HomeMy WebLinkAbout1987 06_OPWA_Utility System Revenue Bonds Series 1987_1987.11.17
AUTHORITY
87-06
OWASSO PUBLIC WORKS
LAW OFFICE
PAUL JOHANNING
OKLAHOMA CITY
RESOL UTION
WHEREAS, the Trustees have authorized publication of a notice that bids on
$1,000,000.00 aggregate principal amount of their Utility System Revenue
Bonds, Series 1987, would be received on November 17, 1987, at 11:30 O'Clock
A. M.;
WHEREAS, the following bids were received by the Authority:
James Baker (\( Company, Inc. in association with
Stifel, Nicolaus (\( Co., of $988,400.00 plus accrued
interest, providing a total interest cost of
$244,125.00, and an average rate of interest of
6.688356%; and
Leo Oppenheim (\( Co., Inc. of $985,300.00 plus
accrued interest, providing a total interest cost of
$253,856.25, and an average rate of interest of
6.954965%; and
Dean Witter Reynolds, Inc. of $980,000.00 plus
accrued interest, providing a total interest cost of
$255,312.50, and an average rate of interest of
6.994863%; and
E. F. Hutton and Company, Inc. and Merrill Lynch
Capital Markets Group of $989,550.00 plus accrued
interest, providing a total interest cost of
$258,200.00, and an average rate of interest of
7.073973%; and
'-AW OFFICE
PAUL JOHANNING
OKLAHOMA CITY
Smith Barney, Harris (\( Upham of $980,081.50 plus
accrued interest, providing a total interest cost of
$253,606.00, and an average rate of interest of
6.948110%; and
Investment Securities of Oklahoma and R. J.
Edwards, Inc., of $983,690.00 plus accrued interest,
providing a total interest cost of $251,122.50, and
an average rate of interest of 6.88%
WHEREAS, the lowest and best bid so received on this date was the bid of
James Baker (\( Company, Inc., of $988,400.00 plus accrued interest to the date
of delivery at the following interest rates:
- 5.50%
-- 6.00%
6.20%
6.40%
6.50%
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1988
1989
1990
1991
1992
$100,000.00 Bonds maturing November 1,
$125,000.00 Bonds maturing November 1,
$175,000.00 Bonds maturing November 1,
$225,000.00 Bonds maturing November 1,
$375,000.00 Bonds maturing November 1,
rate of
and an average
of $244.125.00
interest cost
said bid providing a total
interest of 6.688356%.
'-AW OFFICE
PAUL JOHANNING
OKLAHOMA CITY
BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS
AUTHORITY:
SECTION 1. It hereby is determined to be in the best interest of the Trust
Estate that the aforesaid lowest and best bid be and the same hereby is
accepted and the aforesaid Revenue Bonds hereby are sold to James Baker &
Company, Inc., Oklahoma City, Oklahoma
in accordance with the terms of said bid. The sale of said Bonds at the discount
expressed in said Bid hereby is approved. In order to cure any defect or
omission in the procedures had in the sale of said Bonds, competitive bidding
thereon hereby is expressly waived.
SECTION 2. The form and substance of The Owasso Public Works
Authority Series 1987 Revenue Bond Indenture between the Authority and The
First National Bank and Trust Company of Tulsa, Tulsa, Oklahoma, providing
for the issuance of and securing the aforesaid Bonds hereby are approved. The
Chairman and Secretary of Trustees hereby are authorized and directed to
execute, attest, affix the seal of the Authority to and to deliver to the
appropriate persons or entities the aforesaid Bond Indenture, said Bonds, the
Certificate of Trustees therein required, and any and all evidences of
indebtedness, certificates, agreements, statements, contracts, receipts and
closing documents relative to the issuance and delivery of the aforesaid Bonds
and receipt of the proceeds thereof by the Authority, and such actions of the
Chairman and Secretary hereby are adopted as the actions in such regard by the
Trustees.
1987.
November
this 17 th day of
ADOPTED
Chairman of Trustees
(S eal)
ATTEST: