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Home My WebLink About2016.11.01_OPWA AgendaOrder of meeting: OPWA OPGA PUBLIC NOTICE OF THE MEETING OF THE City Council OWASSO PUBLIC WORKS AUTHORITY Council Chambers, Old Central Building 109 N Birch, Owasso, OK 74055 Regular Meeting Tuesday, November 1, 2016 - 6:30 pm 1. Call to Order Chair Lyndell Dunn 2. Invocation Reverend Blake Altman of Trinity Presbyterian Church 3. Flag Salute 4. Roll Call 5. Presentation of the Character Trait of Gratefulness Dr. Chris Kelley, former Character Council Member o FcFJvFp 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: • October 18, 2016, Regular Meeting B. Approve claims 7. Consideration and appropriate action relating to items removed from the Consent Agenda 8. Consideration and appropriate action relating to Resolution 2016 -04, authorizing the Owasso Public Works Authority (the "Authority ") to issue its Sales Tax Revenue Note, Series 2016 (the "Note ") in the aggregate principal amount of $21,265,000; waiving competitive bidding and authorizing the Note to be sold on a negotiated basis; ratifying and confirming a Sales Tax Agreement by and between the City and the Authority pertaining to a year -to -year pledge of certain sales tax revenue; approving and authorizing execution of a Supplemental Note Indenture authorizing the issuance and securing the payment of the Note; providing that the organizational document creating the Authority is subject to the provisions of the Note Indenture; authorizing and directing the execution of the Note and other documents relating to the transaction; and containing other provisions relating thereto Linda Jones Staff recommends approval of Resolution 2016 -04. 9. Consideration and appropriate action relating to a budget amendment Linda Jones Staff recommends approval of a budget amendment increasing estimated revenue and the appropriation for expenditures by $21,265,000. OPWA November 1, 2016 Page 2 10. Report from OPWA Manager 11. Report from OPWA Attorney 12. Official Notices to Authority (documents for acknowledgment or information only, no discussion or action will be taken) • Payroll Payment Reports - Pay Period Ending Date 10/15/16 13. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) 14. Adjournment Notice of Public Meeting filed in the office of the City Clerk and the Agenda posted at City Hall, 200 S Main St, at 6:00 pm on Friday, October 28, 2016. 4nn JOIM. Stevens, Dep ty City Clerk OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, October 18, 2016 The Owasso Public Works Authority met in regular session on Tuesday, October 18, 2016, in the Council Chambers at Old Central, 109 N Birch, Owasso, Oklahoma per the Notice of Public Meeting and Agenda filed in the office of the City Clerk and posted at City Hall, 200 S Main St, at 6:00 pm on Friday, October 14, 2016. 1. Call to Order Chair Lyndell Dunn called the meeting to order at 7:20 pm. 2. Roll Call Present Absent Chair - Lyndell Dunn None Vice - Chair - Chris Kelley Trustee - Doug Bonebrake Trustee - Bill Bush Trustee -Jeri Moberly A quorum was declared present. Staff: Authority Manager - Warren Lehr Authority Attorney - Julie Lombardi 3. 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: • October 4, 2016, Regular Meeting • October 11, 2016, Regular Meeting B. Approve claims Ms. Moberly moved, seconded by Mr. Bonebrake to approve the Consent Agenda with claims totaling $405,164.36. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried: 5 -0 4. Consideration and appropriate action relating to items removed from the Consent Agenda None 5. Consideration and appropriate action relating to an amendment for re- appropriation of a Carryover Budget in FY 2016 -2017 Linda Jones presented the item recommending approval of the FY 2017 budget amendment to increase the appropriation for expenditures by $200,257. OPWA October 18, 2016 Page 2 There were no comments from the audience. Mr. Bush moved, seconded by Dr. Kelley to approve the budget amendment, as recommended. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried: 5 -0 6. Report from OPWA Manager None Report from OPWA Attorney None 8. Official Notices to Authority (documents for acknowledgment or information only, no discussion or action will be taken) • Payroll Payment Reports: o Pay Period Ending Date 10/1/16 • Monthly Budget Status Report - September 2016 9. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) None 10. Adjournment Mr. Bonebrake moved, seconded by Ms. Moberly to adjourn the meeting. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried 5 -0 and the meeting adjourned at 7:22 pm. Lyndell Dunn, Chair Lisa Wilson, Minute Clerk Claims List 11/1/2016 Budget Unit Title Vendor Name I Payable Description PaymentAmount OPWA JAMERICAN MUNICIPAL SERVICES CORP. ICOLLECTION SERVICES 159.79 TOTAL OPWA 159.79 OPWA ADMINISTRATION JPMORGAN CHASE BANK INTERSTATE - BATTERIES 48.40 JPMORGAN CHASE BANK RED BUD -A/C FILTERS 53.86 AEP /PSO ELECTRIC USE 1,156.46 CITY OF OWASSO ADMINISTRATIVE OVERHEAD 15,416.00 UNIFIRST HOLDINGS LP UNIFORM CLEANING 60.97 UNIFIRST HOLDINGS LP UNIFORM CLEANING 33.17 UNITED STATES CELLULAR CORPORATION PW CELL PHONES 56.55 STANDLEY SYSTEMS, LLC COPIER MAINTENANCE AGREEM 266.09 JPMORGAN CHASE BANK LOCKE - BALLASTS /LAMPS 203.71 JPMORGAN CHASE BANK REASORSSUPPLIES 16.46 JPMORGAN CHASE BANK 1OFFICE DEPOT - SUPPLIES 22.78 TOTAL OPWA ADMINISTRATION 17,334.45 UTILITY BILLING TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 1,606.69 TYRONE EUGENE DINKINS METER READER 221.85 TODD C. KIMBALL METER READER 523.35 JPMORGAN CHASE BANK AMAZON - SUPPLIES 45.89 JPMORGAN CHASE BANK OFFICE DEPOT- SUPPLIES 26.60 JPMORGAN CHASE BANK AMAZON- RETURN -32.90 TOTAL UTILITY BILLING 2,391.48 WATER JPMORGAN CHASE BANK HARBOR FREIGHT -TOOLS 123.96 JPMORGAN CHASE BANK LODGING EXP -TAX CREDIT -51.80 JPMORGAN CHASE BANK LODGING EXP-TAX CREDIT -51.80 JPMORGAN CHASE BANK LODGING TAX CREDIT -51.80 JPMORGAN CHASE BANK LODGING EXP-TAX CREDIT -51.80 JPMORGAN CHASE BANK HD SUPPLY -METER CAN 164.00 JPMORGAN CHASE BANK HO SUPPLY -METER GASKETS 204.75 JPMORGAN CHASE BANK HD SUPPLY -METER SETTERS 4,278.00 JPMORGAN CHASE BANK HD SUPPLY - SADDLES /SETTERS 984.42 JPMORGAN CHASE BANK CUIK SERVICE -REBAR 100.00 TREASURER PETTY CASH SOCKETS 18.40 TREASURER PETTY CASH SOD 57.50 JPMORGAN CHASE BANK FASTENAL- JBOLTS /NUTS 31.49 JPMORGAN CHASE BANK LOWES - KNEEPADS 21.96 SPOK, INC. PAGER USE 89.30 UNIFIRST HOLDINGS LP UNIFORM CLEANING 50.50 AEP /PSO ELECTRIC USE 539.03 JPMORGAN CHASE BANK ATWOODS -BOOTS 129.99 JPMORGAN CHASE BANK ILODGING EXPENSE 439.80 Page 1 Claims List 11/1/2016 Budget Unit Title Vendor Name Payable Description PaymentAmount WATER... JPMORGAN CHASE BANK LODGING EXPENSE 155.40 JPMORGAN CHASE BANK GRAINGER -PPE 6.66 CITY OF TULSA DEPT OF FINANCE LAB SERVICES 580.00 TWIN CITIES READY MIX, INC CONCRETE 192.00 UNIFIRST HOLDINGS LP UNIFORM CLEANING 50.50 TOTAL WATER 8,010.46 WASTEWATER TREATMENT UNIFIRST HOLDINGS LP UNIFORM CLEANING 70.61 UNIFIRST HOLDINGS LP UNIFORM CLEANING 84.06 JPMORGAN CHASE BANK JA KING -LAB CALIBRATIONS 1,071.00 JPMORGAN CHASE BANK BUMP28UMP- SUPPLIES 19.81 JPMORGAN CHASE BANK REASORS- DISTILLED WATER 7.44 JPMORGAN CHASE BANK LOWES - CLEANOUT CAP 3.08 JPMORGAN CHASE BANK HACH CO- REAGENT 52.68 JPMORGAN CHASE BANK HACH CO- SUPPLIES 362.78 JPMORGAN CHASE BANK GRAINGER -PPE 6.66 JPMORGAN CHASE BANK LOWES -TOOLS 86.40 JPMORGAN CHASE BANK INTERSTATE - BATTERIES 44.90 JPMORGAN CHASE BANK US FLAGS -FLAGS 67.35 JPMORGAN CHASE BANK GRAINGER -FUEL CAN 66.20 AEP IPSO ELECTRIC USE 24,986.08 SPOK, INC. PAGER USE 17.76 JPMORGAN CHASE BANK ACCURATE ENV - TESTING 37.50 JPMORGAN CHASE BANK ACCURATE ENV - TESTING 31.25 JPMORGAN CHASE BANK ACCURATE ENV - TESTING 1,581.00 JPMORGAN CHASE BANK RICKS TOOL -PUNCH HOLDER 45.25 JPMORGAN CHASE BANK LOWES- MATERIALS 409.28 JPMORGAN CHASE BANK LOWES- BALLASTS 44.94 JPMORGAN CHASE BANK IWASTE MGMT - SLUDGE REMOVAL 2,498.01 TOTAL WASTEWATER TREATMENT 31,594.04 WASTEWATER COLLECTION! JPMORGAN CHASE BANK AMERIFLEX -HOSE 110.75 JPMORGAN CHASE BANK HAMBRICK -SEAL PUMP 1,725.00 JPMORGAN CHASE BANK TIMMONS OIL- DIESEL 649.40 JPMORGAN CHASE BANK AMERIFLEX -HOSE 228.25 JPMORGAN CHASE BANK HD SUPPLY- SUPPLIES 304.00 JPMORGAN CHASE BANK HD SUPPLY- SUPPLIES 48.80 SPOK, INC. PAGER USE 53.78 AEP/PSO ELECTRIC USE 4,971.99 JPMORGAN CHASE BANK LOWES- CONCRETE 59.70 JPMORGAN CHASE BANK LOWES- MIRROR 11.98 JPMORGAN CHASE BANK GRAINGER -PPE 6.66 JPMORGAN CHASE BANK WALMART - SUPPLIES 7.98 UNIFIRST HOLDINGS LP JUNIFORM CLEANING 1 42.08 Page 2 Claims List 11/1/2016 Budget Unit Title Vendor Name Payable Description Payment Amount WASTEWATER COLLECTION! UNIFIRST HOLDINGS LP UNIFORM CLEANING 42.08 JPMORGAN CHASE BANK ADVANCED INDUST -PARTS 279.00 JAMES A. OZBUN SPARE SEALS 285.00 TOTAL WASTEWATER COLLECTIONS 8,826.45 REFUSE COLLECTIONS UNITED STATES CELLULAR CORPORATION PW CELL PHONES 51.48 JPMORGAN CHASE BANK WELDON PARTS -BRAKE TOOL 83.93 JPMORGAN CHASE BANK KIM'S INT'L -HYDRA HOSES 482.87 JPMORGAN CHASE BANK KIM'S INT'L -HOSES 383.76 UNIFIRST HOLDINGS LP UNIFORM CLEANING 33.50 LENOX WRECKER SERVICE INC TOWING 235.00 COVANTA LANCASTER, INC REFUSE TIPPING FEES 4,866.58 JPMORGAN CHASE BANK FLEETPRIDE -BRAKE PARTS 921.06 JPMORGAN CHASE BANK FLEETPRIDE -BRAKE PARTS 464.12 JPMORGAN CHASE BANK FLEETPRIDE- BRAKES 502.20 JPMORGAN CHASE BANK BUMP2BUMP -FUSES 4.04 JPMORGAN CHASE BANK BUMP2BUMP -HOSE CLAMPS 17.60 JPMORGAN CHASE BANK GRAINGER -PPE 6.66 SPOK, INC. PAGER USE 62.16 UNIFIRST HOLDINGS LP UNIFORM CLEANING 33.50 UNITED ENGINES, LLC REPAIRS 5,390.20 JPMORGAN CHASE BANK FLEETPRIDE- RETURN - 112.00 UNIFIRST HOLDINGS LP UNIFORM CLEANING 55.74 TREASURER PETTY CASH CDL LICENSE RENEWAL 51.50 JPMORGAN CHASE BANK BUMP2BUMP -FLASH LIGHTS 7.74 JPMORGAN CHASE BANK TULSA CLEAN SYS- REPAIR 864.92 JPMORGAN CHASE BANK JUNITED ENGINES- SWITCHES 346.25 TOTAL REFUSE COLLECTIONS 14,752.81 RECYCLE CENTER JPMORGAN CHASE BANK WASTE MGMT- TIPPING FEES 961.94 JPMORGAN CHASE BANK LOWES- PLUMBING PARTS 26.47 UNIFIRST HOLDINGS LP UNIFORM CLEANING 6.72 AEP /PSO ELECTRIC USE 121.77 UNIFIRST HOLDINGS LP UNIFORM CLEANING 6.72 TOTAL RECYCLE CENTER 1,123.62 OPWA DEBT SERVICE BANCFIRST ORF -10- 0014 -CW /SANTA FE 14,304.19 BANCFIRST ORF -13- 0005 -CW /RANCH CR 25,309.70 BANCFIRST FAP -01 -0003 -L /01 C 6,402.53 BANCFIRST FAP -10 -0002 -L /10 6,973.17 BANCFIRST ORF -01- 0002 -1-101 B 11,828.79 BANCFIRST ORF -99- 0008 -L/99B 3,583.07 BANCFIRST ORF -09- 0007- CW109C 23,285.99 Page 3 Claims List 11/1/2016 Budget Unit Title Vendor Name Payable Description PaymentAmount OPWA DEBT SERVICE... BANCFIRST ORF -09- 0003- CW /09B 55,960.40 BANCFIRST 874320013/13 -06DW 95,550.33 TOTAL OPWA DEBT SERVICE 243,208.17 FUND GRAND TOTAL 327,401.27 OPWA STF DEBT SERVICE FUND GRAND TOTAL OPWA ST SUB - DEBT SERV ISF SHOPS INVESTORS, L.P. IDEVELOPMENT AGREEMENT 'TOTAL OPWA ST SUB - DEBT SERV IFUND GRAND TOTAL GRAND TOTAL $483,132.41 Page 4 nTity Wit ouf Limits. TO: Honorable Mayor and City Council City of Owasso TO: The Honorable Chair and Trustees Owasso Public Works Authority FROM: Linda Jones, Finance Director SUBJECT: Authorization of Sales Tax Revenue Note, Series 2016 DATE: October 28, 2016 BACKGROUND: In October of 2003, Owasso citizens voted to approve changes to the third -penny sales tax ordinance. According to Ordinance 763, the purpose of the third -penny sales tax is "to provide revenues to finance or fund capital projects and related costs, to include debt service on obligations issued to finance said capital projects." The ordinance includes the requirement that "said capital projects" are to be "review by the Capital Improvements Committee, approved by the City Council by resolution, with oversight given by the Citizens' Watchdog Committee established by the City Council." The third -penny sales tax is projected to generate $8 million in fiscal 2016 -2017, $2 million of which is currently used for debt service. On July 5, 2016, the City Council approved Resolution 2016 -10 amending the list of projects eligible for funding from the Capital Improvements Fund to include Brookfield Crossing Subdivision Stormwater improvements, Central Park /Lakeridge Subdivision Stormwater improvements, South Sports Park Regional Detention Pond Project, and Elm Creek Tributary 5A and Rayola Park Stormwater improvements, as recommended by the Capital Improvements Committee. On September 20, 2016, the City Council approved Resolution 2016 -16 amending the list of projects eligible for funding from the Capital Improvements Fund to include Fire Station No. 4 with Administration and Training Center, as recommended by the Capital Improvements Committee. On Tuesday, October 4, the OPWA Trustees approved Resolution 2016 -03 authorizing bond council and financial advisor professional service agreements and providing preliminary approval to seek bids for financing capital improvement projects. Objectives with this financing would be to take advantage of the current low interest rates; to provide funding for projects to be constructed within approximately three years; and also to leave sufficient cash flow in the capital improvements fund that other planned projects would not be delayed. Ben Oglesby, Financial Advisor, and Allan Brooks, Bond Counsel, consulting with city staff over the past few months, have developed a debt structure and terms to meet our financing needs and provide the lowest possible costs and fees. Discussions with potential lending institutions to gauge the market and interest in OPWA debt led to the decision that a negotiated sale rather than a bid on this note should provide the best interest rate. Those negotiations will not be complete until November 1, 2016. Consequently, the attached resolutions contain blank spaces where the bank name and interest rate will be added. The final documents will be provided at the meeting on November 1, 2016. As a public trust of the City, the OPWA cannot incur debt without the approval of the City Council. City Resolution 2016 -20 authorizes the OPWA to issue its Sales Tax Revenue Note, Series 2016. The resolution approves waiver of competitive bidding for the sales of this Note. The resolution also ratifies and confirms existing agreements between the City and the OPWA and provides various other requirements of the financing. OPWA Resolution 2016 -04 authorizes the issuance of a $21,265,000 Sales Tax Revenue Note, Series 2016. The resolution approves waiver of competitive bidding and authorizes the note to be sold on a negotiated basis. The resolution also ratifies and confirms existing agreements between the City and the OPWA, provides various other requirements of the financing and authorizes the execution of all documents related to the transaction. SALES TAX REVENUE NOTE, SERIES 2016: The proposed Sales Tax Revenue Note would include $17.4 million for the fire /public safety project and $3.5 million for stormwater projects. The Note would be repaid from the third -penny sales tax in approximately ten years. Any remaining funds would be used for street improvements. CITY COUNCIL RECOMMENDATION: Staff recommends Council approval of City Resolution 2016 -20 approving the incurrence of debt by the Owasso Public Works Authority and containing other related provisions. Staff further recommends approval of a budget amendment in the Capital Improvements Fund to increase appropriations for both revenues and expenditures by $21,265,000. OPWA RECOMMENDATION: Staff recommends OPWA Trustee approval of OPWA Resolution 2016 -04 authorizing the issuance of a $21,265,000 Sales Tax Revenue Note and containing other related provisions. Staff further recommends amendment of the Owasso Public Works Authority budget to increase appropriations for both revenues and expenditures by $21,265,000. ATTACHMENTS: City Resolution 2016 -20 OPWA Resolution 2016 -04 CITY OF OWASSO RESOLUTION 2016 -20 A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") ISSUING ITS SALES TAX REVENUE NOTE, SERIES 2016 (THE "NOTE "); PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE INDENTURE, AUTHORIZING THE ISSUANCE OF SAID NOTE; WAIVING COMPETITIVE BIDDING WITH RESPECT TO THE SALE OF SAID NOTE AND APPROVING THE PROCEEDINGS OF THE AUTHORITY PERTAINING TO THE SALE OF SAID NOTE; RATIFYING AND CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE CITY OF OWASSO, OKLAHOMA (THE "CITY ") AND THE AUTHORITY PERTAINING TO THE YEAR -TO -YEAR PLEDGE OF CERTAIN SALES TAX REVENUES; AND CONTAINING OTHER PROVISIONS RELATING THERETO. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA: SECTION 1. INDEBTEDNESS AUTHORIZED. The Owasso Public Works Authority (the "Authority ") is hereby authorized to incur an indebtedness by the issuance of its Sales Tax Revenue Note, Series 2016 in the amount of $21,265,000, according to the terms and conditions of a Note Indenture dated as of December 1, 2004, as previously supplemented and amended, and as further supplemented and amended by a Series 2016 Supplemental Note Indenture, all by and between the Authority and BancFirst, as successor Trustee to RCB Bank (collectively, the "Note Indenture "), provided that said Note shall never constitute a debt of the City of Owasso, Oklahoma (the "City "). SECTION 2. ORGANIZATIONAL DOCUMENT SUBJECT TO NOTE INDENTURE. The organizational document creating the Authority, is hereby made subject to the terms of the Note Indenture authorizing the issuance and securing the payment of the Note as more fully described in Section i hereof. SECTION 3. WAIVING COMPETITIVE BIDDING; APPROVAL OF SALE PROCEEDINGS. The waiving of competitive bidding for the sale of the Note and the sale of said Note by the Authority to , at a price of par, is hereby approved. SECTION 4. SALES TAX AGREEMENT. The Sales Tax Agreement dated as of December 1, 2004, between the City and the Authority (the 'Sales Tax Agreement "), which Sales Tax Agreement pertains to a year -to -year pledge of certain sales tax revenue as security for the Note, is hereby ratified and confirmed. SECTION 5. AUTHORIZING EXECUTION. The Mayor or Vice Mayor and City Clerk or Deputy City Clerk of the City representing the City at the closing of the above - referenced note issue are hereby authorized to execute and deliver on behalf of the City any and all certifications and documentation necessary or attendant to the delivery of the Note, as directed by Bond Counsel. PASSED AND APPROVED THIS 1 ST DAY OF NOVEMBER, 2016. CITY OF OWASSO, OKLAHOMA (SEAL) Lyndell Dunn, Mayor ATTEST: Sherry Bishop, City Clerk THE OWASSO PUBLIC WORKS AUTHORITY RESOLUTION 2016 -04 A RESOLUTION AUTHORIZING THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") TO ISSUE ITS SALES TAX REVENUE NOTE, SERIES 2016 (THE "NOTE ") IN THE AGGREGATE PRINCIPAL AMOUNT OF $21,265,000; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; RATIFYING AND CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE CITY AND THE AUTHORITY PERTAINING TO A YEAR -TO- YEAR PLEDGE OF CERTAIN SALES TAX REVENUE; APPROVING AND AUTHORIZING EXECUTION OF A SUPPLEMENTAL NOTE INDENTURE AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENT OF THE NOTE; PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE INDENTURE; AUTHORIZING AND DIRECTING THE EXECUTION OF THE NOTE AND OTHER DOCUMENTS RELATING TO THE TRANSACTION; AND CONTAINING OTHER PROVISIONS RELATING THERETO. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. INDEBTEDNESS AUTHORIZED. The Owasso Public Works Authority (the "Authority ") is authorized to incur an indebtedness by the issuance of its Sales Tax Revenue Note, Series 2016 for and on behalf of the City of Owasso, Oklahoma (the "City "), in the aggregate principal amount of $21,265,000.00 (the "Note ") for the purpose of (i) financing certain capital improvements benefiting the City, including construction of a new public safety operations and training center, stormwater detention and drainage improvements, and street improvements, along with related costs; and (ii) paying certain costs associated with the issuance of the Note. The Note shall bear interest at the rate of _% per annum. The principal installments on the Note shall be paid as set forth on Exhibit "A" hereto. SECTION 2. COMPETITIVE BIDDING WAIVED. Competitive bidding on the sale of said Note is waived and the Note is authorized to be sold to at a price of par. SECTION 3. SALES TAX AGREEMENT. The Sales Tax Agreement dated as of December 1, 2004, between the City and the Authority (the "Sales Tax Agreement "), which Sales Tax Agreement pertains to a year -to -year pledge of certain sales tax revenue as security for the Note, is hereby ratified and confirmed. SECTION 4. SUPPLEMENTAL NOTE INDENTURE. The Series 2016 Supplemental Note Indenture by and between the Authority and BancFirst, as Trustee, as said Series 2016 Supplemental Note Indenture supplements and amends a Note Indenture dated as of December 1, 2004, as previously supplemented and amended, each by and between the Authority and the Trustee, as successor trustee bank to RCB Bank (collectively, the "Note Indenture "), authorizing the issuance of and securing the payment of the Note approved in Section 1 hereof, is hereby approved and the Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION 5. ORGANIZATIONAL DOCUMENT SUBJECT TO THE NOTE INDENTURE. The organizational document creating the Authority is subject to the provisions of the Note Indenture referenced in Section 4 hereof. SECTION 6. EXECUTION OF NECESSARY DOCUMENTS. The Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized and directed on behalf of the Authority to execute and deliver the Note to upon receipt of the purchase price and are further authorized and directed to execute all necessary documentation and closing and delivery papers required by Bond Counsel; approve the disbursement of the proceeds of the Note, including any costs of issuance; to approve and make any changes to the documents approved by this Resolution, for and on behalf of the Authority, the execution and delivery of such documents being conclusive as to the approval of any changes contained therein by the Authority; and to execute, record and file any and all the necessary financing statements and security instruments, including but not limited to the documents approved hereby, and to consummate the transaction contemplated hereby. PASSED AND APPROVED THIS 1ST DAY OF NOVEMBER, 2016. (SEAL) ATTEST: Sherry Bishop, Secretary THE OWASSO PUBLIC WORKS AUTHORITY Lyndell Dunn, Chairman 2 EXHIBIT "A" [Principal Payment Schedule] Payment Date Principal Amount June 1, 2017 December 1, 2017 June 1, 2018 December 1, 2018 June 1, 2019 December 1, 2019 June 1, 2020 December 1, 2020 June 1, 2021 December 1, 2021 June 1, 2022 December 1, 2022 June 1, 2023 December 1, 2023 June 1, 2024 December 1, 2024 June 1, 2025 December 1, 2025 June 1, 2026 December 1, 2026 $0 275,000 295,000 590,000 600,000 1,210,000 1,225,000 1,235,000 1,250,000 1,260,000 1,275,000 1,285,000 1,300,000 1,310,000 1,325,000 1,340,000 1,350,000 1,365,000 1,380,000 1,395,000 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 10/15/16 Department Payroll Expenses Total Expenses OPWA Administration 10,778.85 15,959.06 Utility Billing 5,724.80 10,834.82 Water 14,131.87 24,139.42 Wastewater 12,610.42 21,235.36 Wastewater Collection 8,451.14 13,830.49 Refuse 14,447.55 22,094.80 Recycle Center 998.40 1,581.47 FUND TOTAL 67,143.03 109,675.42