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Home My WebLink About1974 11_OPWA_Bonds_Sanitary Sewer Facilities_Elm Creek_1974.07.02LAW OFFICES HIRSH, JOHANNING AND HUDSON OKLAHOMA CITY RESOLUTION 11 WHEREAS, the owners of certain lands within an area known as "Elm Creek West" have offered to purchase Bonds of the Authority, the proceeds of which are to be utilized to construct and install and provide for the initial expense of sanitary sewer facilities to serve the Elm Creek 'Nest area; and WHEREAS, the aforesaid purchasers have tendered to the Authority their letter agreement in the form of letters under date of June 7. 1974, and have tendered therewith twenty (200) percentu-n of the projected amount of Revenue Bonds afore- said to be held under the conditions specified in said letters, a copy of the form of said letters is attached to this Resolution and made a part hereof. SECTION 1® The form and substance of the aforesaid letters hereby are approved by the Authority and the same hereby are adopted in accordance with the terms thereof. SECTION 2. The Engineers of the Authority for this project, Mansur- Daibert- yams, hereby are authorized and directed to proceed with the prepara- tion of the plans and specifications for the aforesaid sanitary sewer project to the end that the same may be L-nplemented and advertisement for construction thereof received at the earliest practicable date after approval thereof by the Authority and the appropriate governmental entities. The General Counsel of the Authority, William W. VanDall, together with the financial legal counsel of the Authority, Hirsh, Johanning and Hudson, and the Financial Advisor to the Authority, R. J. Edwards, inc., hereby are authorized and directed to commence preparation of the necessary legal documents and instruments and financial data 'In connection therewith to the end that the aforesaid project can be financially implemented as soon as practicable after the receipt of construction bids thereon. The com- pensation of the foregoing persons and entities shall be and paid solely and only paid the amounts aid to the Authority as deposits up purchase price o±7 the aforesaid Revenue Bonds® I nd payment of the 4 /'? ADOPTED this day of //---7— Se&fftd-_ry_0_f -71-us tees 77- LAW OFFICES HIRSH, JOHANNING AND HUDSON OKLAHOMA CITY I, the undersigned Secretary of Trustees of The Owasso Public works Authority hereby certify that the foregoing is a true, correct and complete copy of a C, Resolution adopted by the Trustees of said Authority at a meeting held on the Z� date therein stated as the same appears on file in my office as a part of the official records thereof. (Seal) recrTetary of Trusstens June 7, 1974 The Trustees of The Owasso Public Works Authority City Hall Owasso, Oklahoma Gentlemen: The undersigned hereby proposes to purchase the amount of your Revenue Bonds (described below) set forth opposite their respective names (whe- ther one or more), at par, and concurrently herewith 7 deposits with you twenty (200) percent of said purchase price. The proceeds of said Bonds shall be utilized to install sanitary sewer outfall lines,, a lift station and force main (the "Project") to serve the area known as "ELT, Creek West" which is owned by the undersigned and all others executing s:L-rilar contracts. The Bonds shall be in the prin- cipal amount of $850,000.00, expressed to be due twenty (20) years from their date., and shall bear interest at the rate of eight (8%) percentum per annum beginning one (1) year from their date, payable semi-annually, which said interest shall be clzriulative. The Bonds shall be issued in several series, the series purchased by each of the undersigned respectively to be payable solely and only from a sanitary sewer connection charge made for each new residentia-1-3-r com- mercial connection to the sanitary sewer system within the area owned by the undersigned within the Elir, Creek 'Kest, less and except the first fifty dollars ($S0.00) thereof which shall be retained by the Authority, and which said Bonds shall NOT be a charge upon or -payable from any other revenues or funds of The Owasso Public Works Authority ("Authority"). Said established connection charge shall be expressed to increase by the C, amount of Eight (80) percentum per annum for a period of nineteen (19) years beginning one (1) year from the date of said Bonds.' Upon receipt of signed contracts similar to this one and total deposits together with that herewith submitted of $1702000.00, the Authority shall proceed to have final plans and specifications prepared and ad- vertise the construction of the sanitary sewer outfall lines, lift station and force main for bids as soon as practicable. The Bonds and the instruments authorizing their issuance and securing them shall then be prepared and the Bonds tendered to the undersigned and the other pur- chasers of them and shall be delivered and paid for prior to the execu- tion of a Construction Contract by the Authority. The amount deposited herewith shall be returned forthwith to the under- signed in the event that the full $850,000.00 of said Bonds are not con- tracted to be sold and the full 20% thereof deposited with the Authority within ten (10) days after the date hereof. Otherwise, all amounts so deposited shall be held., intact, by the Authority and invested in secured or insured Certificates of Deposit of a bank or banks or in direct obli- gations of the United States, and said amounts and the interest income therefrom credited upon the purchase price of the Bonds. In the event that the Project shall fail either because construction bids are too high and the Bond purchasers do not agree to purchase an increased amount of Bonds, or if some or all of the ' Bond purchasers de- fault in their to obligation purchase Bonds L - , then the Authority shall apply the amounts so on deposit with the Authority and the interest income therefrom; First, to the expenses incurred by the Authority for engineering, legal and financial services up to that point; and Second returning the balance to the Bond -purchasers pro rata: PROVIDED, that in the event such failure shall be the result of default by some one or more but not all Bond purchasers, the aforesaid expenses shall be charged first against the deposits nnade by those so defaulting and interest in- come therefrom, and any remainder against the remaining deposits and income. 9 0 There is included in the projected costs of the Project the sum of $26,000.00 which is the estimated excess of the cost of operation and maintenance of the Project over income therefrom during the initial period of its operation. This, together with any of the proceeds of the Bonds and interest income therefrom during construction of the Project, remaining after paying all costs and expenses of construction of the Project shall be applied by the Authority, First to the payment of the costs and expenses of operation, maintenance and ac1ministraticn of the Project to the extent that revenues from the Project, together with the interest income from such funds, are insufficient to meet such costs and expenses and, Second, after the Project shall have become revenue - producing as determined by the Authority, to the acquisition of said Bonds, at par and accrued interest to date of such acquisition, pro rata to the original principal amount of said Bonds originally purchased by each Purchaser, and for no other purpose. Dated this 7th day of June, 1974. M-4YRTNUM-M r kMCUNT OF AMOUNT BONDS TO BE DEPOSITED PURCHASED HEREWITH