HomeMy WebLinkAbout1973.10.09_OPWA Minutes_SpecialOCTOBER 99 1973
The Owasso Public Works Authority met in special session, called by Chairman Ross,
for the purpose of reviewing proposed Revenue Bonds for new water lines. The meeting
was called to order by Chairman Ross at 8:11 P.M.
PRESENT: Joe Ross Chairman W. W. VanDall City Attorney
Robert Ball Trustee John Edelman City Engineer
Dean Large Secretary Marcia G. Riggs City Clerk
V. D. Duncan Trustee Paul Nieto R.J.Edvards Co.
Noble Campbell City Manager Paul Johanning Hirst-Johanning-Hudson
ABSENT: Jerry Myers Vice Chairman
City Engineer John Edelman outlined to the Authority the three (3) projects needed
for new water lines as follows:
1. Treated from Mingo to Mohawk, cost $85,000.00
2. Across Breek and connect at $120, 000.00
Fourth , cost
3. Fourth Sand Main, up Cedar
Street to via 76th Street
North, 76th Street North connect
to existing line by Safeway and $85,000.00
TG&Y, Cost
TOTAL COSTS OF PROJECTS 192, and 3 $290,000.00
Mr. Nieto explained to the Authority that there were two (2) ways to secure the
Bonds. The Authority could have apublic Bond Sale or a Negotiated Sale. He felt
that in our situation the Negotiated Sale would benefit us most. First National
Bank and Trust Company will handle the Bonds for 6.5 % interest rate, and will hold
One Hundred (100) bonds which may be called in when we are ready. Mr. Nieto sug-
gested a $310,000.00 Bond Issue to allow for Engineering fees and capitalized in-
terest. It would amount to approximately $259000.00 a year to pay
forhe
$310,000.00 bond issue. Mr. Nieto advised the Authority that if it approved the
bonds, we could advertise for bids by December 15, 1973 and start construction
about January 1, 1974. The project, following above guidelines, should be com-
pleted by June 1, 1974.
Resolution No. 7, which is attached hereto and by reference made a part hereof,
was presented to the Authority and on a motion by Mr. Large and second by Mr. Ball
was adopted. Ayes: Ross, Ball, Large, Duncan, Nays: None. Resolution No. 7
was executed and filed in the City Clerk's Office.
® Mr. Ball made a motion to adjourn at 8:47 p.m. and Mr. Large seconded. Ayes: Ross,
Ball, Large, Duncan.
Joe Rosa, Cha' n of he Board
LAW OFFICES
r HIRSH. JOHANNING AND HUDSON
OKLAHOMA CITY
MINUTES OF MEETING
The Trustees of THE OWASSO PUBLIC WORKS AUTHORITY held a Regular Adjourned
meeting at the principal office of the Authority in the City of Owasso,
Oklahoma on the 9th day of October , 1973, at 7:00 o'clock P M.
Present: Joe Ross
Robert Ball
Harold D. Large
V. D. Duncan
Absent: Jerry K. Myers
(Other Proceedings)
Thereupon, a Resolution relating to the sale and delivery of Series 1973
Revenue Bonds of the Authority was introduced, and upon motion of
Mr. Large , seconded by Mr. Ball , the same was
adoptel—with the following vote:
Aye: Ross, Ball, Large and Duncan
Nay: None
(Other Proceedings)
Thereupon, the meeting was adjourned.
/s/ Harold D. Large _
Secretary of rustees
IM
LAW OFFICES
HIRSH, JOHANNING AND HUDSON
OKLAHOMA CITY
I. the undersigned Secretary of Trustees of THE OWASSO PUBLIC WORKS AUTHOR-
ITY, hereby certify that the foregoing is a ture, correct and complete copy
of the Minutes of a meeting of said Trustees, held on the date therein
stated insofar as the same relates to the adoption of the Resolution mentioned
therein as the same appears on file in my office as a part of the official
records thereof.
(Seal)
:27Zaw Z�'
Secretary of Trustees, The asso
Public Works Authority