HomeMy WebLinkAbout1981 03_OPWA_Authorizing OPWA to Borrow_1981.03.17
INCURRING OF
OWASSO
AN
RESOLUTION
RELATING TO THE
BY THE TRUSTEES OF THE
AUTHORITY AND DECLARING
A RESOLU'I'ION
INDEBT.EDNESS
PUBLIC \ivORIZS
EMEHGENCY
WHEREAS, the Trustees of The Owasso Public Works Authority
have determined to ~ i-f'luCur indebtedness in the aggregate amount of
$120,000.00 evidenced bya Promissory Note of the Authority in
the principal amount of $120,000.00, bearing interest at the rate
of nine percent (9%) per annum and maturing in quarterly install-
ments of principal, together with interest (the "Note") I for the
purpose of providing funds for the purpose of extending and improv-
ing the waterworks system owned by the City of Owasso, Oklahoma
and leased to the Trustees of the Authority f (the "Project"); and
(the "Bank
000.00
Owasso, Oklahoma
the sum of $120
WHEREAS, First Bank of Owasso,
has offered to loan to the Authority
to be evidenced by the Note
OKLAUQJ\1A
Section 1. ~he incurring of indebtedness by the Trustees of The
sso lic Works Authority in the aggregate principal amount
of $120,000.00 to be evidenced by the Note of the Authority,
which Note will be paid from the income and revenues from the
utility systems owned by the City of Owasso, Oklahoma, and
leased to the Trustees of the Authority, is hereby approved by
the Council of the City of Owasso, Oklahoma, the governing body
of said City.
O\vASSO
TIrE CITY OF
COUNCIL OF'
THE
EESOLVED BY
T
T
.I..
BE
Section 2. Competitive bidding is hereby specifically waived
respect to' the issuance and sale of the Note and the issuance
and sale of such Note dated as of the date of delivery thereof,
and bearing interest at the rate of nine percent (9%) per
annum, to First Bank of Owasso, Oklahoma, for a purchase price
equal to the par value thereof or the par value of the amounts
advanced thereon is hereby specifically approved.
Section 3. By reason of the need for immediate preservation
o lic peace, health, safety and welfare of the City of
Owasso, Oklahoma, and the inhabitants thereof, an emergency is
declared to exist for reason whereof this Resolution shall be in
full force and effect from and after its passage and approval
Harch
of
17th day
l\dopted this
y
Seal
ATTEST