HomeMy WebLinkAbout1988 07_OPWA_deafsance of bonds_1988.10.12
THE BOARD OF TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY, STATE
OF OKLAHOMA, MET IN SPECIAL SESSION IN THE COUNCIL CHAMBERS AT THE
CITY HALL IN SAID CITY ON THE 12TH DAY OF OCTOBER, 1988, AT 7:00
O'CLOCK P.M.
PRESENT:
ABSENT:
Notice of this special meeting having been given in writing to the Clerk of the City of
Owasso, Oklahoma, forty-eight (48) hours prior to such meeting and public notice of
this meeting having been posted in prominent view at the City Hall, 207 South Cedar,
Owasso, Oklahoma, twenty-four (24) hours prior to this meeting, excluding Saturdays,
Sundays and legal holidays, all in compliance with the Oklahoma Open Meeting Act.
(Other Proceedings)
THEREUPON, the Chairman introduced a Resolution, and upon motion
by , seconded by , said Resolution was
adopted by the following vote:
AYE:
NAY:
Said Resolution was thereupon signed by the Chairman, attested by the Secretary,
sealed with the seal of said public trust, and is as folIo, IS:
OPWA RESOLUTION NO. 88-.07
A RESOLUTION AUTHORIZING THE DEFEASANCE OF THE OWASSO
i>UBLIC WORKS AUTHORITY'S OUTSTANDING $500,000
REFUNDING REVENUE BONDS, SERIES 1977, DATED NOVEMBER 1,
1977, AND THE OWASSO PUBLIC WORKS AUTHORITTS
OUTSTANDING $285,000 REFUSE REVENUE BONDS, SERIES 1979,
DATED FEBRUARY 1, 1979, THROUGH UTILIZA TION OF
AVAILABLE MONIES IN FUNDS AND ACCOUNTS CONTAINED IN
THE BOND INDENTURES PURSUANT TO WHICH THE TWO
RESPECTIVE BOND ISSUES WERE ISSUED AND FROM SUCH OTHER
MONIES AVAILABLE TO SAID AUTHORITY; AND CONTAINING
OTHER PROVISIONS RELATING THERETO.
WHEREAS, the AUTHORITY has heretofore issued its $500,000 Refunding
Revenue Bonds, Series 1977, dated November 1, 1977 (the "1977 Bonds") for the
purpose of refunding both (a) the Owasso Utilities Authority's outstanding First
Mortgage Revenue Bonds, Series A, dated February 1, 1967, and (b) the AUTHORITY's
Water and Sewer System Revenue Bonds, Series 1973, dated November 1, 1973; and
..
WHEREAS, the AUTHORITY has heretofore issued its $285,000 Refuse Revenue
Bonds, Series 1979, dated February 1, 1979 (the "1979 Bonds") on a parity basis with
the 1977 Bonds for the purpose of constructing extensions and improvements to the
System of the City; and
WHEREAS, it is deemed advisable by the City of Owasso, State of Oklahoma (the
"City"), to make certain street improvements throughout of the City, improve the
storm sewer and drainage system, purchase firefighting equipment, acquire, construct
and equip an animal impoundment facility and acquire, construct, renovate and equip
certain recreational facilities of the City; and
WHEREAS, The Owasso Public Works Authority (the "Authority") intends to issue
revenue bonds in a sufficient amount in order to have funds available to finance such
improvements set forth herein and to provide for the retirement of certain existing
indebtedness of the Authority; and
WHEREAS, at an election held for such purpose on October 4, 1988, the voters of
the City of Owasso, Oklahoma, approved the extension of an existing one percent (1 %)
sales tax provided by Ordinance No. 395, originally established by Ordinance No. 326,
as amended of the City and provide that the proceeds thereof be used to pay principal
and interest on the bonds referenced herein and to provide capital improvements under
certain circumstances for the City; and
WHEREAS, the estimated amounts necessary for such purposes are Two Million
Seven Hundred Thousand Dollars ($2,700,000) for street improvements, Five Hundred
Fifteen Thousand Dollars ($515,000) for the storm sewer and drainage system, Thirty-
Five Thousand Dollars ($35,000) for firefighting equipment, Fifty Thousand Dollars
($50,000) for the animal impoundment facility and Four Hundred Forty-Three
Thousand ($443,000) for recreational facilities; and
WHEREAS, power is granted said Authority under Title 60, Oklahoma Statutes,
Section 176 et seq., to issue revenue bonds to provide funds for such purposes.
Owasso
The
of
Trustees
the Board of
IT RESOLVED by
BE
NOW, THEREFORE,
Public Works Authority:
SECTION 1. The Authority hereby authorizes the defeasance of the Authority's
outstanding $500,000 Refunding Revenue Bonds, Series 1977, dated November 1, 1977
(the "1977 Bonds'I), and the Authority's outstanding $285,000 Refuse Revenue Bonds,
Series 1979, dated February 1, 1979 (the "1979 Bonds"), through utilization of available
monies in funds and accounts contained in the Bond Indentures pursuant to which the
respective 1977 Bonds and 1979 Bonds were issued and from such other monies
available to said Authority.
SECTION 2. The Chairman or Vice Chairman and Secretary or Assistant
Secretary of the Authority are hereby further authorized on behalf of the Authority to
accept, receive, execute, attest, seal and deliver all additional documentation,
certifications and instruments and to take such further actions as may be required in
connection with the transactions contemplated hereby.
2
1988.
Oc tober,
12th day of
this
PASSED AND APPROVED
THE OWASSO PUBLIC WORKS AUTHORITY
(SEAL)
ATTEST:
3
)
)SS
)
STATE OF OKLAHOMA
COUNTY OF TULSA
I, the undersigned, the duly qualified and acting Secretary of The Owasso Public
Works Authority, hereby certify that the foregoing is a true and complete copy of
Resolution No. 88-07 adopted by the governing body of a special meeting thereof duly
held on the date therein set out insofar as the same relates to the introduction,
reading and adoption thereof as the same appears of record in my office.
further certify that attached hereto are true and complete copies of the notice
given to the City Clerk of Owasso, Oklahoma, at least forty-eight (48) hours prior to
the meeting at which said Resolution was adopted; and of public notice posted at the
City Hall, 207 South Cedar, in said municipality twenty-four (24) hours prior to said
meeting, excluding Saturdays, Sundays and legal holidays.
1988.
WITNESS my hand and seal this 12th day of October,
Secre
4
(SEAL)