRUCK BUMPER TO BUMPER- GREASE BUMPER TO BUMPER -TIES BUMPER TO BUMPER - SUPPLIES ACADEMY - SAFETY SHOES BUMPER TO BUMPER - BATTERY Page 4 HAULING RECYCLE ROLL OFFS WASTE MGMT- TIPPING FEES FIRE EXTINGUISHER INSPECT CONSOLIDATED PHONE BILL WASTE MGMT- TIPPING FEES ELECTRIC USAGE UNIFORM CLEANING UNIFORM CLEANING VEH PARTS PURCH -AUG LOWES -DECK SEALING UNIFORM CLEANING 374317019/06 NOTE FAP -01 -0003 -L/01C FAP -10 -0002 -L /10 ORF -01- 0002 -L/01 B ORF -09- 0007- CW /09C FAP -12 -0011- L/12 -02B ORF -09- 0003- CW /09B 674320013/13 -06DW ORF -99- 0008 -L/99B ORF -10- 0014 -CW /SANTA FE 800472011/RANCH CR 35.16 11 4,717.67 787.18 91.16 137 1,136.49 44.50 11.58 1,087.83 136.03 11.05 11.05 13.34 17.53 11.05 3,040.39 35,690.09 6,484.11 6,974.35 11,978.28 23,361.34 14,375.74 25,377.32 Claims List 10/6/2015 Budget Unit Title I Vendor Name Payable Description jPayment Amount TOTAL OPWA DEBT SERVICE 244,825.81 FUND GRAND TOTAL 333,632.3 OPWA STF DEBT SERVICE JSANCFIRST 874405004/2008 99,676.16 TOTAL OPWASTFDEBTSERVICE 99,676.16 99,676.1 FUND GRAND TOTAL OPWA ST SUB - DEBT SERV TYANN DEVELOPMENT COMPANY, INC DEVELOPMENT AGREEMENT 53,417.65 SF SHOPS INVESTORS, L.P. DEVELOPMENT AGREEMENT 61,189.39 TOTAL OPWA ST SUB - DEBT SERV 114,607.04 114,607.0 FUND GRAND TOTAL OPWA GRAND TOTAL $547,915.54 Page 5 Department OPWA Administration Utility Billing Water Wastewater Wastewater Collection Refuse Recycle Center OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 09/19/15 Payroll Expenses Total Expenses 9,962.09 5,226.40 13, 906.75 12,405.31 8,648.40 13,272.31 1,104.00 14,862.76 9,304.03 23,801.71 21,741.45 13,831.51 20,329.04 1,705.30 FUND TOTAL 64,525.26 105,575.80 TO: Honorable Chair and Trustees Owasso Public Works Authority FROM: Sherry Bishop Assistant City Manager SUBJECT: Revenue Anticipation Note Financing for Purchase of Police Vehicles and Equipment DATE: October 2, 2015 BACKGROUND: The issuance of and investment in a Revenue Anticipation Note (RAN) has been used in the past as a method to finance capital needs of the city. The police department budget for FY 2016 anticipated the lease- purchase financing of police vehicles. However, the RAN method of financing would reduce the interest cost to the police budget and provide an interest income to the city. RAN FINANCING: The City of Owasso utilizes a "pooled" cash system for the receipt, disbursement and investment of funds. The Consolidated Cash Fund includes all cash for the city and the trust authorities. The total in the Consolidated Cash Fund varies throughout the year depending on cash flows and major expenditures. The current pooled cash balance is approximately $16 million. An investment option available to the City's Consolidated Cash Fund is a RAN issued by a trust authority of the City. A RAN offers advantages for both the Authority and the City. The Authority may borrow funds through a fairly simple process at a low interest rate and the City acquires a secure investment. Actions necessary to accomplish this financing method are: • Council approval of a Resolution authorizing the investment in a RAN of the OPWA. • OPWA Trustee approval of a Resolution authorizing the borrowing and issuance of a RAN. • OPWA Trustee approval of the transfer of the proceeds of the RAN from the OPWA to the Police Restricted Sales Tax Fund of the City. • Council and OPWA approval of budget amendments for the transfer of funds and the purchase of police vehicles. • Council approval of future fiscal year budgets transferring funds from the Police Restricted Sales Tax Fund to the OPWA for debt service payments on the RAN. The RAN will pay 2.0% interest to the Consolidated Cash Fund of the City on the balance of the funds drawn against the note. Annual payments will be November 1, 2017 and 2018. City Council Resolution 2015 -19: • Authorizes the City Treasurer to invest $330,000 in a RAN issued by the OPWA, • Approves the indebtedness of the OPWA by issuance of the RAN, • Authorizes the execution of documents by the Mayor, City Clerk and City Treasurer, and • Directs that interest earned on the RAN investment be prorated among the contributing funds in the City's Consolidated Cash Fund. OPWA Resolution 2015 -04: • Approves the issuance, execution and delivery of the Agreement and the Revenue Anticipation Note, • Authorizes the Chair and the Secretary to execute the Agreement and the Note and any other documents necessary to accomplish the issuance of the RAN, and • Authorizes the transfer of proceeds of the Note to the Police Restricted Sales Tax Fund for the purchase of police vehicles and equipment. RECOMMENDATION: Staff recommends OPWA Trustee approval of Resolution 2015 -04 authorizing the issuance of a Revenue Anticipation Note, approving the Agreement, and the Revenue Anticipation Note, authorizing the transfer of the Note proceeds and authorizing execution of documents. ATTACHMENTS: OPWA Resolution 2015 -04 Revenue Anticipation Note Loan Agreement OWASSO PUBLIC WORKS AUTHORITY RESOLUTION 2015 -04 A RESOLUTION OF THE OWASSO PUBLIC WORKS AUTHORITY AUTHORIZING THE ISSUANCE, EXECUTION AND DELIVERY OF THE OWASSO PUBLIC WORKS AUTHORITY REVENUE ANTICIPATION NOTE IN AN AMOUNT NOT TO EXCEED THREE HUNDRED THIRTY THOUSAND DOLLARS ($330,000), TO THE CITY OF OWASSO, OKLAHOMA, APPROVING THE AGREEMENT, FORM REVENUE ANTICIPATION NOTE AND OTHER DOCUMENTS AND AGREEMENTS AS MAY BE NECESSARY OR REQUIRED; AUTHORIZING THE TRANSFER OF PROCEEDS OF THE NOTE TO THE POLICE RESTRICTED SALES TAX FUND OF THE CITY OF OWASSO; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAS, the Owasso Public Works Authority was created by a Declaration of Trust, dated as of January 10, 1973, (collectively the "Trust Indenture ") for the use and benefit of the City of Owasso, Oklahoma (the "City ") under authority of and pursuant to the provisions of Title 60 O.S. 1981, Section 176 to 180.3 inclusive as amended and supplemented and other applicable statutes of the State of Oklahoma; and, WHEREAS, the Authority has determined that it would be most advantageous at this time for the Authority to provide funds for the purchase of City of Owasso Police Vehicles and Equipment; and WHEREAS, there has been presented to this meeting a form of Agreement and Revenue Anticipation Note, dated as of the 61h day of October, 2015, by and between the Authority and the City of Owasso, Oklahoma (the "Note "). NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY THAT, TO -WIT: SECTION ONE. The Agreement and form of the Note presented to this meeting be, and hereby is, approved, and the Chair or Vice -Chair of the Trustees and the Secretary or any Assistant Secretary of Trustees of the Authority be, and hereby are, authorized, directed, and empowered to execute and deliver in the name of the Authority, the Agreement and the Note in said form and containing the terms and provisions contained in said Note, the execution thereof by such officers being conclusive evidence of such approval, and to execute and deliver in the name of and on behalf of the Authority all documents, closing papers, certificates and such other documents as are necessary to accomplish the issuance of the Revenue Anticipation Note. SECTION TWO. The signatures of the officers of the Authority appearing on the Agreement and the Note and other documents and agreements, closing papers and certificates executed and delivered pursuant to this resolution shall be conclusive evidence of their approval thereof and of their authority to execute and deliver such agreements and documents on behalf of the Authority. SECTION THREE. The Chair or Vice -Chair of the Trustees and the Secretary or any Assistant Secretary of the Trustees of the Authority be, and they hereby are, authorized and empowered for and on behalf of the Authority to execute and deliver such further agreements and documents and to take such action as such officer or officers may deem necessary or desirable in order to carry out and perform the Note and any contracts, documents, or instruments executed and delivered in connection with the issuance of the Note, and to effect the purposes thereof and to consummate the transactions contemplated thereby. SECTION FOUR. The Treasurer of the Authority is authorized to transfer the proceeds of the Note to the Police Restricted Sales Tax Fund of the City of Owasso on an as needed basis to provide funds for the purchase of Owasso Police Vehicles and Equipment of the City. PASSED AND APPROVED this 6th day of October, 2015. OWASSO PUBLIC WORKS AUTHORITY Z ATTEST: Sherry Bishop, Secretary APPROVED AS TO FORM: Julie Lombardi, Authority Attorney Jeri Moberly, Chair REVENUE ANTICIPATION NOTE OF THE OWASSO PUBLIC WORKS AUTHORITY Dated as of the 6th day of October, 2015 Owasso, Tulsa County, Oklahoma $330,000.00 FOR VALUE RECEIVED, the undersigned, Owasso Public Works Authority, an Oklahoma Public Trust, having the City of Owasso, as its beneficiary, its successors and assigns (collectively, the "Borrower "), promises to pay to the order of the City of Owasso, Oklahoma, an Oklahoma Municipal Corporation, its successors and assigns (collectively, the "City ") at its principal office at 111 N. Main, Owasso, Tulsa County, Oklahoma 74055, or at such other place as may be designated in writing by the City, the principal sum of THREE HUNDRED THIRTY THOUSAND AND NO/] 00 DOLLARS ($330,000.00) or so much thereof as shall have been advanced hereon shall be due and payable on or before the 1st day of November, 2017. Interest on the unpaid portion of the principal balance computed from the date of each advance, until principal is paid in full, at the rate of two percent (2.0 %) per annum thereupon shall be due and payable on the ISt day of November until principal is paid in full. The Borrower may prepay this Note, in whole or in part, at any time prior to the due date hereof, without penalty. If any payment shall be due on a Saturday or Sunday or upon any banking holiday of the holder hereof, such payment shall be due and payable on the next succeeding banking day and interest shall accrue to such day. This Revenue Anticipation Note is the Revenue Anticipation Note referred to in that certain Loan dated as of the 61h day of October, 2015, by and between the Borrower and the City (the "City ") given and entered into to secure this note, the proceeds of which the City is loaning to the Borrower to finance the purchase of Police Vehicles and Equipment in Owasso, Tulsa County, Oklahoma. Except as may be herein otherwise specifically provided, the rights and obligations of the Borrower and the City arising by virtue of this Revenue Anticipation Note as well as the Agreement above referred to, shall be governed by the Agreement as if same were specifically incorporated herein, such Agreement surviving the issuance, execution and delivery of this Revenue Anticipation Note. The City may, at any time prior to the due date of payment of this Revenue Anticipation Note call for an early pre - payment in whole, or in part, if it is determined by the City, in its sole discretion, that the funds heretofore advanced pursuant to this Revenue Anticipation Note are needed by the City for its operations, governmental or proprietary, and the Borrower is afforded a reasonable opportunity to obtain reasonably satisfactory refinancing hereof. All parties (makers, sureties, guarantors and all others now or hereafter liable for payment of all or any portion of the indebtedness evidenced by this Revenue Anticipation Note) severally waive demand, presentment, notice of dishonor, protest, notice of protest, and diligence in collecting this Revenue Anticipation Note and diligence in bringing and prosecuting suit against any party bound hereby, and agree that no extension, renewal or partial payment, or release or substitution of collateral before or after maturity, with or without notice, shall release or discharge the obligation of any party. Upon the failure to pay when due the principal and or interest, the holder hereof shall be entitled, at its option, to extend the term or declare the unpaid principal balance of this Revenue Anticipation Note to be immediately due and payable. A failure by such holder to 1 exercise such option will not constitute a waiver of the right to exercise the some in the event of any subsequent default. After maturity (whether by extension, acceleration or otherwise), interest shall accrue hereon at a rate of interest of ten percent (10 %) per annum. If this Promissory Note is placed with an attorney for collection upon any default, or to defend or enforce any rights of the holder(s) hereunder or any instrument securing payment of this Revenue Anticipation Note, or if this Revenue Anticipation Note is collected through bankruptcy or other judicial proceeding, the Borrower agrees to pay the reasonable attorney fees of the holder(s) of this Revenue Anticipation Note and all reasonable costs and expenses incurred in connection therewith. ATTEST: Sherry Bishop, Secretary Delivery receipted this 61h day of October, 2015. ATTEST: Sherry Bishop, City Clerk 2 OWASSO PUBLIC WORKS AUTHORITY an Oklahoma Public Trust 39 Jeri Moberly, Chair CITY OF OWASSO, OKLAHOMA M Jeri Moberly, Mayor LOAN AGREEMENT THIS LOAN AGREEMENT (the "Agreement ") made and entered into as of the 61h day of October, 2015, is by and between the Owasso Public Works Authority, an Oklahoma public trust, (the "Authority "), and the City of Owasso, Oklahoma, an Oklahoma Municipal Corporation (the "City "). W ITN ESSETH: WHEREAS, the City has determined to make a loan to the Authority, aggregating $330,000.00 to be evidenced by the Authority's Revenue Anticipation Note payable to the order of the City in the original principal amount not to exceed $330,000.00, (the "Note ") to enable the Authority, pursuant to certain of its approvals, to finance the purchase of Owasso Police Vehicles and Equipment. WHEREAS, pursuant to the terms and conditions hereinafter set forth, the City is willing to make such loan to be evidenced by the Note; and WHEREAS, the payment of the Note is to be made from the general revenues of the Authority, receipts and receivables, under the conditions as set forth hereinafter. NOW, THEREFORE, in consideration of the mutual agreements herein made and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: ARTICLE I THE AUTHORITY NOTES 1.1 The City's Commitment, The City agrees, subject to the terms and conditions of this Agreement, to make the loan to the Authority in the amount not to exceed $330,000.00. 1.2 Issuance of the Authority Note. Subject to the terms and conditions hereof and in reliance on the representations and covenants made herein, the Authority agrees to issue the Note to the City. The loan shall be repaid with interest in accordance with the terms of the Note. The Note shall be delivered to the City at a closing (the "Closing ") which will occur at such time and place as may be agreed on by the Authority and the City. Upon the issuance and delivery of the Note, and the satisfaction of all the conditions precedent of this Agreement, the City shall, upon receipt and approval of requisitions therefor, advance the proceeds of the loan to the Authority to purchase the Owasso Police Vehicles and Equipment. 1.3 Terms of the Note. The Note shall be in substantially the form set forth in Exhibit A attached hereto. Interest shall accrue, be payable and subject to adjustment, as provided for in the Note on the outstanding and unpaid principal balance thereon from the date of first advance thereon until payment in full thereof as set forth and provided therein. 1.4 Payments etc. Payment of principal and interest on the Note and other charges under this Agreement to be made to the City shall be made in lawful money of the United States of America, and shall be made at City's principal office in Owasso, Oklahoma, not later than 11:00 o'clock a.m. on the date due. If any such payment falls on a Saturday, Sunday or public holiday at the place of payment thereof, then such due date shall be extended on the next succeeding full business day at such place and interest shall be payable in respect of such extension. ARTICLE II CONDITIONS PRECEDENT 2.1 Conditions. The obligations of the City to make the loan pursuant to this Agreement are subject to there being no Event of Default hereunder or an event which with notice or lapse of time would become on Event of Default hereunder and the City having received in form and substance satisfactory to it: (a) A duly certified copy of the resolutions of the Authority authorizing execution and delivery of this Agreement, and related instruments, and the issuance, execution and delivery of the Note; (b) Original duly executed counterparts of this Agreement, (c) Such certificates, documents and certificates respecting the Authority, as City counsel shall reasonably require; (d) Such opinions of counsel for the Authority, as City counsel shall reasonably require; (e) A detailed description and cost breakdown analysis of the Project (the "Breakdown ") and all amendments thereto, all for approval by City; and (f) Such other and further materials and /or information as the City may reasonably request. ARTICLE III SPECIAL OBLIGATION; PLEDGE; SATISFACTION 3.1 Special Obligation. The Note shall constitute a limited and special obligation of the Authority. The principal of and interest on the Note shall be payable by the Authority solely from, and shall be enforceable only out of the revenues of the Authority being hereby pledged by the Authority to such payment. The Note and all other obligations of the Authority hereunder shall not be construed or considered to be an indebtedness of the City of Owasso, Oklahoma, or any municipality, county or political subdivision of the State of Oklahoma within the meaning of any constitutional or statutory provision of the State of Oklahoma, under any circumstances. 3.2 Satisfaction of Debt. Notwithstanding anything to the contrary contained herein or in the Note, or in any instrument or document executed by or on behalf of the Authority in connection herewith, no stipulation, covenant, agreement or obligation contained herein or therein shall be deemed or construed to be a stipulation, covenant, agreement or obligation of any present or future member, trustee, officer, employee or agent or any successor to the Authority, in any such person's individual capacity, and no such person, in his individual capacity, shall be liable personally for any breach or non- observance of or for any failure to perform, fulfill or comply with any such stipulations, covenants, agreements, or interest on the Note or for any claim based thereon or on any such stipulation, covenant, agreement or obligation, against such person, in his individual capacity, either directly or through the Authority or any successor to the Authority, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such person, in his individual capacity is hereby expressly waived and released. The Authority and the City expressly recognize and agree that this Agreement, the Note and any documentation issued, executed and delivered therewith, are subordinate and junior to all Revenue Bond obligations or Promissory Notes of the Authority currently outstanding or to be issued in the future. ARTICLE IV COVENANTS OF THE AUTHORITY The Authority hereby agrees with the City that, so long as the Note remains outstanding: 4.1 Performance of Agreements. The Authority shall take all action and do all things which it is authorized by law to take and do in order to perform and observe all covenants and agreements on its part to be performed and observed under this Agreement and the Note and in order to provide for and to assure payment of the principal of the Note and interest thereon when due. 4.2 Creation of Charges on Revenues. Left blank intentionally. 4.3 Amendment. The Authority shall not alter, amend or repeal the resolutions described in Section 2.1(a) hereof, or, without the prior written consent of the City, agree to any alteration or amendment of any of the instruments described in Sections 2.1 (b) and 2.1 (c) hereof, or take any action impairing any authority, right or benefit given or conferred by such resolution or instruments. 4.4 Payment. The Authority shall pay or cause to be paid the principal of and the interest on the Note as the some becomes due, whether by acceleration or otherwise, but solely from the sources referred to in Article III hereof. 4.5 Representations and Warranties of Authority. The Authority represents and warrants to the City as follows: (a) The Authority is an Oklahoma public trust duly organized, validly existing and in good standing under the laws of the State of Oklahoma and all other states in which it is necessary that the Authority be qualified to do business. (b) The Authority and the Owasso City Council have taken all necessary actions to authorize entering into this Agreement and to authorize the execution and delivery of the Note, and the other documents contemplated hereby. (c) The execution and delivery of this Agreement and, the Note, will not cause, constitute or result in a breach of any agreement, contract or other undertaking to which the Authority is a party. (d) The Authority shall deliver to the City copies, certified by the Authority's Secretary, of all resolutions and actions undertaken by the Authority or the Owasso City Council to authorize this transaction. (e) The Authority shall maintain its existence in Oklahoma. M The Authority shall deliver to the City, within one week after they are prepared, copies of the Authority's quarterly financial statements. ARTICLE V DEFAULT AND REMEDIES 5.1 Events of Default. Any one or more of the following shall constitute and "Event of Default" hereunder; (a) Nonpayment when due of interest and principal in accordance with the terms of the Note; or (b) The attachment of any involuntary lien in the sum of $25,000 or more, of any kind or character, upon the Revenues, or any portion thereof, except for taxes due but not in default and liens being contested in such a manner as to prevent execution on the Property; or (c) The entry against the Authority of any judgment in an amount of $25,000 or more on a claim not covered by insurance which is not discharged within thirty (30) days of such judgment becoming a final judgment; or (d) If the Authority shall apply for or consent to the appointment of a receiver, a trustee or liquidator of themselves or itself, or of all or a substantial part of its assets, or (ii) file a petition or answer seeking reorganization or admit (by answer, default or otherwise) the material allegations of a petition filed against them in any reorganization proceeding; or (e) If the Authority shall (i) become insolvent, generally fail to pay, or admit in writing its inability to pay its respective debts as they fall due, (ii) make a general assignment for the benefit of its creditors, (iii) be adjudicated as bankrupt or insolvent, or (iv) file a voluntary petition in bankruptcy or file a petition or answer seeking an arrangement with creditors or to take advantage of any insolvency laws or admit (by answer, default or otherwise) the material allegations of a petition filed against it in any bankruptcy, arrangement or insolvency proceeding, or take or omit to take any action for the purpose or with the result of effecting any of the foregoing; or (f) If the petition in bankruptcy is filed against the Authority and is not dismissed within thirty (30) days, or if an order, judgment or decree by any court of competent jurisdiction shall be entered, adjudicating the Authority to be bankrupt or insolvent, without the application, approval or consent of the Authority or if the Authority shall seek or consent to or fail to timely contest of any order, judgment or decree appointing a custodian of all or a substantial part of its assets, or if the Authority shall seek or consent to, or fail to timely contest any order, judgment or decree approving a petition seeking reorganization or appointing a receiver, trustee or other custodian or liquidator of all or a substantial part of its assets; or (g) Left blank intentionally; or (h) The breach of, or default under, any covenant, agreement, term, condition, provision, representation or warranty contained in this Agreement, the Note, not specifically referred to in this Section, if such breach or default is not cured within thirty (30) days of the occurrence thereof; or 4 (i) In any event of default shall occur and shall continue for more than the period of grace, if any, provided with respect thereto, under this Agreement; or (j) The Project cannot be completed in accordance with the plans and specifications approved by the City with the funds remaining to be advanced on the Note. 5.2 Remedies of Default. Whenever any Event of Default referred to in Section 5.1 hereof shall have occurred, the City may take any one or more of the following remedial steps: (a) Declare all amounts payable hereunder and pursuant to the Note or any renewal thereof, to be immediately due and payable without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any kind whatsoever, whereupon the same, together with the accrued interest thereon, shall become immediately due and payable; or (b) Left blank intentionally; or (c) Take whatever action at law or in equity may appear necessary or desirable to collect the amount then due and thereafter to become due, or to enforce performance or observance of any obligations, agreements, covenants of the Authority under the Note, this Agreement, or otherwise. ARTICLE VI MISCELLANEOUS 6.1 Defeasance. If the Authority shall pay or cause to be paid or otherwise provide for, or there shall otherwise be paid or provided for, the principal and the interest on the Note and all other amounts payable by the Authority at the times and in the manner stipulated in this Agreement or the Note, then all covenants, agreements and other obligations of the Authority hereunder shall thereupon terminate and be discharged and satisfied. 6.2 Waivers. etc. No failure on the part of the City to exercise and no delay in exercising, and no course of dealing with respect to, any right under this Agreement, or any other agreement or instrument referred to in this Agreement, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein and therein provided are cumulative and not exclusive of any remedies provided by law. 6.3 Successors. etc This Agreement shall be binding upon and inure to the benefit of the parties hereto and any subsequent holder of the Note and its successors and assigns. 6.4 Governing Law. This Agreement shall be construed in accordance with, and governed by the laws of the State of Oklahoma. 6.5 Amendments. This Agreement may not be amended, modified, or waived except with the written consent of the parties hereto. 6.6 Notices. All requests and notices under the Agreement shall be hand delivered or sent by United States Mail, postage prepaid, addressed as follows, except that either party may be written notice change of address, its counsel or its counsel's address for subsequent notices to be given hereunder: Authority Owasso Public Works Authority 1 11 N. Main Owasso, Oklahoma 74055 Attention: Jeri Moberly, Chair With a copy to: Julie Lombardi Authority Attorney 111 N. Main Owasso, Oklahoma 74055 City City of Owasso 111 N. Main Owasso, Oklahoma 74055 Attn: Jeri Moberly, Mayor With a copy to: Julie Lombardi City Attorney 1 11 N. Main Owasso, Oklahoma 74055 Notice given hereunder shall be deemed given upon receipt by the principal addressee. 6.8 Severability. If any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 6.9 Execution in Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 1 ATTEST: LN Sherry Bishop, Secretary (SEAL) ATTEST: En Sherry Bishop, City Clerk Owasso Public Works Authority ji Jeri Moberly, Chair "Authority" City of Owasso, Oklahoma us 7 Jeri Moberly, Mayor Amortization Schedule ❑] Rounding On Additional Exhibit A Page 1 of 1 Loan Amortization Schedule Loan Information Summary Loan Amount 33 — -- Rate (per period) 2.000% Annual Interest Rate 2.00%1 Number of Payments 2 Term of Loan in Years 2 Total Payments 339,932.67 First Payment Date j 1- Nov -16i Total Interest 9,932.67 Payment Frequency Annual; Est. Interest Savings 0.00 Compound Period l Annual', Payment Type End of Period Annual Payment 169,966.34 Amortization Schedule ❑] Rounding On Additional