HomeMy WebLinkAbout1993 06_Authorize Treasurer to invest funds_1993.06.15CITY OF OWASSO, OKLAHOMA
WHEREAS, the City Council of the City of Owasso, Oklahoma,
finds that the City presently maintains funds that have reserves
which have reached a level that would allow for investments of a
significanL nature and for lonq term investments that might produce
a higher yield;
WHEREAS, the City Council of the City of Owasso, Oklahoma,
finds that investment opportunities are problematical due to low
levej of interest rates presently existing in the market as well
as legal restrictions placed upon the placement of public funds in.
the market,-,
WHEREAS, the City Council of the City of Owasso, Oklahoma,
finds thaL after exploration of several investment opportunities
and the discovery that the return on investments of a traditional
nature would riot. be significant, alternatives to traditional
investments that -would produce a higher yield in an otherwise
depressed investment climate have been ascertained;
WHEREAS, the City Council of the City of Owasso, Oklahoma, has
deLermined t.hat the Owasso Public Golf Authority, an Oklahoma
Public Trust, havQ(.-,j the City of Owasso, Oklahoma, as it's
beneficiary, has a present need to raise additional funds for the
final golf course projects and to provide cash for start up of the
golf course;
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WHEREAS, the City Council of the City of Owasso, Oklahoma,
finds Lhat a present need in the amount not to exceed Four Hundred
Thousand Dollars ($400,000.00) exists on the part of the Owasso
Public Golf Authority, and that the Owasso Public Golf Authority,
is desirous of obtaining such funding from the City of Owasso,
Oklahoma, in a manner that would produce for the City higher yield
on it's investments while at the same time assisting the Owasso
Public Golf Authority in completing the golf course, a community
enhancement project; and,
WHEREAS, under the public finance provisions of the statutes
of the State of Oklahoma, relating to municipal. -investment of
funds, 68 O.S. Section 348.1 /Authorized Investments /Disposition
of Income, the City Treasurer of the City, when authorized by the
City Council by written investment policy, ordinance or resolution,
is authorized to invest monies in the custody of the City Treasurer
in Revenue Anticipation Notes issued by a public trust for which
such City is a beneficiary thereof;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OWASSO, OKLAHOMA, THAT TO-WIT:
SECTION ONE. The City Treasurer of the City of Owasso,
Oklahoma, is hereby authorized to invest certain unappropriated an.i.
unencumbered monies of the City of Owasso, Oklahoma, surplus to the
present needs of said City, in the custody of the City Treasurer
of the City of Owasso, Oklahoma, in a Revenue Anticipation Note to
be issued by the Owasso Public Golf Authority, an Oklahoma Public
Trust having the City of Owasso, Oklahoma, as it's beneficiary, in
W amount, not to exceed Four Hundred Thousand Dollars
($400,000.00). The City Council of the City of Owasso, Oklahoma,
hereby approves the proposed Agreement and Revenue Anticipation
Note to be issued by the Owasso Public Golf Authority, a copy
thereof being attached hereto, made a part hereof and marked as
Exhibit "A".
SECTION TWO. The Mayor, or Vice-Mayor as the case the may be,
the City Clerk or the Deputy City Clerk as the case may be, and the
City Treasurer or Deputy Treasurer as the case may be, of the City
of Owasso, be and they hereby are, authorized and empowered for and
on behalf of the City of Owasso, Oklahoma, to execute, deliver and
receive the Agreement and Revenue Anticipation Note of the Owasso
Public Gotf Authority exhibited hereto and such further agreements
and docaments and ho take such antions as such officer or officers
may deem necessary ox desirnbJe in order to carry out and perform
thn investment and to effect the purposes thereof and to consummate
the transaction contomplated thereby.
SECTION THREE. That in accordance with public finance
provisions of the Statutes of the State of Oklahoma relating to
municipal investment of funds, � 8 O. S, Section 348.1(5), the income
received by .he CiQ of Owasso from the investment herein
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contemplated shall be placed, on a pro rata basis as hereinafter
set forth, -in the Contributing Funds within the City of Owasso,
Oklahoma Consolidated Cash Account. Stich pro rata distribution of
Income shall be made on the per-c-entage basis that the Contributing
Fund within the Consolidated Cash Account of the City of Owasso,
oklahomci, bears to the Contributing Funds within the Consolidated
Cash Account of the City of Owasso, Oklahoma, on an average monthly
basis, as determined. semi - annually, on ,July 1, and January 1, for
distribution of the income earned in the preceding six (6) month
period.. Any Contributing Fund within the Consolidated Cash Account
of the CiLy of Owasso, Oklahoma, subsequently closed by the City
Council of the City of Owasso, Oklahoma, shall receive no further
pro rata. distributions of income.
PASSED AND APPROVED this day of
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1 9 9 3.
MWINEW
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By,
Mb Randolph, Mayor
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EXHIBIT "A"
TO CITY OF OWASSO, OKLAHOMA
RESOLUTION NUMBER
Rye-LAIMMITURN"
THIS AGREEMENT (the "Agreement") made and entered into as of
the __Z, day of June, 1993, by and between the Owasso Public Golf
Authority, an Oklahoma public trust, (the "Authority") , and the
City of Owasso, Oklahoma, an Oklahoma Municipal Corporation, (the
11 C i ty") -
WITNESSETH:
WHEREAS, the City has determined to make a loan to the
Authority aggregating $400,000.00 to be evidenced by the
Authority's Revenue Anticipation Note payable to the order of the
Cit:y in. the original principal amount of $400,000.00, (the "Note")
to enabLe the Authority, pursuant to certain of its approvals, to
finance costs of the completion of the construction of a golf
course (the "Project").
WHEREAS, pursuant to the terms and conditions hereinafter set
forth, the City is willing to make such. loan to be evidenced by
the Note; and.
WHEREAS, the payment of the Note is to be secured by a
subordinate security interest in. the revenues of the Authority,
receipts arid. receivables, under the conditions as set forth
hereinafter.
NOW, THEREFORE, in consideration of the mutual agreements
herein made and. other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree
as follows:
FirmsLy
THE AUTHORITY NOTE
a.1. The _City Commitment. The City agrees, subject to
the terms and conditions of this Agreement, to make a loan to the
Authority in the amount not to exceed Four Hundred Thousand Dollars
($400,000.00).
1.2 Issuance of the Authority Note. Subject to the
terms and conditions hereof and in reliance on the representations
and covenants made herein, the Authority agrees to issue the Note
to the City. The loan shall be repaid with interest in accordance
with the terms of the Note. The Note shall be delivered to the
City at a closing (the "Closing") which will occur at such time
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and. place as may be agreed on by the Authority and the City. Upon
the issuance and delivery of the Note, and the satisfaction of
all conditions precedent of this Agreement, the City shall, upon
receipt and approval of requisitions therefor, advance the proceeds
of the loan to the Authority to the Authority's demand deposit
account number (the "Project Account") for
disbursement therefrom to pay the costs of the Project.
I.3 Loan Advances. Except as hereinafter provided, the
loan. advances on the Note- shall be made pursuant to a schedule
which shall be in accordance with the Authority's construction
completion schedule. Each request for an advance shall be
accompanied by a certificate describing the invoices for which the
loay) advances are sought, certifying that the work, labor or
materials for which the loan advance is sought have been performed
according to the plans and specifications and certifying that
sufficient funds are available under the Note to complete the
construction of the Project in accordance with the plans and
specif -ications. Lien waivers from all contractors and
subcontractors shall be provided by the Authority with each loan
advance. The parties agree that $173,000.00 of the loan proceeds
shall_ be set aside by the Authority and placed in the Interest
Account and Principal Account of the Bond Fund at the Authority's
Trustee Bank, to be used exclusively for the Authority making its
first payment in July of 1994 on the Owasso Public Golf Authority
Recreational Facilities Revenue Bond, Series 1992, obligation
I 4 Terms of the Note. The Note shall be in the form
set forth in Exhibit A hereto.
Interest shall accrue, be payable and subject to adjustment,
as provided for in the Note on the outstanding and unpaid principal
balance thereon from the date of first advance thereon until
payment in full- thereof as set forth and provided therein.
1.5 Payments, etc. All payments of principal, of
premium, if any, and interest, on the Note and other charges under
this Agreement to be made to the City shall be made in lawful money
of the United States of America, and shall be made at City's
principal office in Owasso, Oklahoma, not later than 11:00 o'clock
a.m. on the date du.e. If any such payment falls due on a. Saturday,
Sunday or public holiday at the place of payment thereof, then such
due date shall- be extended to the next succeeding full business day
at. such place and interest sba.11 be payable in respect of such
extension.
ARTICLE II
CONDITIONS PRECEDENT
2 . I Conditions. The obligation of the City to make
the loan pursuant to this Agreement is subject to there being no
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Event of Default hereunder or an event which with notice or lapse
of time would become an Event of Default hereunder or an event of
Default on the part of the Authority in it's $4,905,000.00
Recrealt--ional Facility Revenue Bonds, Series 1992, and the City
having received in form and substance satisfactory to them:
(a) A duly certified copy of the resolution of the
Authority authorizing execution and delivery of this
Agreement, and related instruments, and the
issuance, execution and delivery of the Note;
(b) Original duly executed counterparts of (i) this
Agreement, arid. (ii) such financing statements) as
respect the Eoregoin.g.
(c) Evidence that the Agreement, the Note and financing
statements to the extent appropriate have been duly
recorded and. filed in all appropriate places
required for due recording and perfection under
Oklahoma law;
(d) Such certificates, documents and certificates
respecting the Authority as Authority counsel or
City counsel shall reasonably require;
(e) Evidence satisfactory to city
Authority's compliance with
requirements of the Agreement as
reasonably require including but
builder's risk insurance during
phase of the project;
respecting the
the insurance
the City shall
not limited to
the construction
M A detailed description and cost breakdown analysis
of the Project (the "Breakdown") and all amendments
thereto, all for approval by City;
Such other and further materials and/or information
as the City may reasonably request;
ARTICLE III
SPI.,"CIAL OBLJ-GA7'JON-_PLLDGE,-. SATISFACTION
3.1 Special Obligation. The Note shall constitute a
limited and special obligation of the Authority. The principal of
,and interest on the Note shall be payable by the Authority solely
from, and shall be enforceable only out of (i) the revenues of the
Authority, and (ii) the Project Account, together with all
earnings thereon., if any, being hereby pledged by the Authority to
such payment. Notwithstanding anything to the contrary contained
herein or in. the Note, or in any instrument or document executed
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by or on behalf of the Authority in connection herewith, no
stipulation, covenant, agreement or obligation contained herein or
therein shall be deemed or construed to be a stipulation, covenant,
agreement or obJigation of any present or future member, trustee,
officer, employee or agent of the Authority, or of any trust or,
member, director, trustee, officer, employee or agent or any
successor to the Authority, in any such. person's individual
capacity, and no such person, in his individual capacity, shall be
liable personally for any breach or non-observance of or for any
fai-lure to perform, fulfill or comply with any such stipulations,
covenants, agreements, or interest on the Note or for any claim
based thereon or on any such stipulation, covenant, agreement or
obligation, against such person, in his individual capacity, either
dj_recLly or through the Authority or any successor to the
Authority, under any rule of law or equity, statute or constitution
or by the enforcement of any assessment or penalty or otherwise,
and a.11 such liability of any such person, in his individual
capacity, is hereby expressly waived and released.
3,2 Satisfaction of Debt. The Authority and the City
expressly recognize and agree that this Agreement, the Note and any
documentation issued, executed and delivered therewith, are
subordinate and junior to the obligations of the Authority arising
under the Owasso Public Golf Authority $4,905,000.00 Recreational
Fac.ilities Revenue Bonds, Series 1992. By reason of the foregoing,
and in recognition by the Authority of the notification and cure
rights possessed by the City pursuant to Article 8, Sections 8.12
and 8.13, of the Owasso Public Golf Authority Recreational
Facilities Revenue Bond, Series 1992, Authority shall timely notify
City of an anti-cipatory default on its part as well as any
notification of default received by Authority from the Trustee
thereunder.
ARTICLE IV
COVENANTS OF THE AUTHORITY
The Authority hereby agrees with the City that, so long as
the Note remains outstanding
4.1
Performance of Agreements,
The Authority
shall take
all action and
do all things which it is
authorized by law
to take
and do in order
to perform and observe all
covenants and
agreements
on its part to
be performed and observed
under this Agreement, the
Note and the Owasso Public Golf Authority's
Recreational
Facilities
Revenue Bonds,
Series, 3.992, and in order to provide
for and to
assure payment
of the principal. of the
Notes and any
premium or
interest thereon when due.
4.2 Creation of Charges on Revenues. The Authority
shall.. not create or suffer to exist any assignment, pledge,
security interest or other lien, encumbrance or charge on any
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revenues derived or to be derived from the assets, real or
personal, of the Authority, excluding, however, the Recreational
Facilities Revenue Bonds, Series, 1992, and any other liens,
encumbrances or charges in favor of the City as security for the
Note.
4.3 Amendment. The Authority shall not alter, amend or
repeal the resolutions described in Section 2.1(a) hereof, or,
Without the prior written consent of the City, agree to any
a. I t - eration or amendment of any of the instruments described in
Sections 2. 1, (b) and 2.1(c) hereof, or take any action impairing any
authority, right or benefit given or conferred by such resolution
or instruments.
4.4 Payujt- L n , - The Authority t
hoity shall pay or cause o be
t
paid the principal of, premium, if any, and the interest on the
Note as the same becomes due, whether by acceleration or otherwise
but solely from the sources referred to in Article III hereof.
4.5 Representations and Warranties of Authority. The
Authority represents and warrants to City as follows:
(a) The Authority is an Oklahoma public trust duly
organized, validly existing and in good standing under
the laws of the State of Oklahoma and all other states
in which it is necessary that the Authority be qualified
to do business.
(b) The Authority has taken all necessary actions
to authorize entering into this Agreement and to
authorize the execution and delivery of the Note, the
Agreement and the other documents contemplated hereby.
(c) The execution and. delivery of this Agreement,
the Note, will not cause, constitute or result in a
breach of any agreement, contract or other undertaking
to which the Authority is a party.
(d) The Authority shall deliver to City copies,
certified by the Authority's Secretary, of all
resolutions and actions undertaken by the Authority to
authorize this, transaction,
(e) The Authority shalL maintain its existence in
Oklahoma.
(f) The Authority shall deliver to City, within one
week after they are prepared, copies of the Authority's
quarterly financial statements.
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ARTICLE V
5
DEFAULT AND REMEDIES
5.1 Events of Default. Any one or more of the following
shall constitute and "Event of Default" hereunder;
Nonpayment when due of any installment of interest
or principal in accordance with the terms of the
Note; or
b The attachment of any involuntary lien in the sum
of $25,000 or more, of any kind or character, upon
the Property of the Authority or any portion
thereof, except for taxes due but not in default and
liens being contested in such a manner as to prevent
execution on the Property; or
(C) The entry against the Authority of (i) any judgment
in an amount of $25,000 or more on a claim not
covered by insurance which is not discharged within
thirty (30) days of such judgement becoming a final
judgment; or
(d) If- the Authority, shall. (i) apply for or consent to
the appointment of a received, a trustee or
I.i.quidator of themselves or itself, or of all or a
substantial part if its assets, or (ii) file a
petition or answer seeking reorganization or admit
(by answer, default or otherwise) the material
allegations of a petition filed against them in any
reorganization proceeding; or
(e) If the Authority, shall (i) become insolvent,
generally fail to pay, or admit in writing their
respective inability to pay their respective debts
as the fall due, (ii) make a general assignment for
the benefit of their or its respective creditors,
(iii) be adjudicated a bankrupt or insolvent, or
(iv) file a voluntary petition in bankruptcy or file
a petition or answer seeking an arrangement with
creditors or to take advantage of any insolvency
.laws or admit (by answer, default or otherwise) the
material allegations of a petition filed against any
of them in any bankruptcy, arrangement or insolvency
proceeding, or take or omit to take any action for
the purpose or with the result of effecting any of
the foregoing; or
(f) If a petition in bankruptcy is filed against the
Authority, and is not dismissed within thirty (30)
days, or if an order, judgment or decree by any
court of competent jurisdiction shall be entered,
ad.judical-ing the Authority to be bankrupt or
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insolvent, without the application, approval or
consent of the Authority or if the Authority shall
seek or consent to or fail to timely contest any
order, judgment or decree appointing a custodian of
all or a substantial part of their assets, or if the
Authority shall seek or consent to, or fail to
timely contest any order, judgment or decree
approving a petition seeking reorganization or
appointing a receiver, trustee or other custodian
or liquidator of all or a substantial part of its
assets; or
(g) Failure of the security interests granted in the
Agreement to constitute a duly perfected, valid
security interest in the Property; or
(h) If any warranty or representation of the Authority
contained in or any financial statement or other
information given or furnished to the City by or on
behalf of the Authority shall be false or misleading
in any material respect; or
The breach of, or default under, any covenant,
agreement, term, condition, provision,
representation or warranty contained in this
Agreement, the Note or the Owasso Public Golf
Authority Recreational Facilities Revenue Bonds,
Series, 1992, not specifically referred to in this
Section, if such breach or default is not cured
within thirty (30) days of the occurrence thereof;
or
(j) in any event of default shall occur and shall
continue for more than the period of grace, if any,
provided with respect thereto, under this Agreement,
(k) The Project cannot be completed in accordance with
the plans and specifications approved by the City
with the funds remaining to be advanced on the Note.
"I
5, Z' Remedies on Default. Whenever any Event of Default
ref erred. to in Section 5.1 hereof shall have occurred, the City may
ta. k e a. n y one or more of the following remedial steps:
(a) Declare all amounts payable hereunder and pursuant
to the Note or any renewal thereof, to be
immediately due and payable without notice of
default, presentment or demand for payment, protest
or notice of nonpayment or dishonor, or other
notices or demands of any kind whatsoever, whereupon
the same, together with the accrued interest
thereon, shall become immediately due and payable;
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(b) Realize upon its rights under the other collateral
documentation as may from time to time inure to the
benefit of the City; or
(c) Take whatever action at law or in equity may appear
necessary or desireable to collect the amounts then
due and thereafter to become due, or to enforce
performance or observance of any obligations,
agreements or covenants of the Authority under the
Note and this Agreement.
ARTICLE VI
CUSTODY AND APPLICATION OF NOTE PROCEEDS AND OTHER MONEYS
6.1 Pro_°e.ct Account. Provided Authority is in
complJance with the terms of the Agreement and Note, the proceeds
of the Note upon duly submitted requisitions therefor, shall be
advanced and deposited in the Project Account and disbursed
therefrom for payment of the costs of the Project.
6.2 Pledge of Accounts. Pending disbursement, all
moneys and investments standing to the credit of the Project
Account are hereby pledged to the City, and a security interest in
all such moneys and investments, as security for the payment in
ful], of the Note and all other amounts due to the City hereunder.
ARTICLE VII
MISCELLANEOUS
7.1 Defeasance. If the Authority shall pay or cause to
be paid or otherwise provide for, or there shall otherwise be paid
or provided for, the principal and the interest on the Note and
all other amounts payable by the Authority at the times and in the
manner stipulated in this Agreement or the Note, then all
covenants, agreements and other obligations of the Authority
hereunder, and the security interest created shall thereupon
L"erM-ii.nate and be discharged and satisfied, and. thereupon all the
moneys and properties of the Authority then subject to such
security interest shall be free and clear thereof and the Authority
may withdraw any such funds from the Project Account.
7.2 Waivers etc. No failure on the part of the City
to exercise and no delay in exercising, and no course of dealing
with respect to, any right under this Agreement, or any other
aq--reem(-:)nt or instrument referred to in this Agreement, shall
operate --)s a waiver thereof; nor shall any single or partial
exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein
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and therein provided are cumulative and not exclusive of any
remedies provided by law.
7.3 Fees and Expenses. The Authority agrees to pay,
(i) all taxes or other governmental charges including, without
limitation, filing fees upon any documents or transactions pursuant
to this Agreement', (ii) all expenses incident to filings or
recordings pursuant to this Agreement, or in respect of the pledge
hereunder and thereunder including, but not limited to, and the
fees of City counsel in the preparation and review of this
Agreement, the other loan documents and related matters, and (iii)
a.11 costs of collection (including reasonable counsel fees) if
default is made in the payment of the Note.
7.4 Successors, etc._ This Agreement shall be binding
upon and inure to the benefit of the parties hereto and any
subsequent holder of the Note and its successors and assigns.
7.5 Governing Law. This Agreement shall be construed
in accordance with, and governed by the laws of the State of
Oklahoma.
7.6 Amendments. This Agreement may not be amended,
modified or waived except with the written consent of the parties
hereto.
7.7 Notices. All requests and notices under the
Agreement shall be hand delivered or sent by United States Mail,
postage prepaid, addressed as follows, except that either party may
be written notice change of address, its counsel or its counsel's
address for subsequent notices to be given hereunder:
Authority: Owasso Public Golf Authority
207 South. Cedar
Owasso, Oklahoma 74055
Attention: Rikkola, Jr., Chairman
with a coDv to:
Ronald D. Cates
Authority Attorney
Suite 680, ParkCentre
525 South Main
Tulsa, Oklahoma 74103
City: City of Owasso, Oklahoma
Owasso City Hall
207 South Cedar
Owasso, Oklahoma 74055
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with a copy to:
Ronald D. Cates
City Attorney
Suite 680, ParkCentre
525 South Main
Tulsa, Oklahoma 74103
Notice given hereunder shall be deemed given upon receipt by the
principal- addressee.
7.8 SeverabilitV. If any provision of this Agreement
shall be held j-nvalid or unenforceable by any court of competent
jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof.
7.9 Execution in Counterparts. This Agreement may be
executed in several counterparts, each of which shall be an
oraginal and all of which shall constitute one and the same
instrument.
Owasso Public Golf Authority
By
Tom M. Rikkola, Jr., Chairman
"Authority"
ATTEST:
By
City of Owasso, Oklahoma
By: s 6k
Bob Randolph, Mayor
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EXHIBIT "A"
TO AGREEMENT DATED THE L5j DAY OF JUNE
_k , 1993
OWASSO PUBLIC GOLF AUTHORITY -- CITY OF OWASSO
REVEAVE ARTICIPATION NOTE
OF
THE OWASSO PUBLIC GOLF AUTHORI
A
Dated as of the d c ay of June, 1.993
-,I
Owasso, Tulsa County, Oklahoma $400,000.00
FOR VALUE RECEIVED, the undersigned, Owasso Public Golf Authority,
an Oklahoma Public Trust, having the City of Owasso, as its
beneificiary, its successors and assigns (collectively, the
"Borrower"), promises to pay to the order of the City of Owasso,
Oklahoma, an Oklahoma Municipal Corporation, its successors and
assigns (collectively, the "City") at its principal office at 207
South. Cedar, Owasso, Tulsa County, Oklahoma 74055, or at such
other place as may be designated in writing by the City, the
principal sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000.00) or so
much thereof as shall have been advanced hereon, together with
interest on the unpaid portion of the principal balance computed
from the date of each advance, until paid in full, at the rate of
five point five percent (5.5%) per annum, principal and interest
being deferred six (6) months from the delivery hereof and receipt
of initial draw down; thereafter six (6) bi-annual payments of
interest only to begin after the deferral period, with principal
and interest payments thereafter amortized over the last eighty-
four (84) months of the loan all as shown on Exhibit "A" hereto,
same being Owasso Public Golf Authority Revenue Anticipation Note
Debt Service Schedule, which. shall govern the repayment of this
obligation.
The installments of interest and principal set forth above shall
be due and payable as aforesaid until the full principal amount of
this Revenue Anticipation Note and all interest hereon have been
paid in full.. Payment in advance of one or more of the unmatured
principal installments hereof may be made by the Borrower and will
be applied. first, to interest at the aforesaid rate on the unpaid
amount of said loan, accrued to date of receipt of said payment,
and the balance of each payment shall be applied to the principal.
Th(--� Borrower may prepay this Note, in whole or in part, at any time
prior to the due date hereof, without penalty. If any payment
shall be due on. a Saturday or Sunday or upon any banking holiday
of the holder hereof, such payment shall be due and payable on the
next succeeding banking day and interest shall accrue to such day.
`Ph.i..s Revenue Anticipation Note is the Revenue Anticipatin Note
referred to in that certain Loan and Security Agreement dated as
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of the , , 15 day of June 1993
_ j_h_ by and between the Borrower and
the City (the "City") given and entered into to secure this Note,
the proceeds of which the City is loaning to the Borrower to
finance its costs of completion of its golf course facility in
Owasso, Tulsa County, Oklahoma. Except as may be herein otherwise
specifically provided, the rights and obligations of the Borrower
and the City arising by virtue of this Revenue Anticipation Note
as well as the Agreement above referred to, shall be governed by
the Agreement as if same were specifically incorporated herein,
such Agreement surviving the issuance, execution and delivery of
this Revenue Anticipation Note.
The City may, at any time prior to the due date of final payment
of this Revenue Anticipation Note call for an early pre-payment in
whole, or in part, if it is determined by the City, in it's sole
discretion, that the funds heretofore advanced pursuant to this
Revenue Anticipation Note are needed by the City for its
operations, governmental or proprietary, and the Borrower is
afforded a reasonable opportunity to obtain reasonably satisfactory
refinancing hereof.
All parties (makers, sureties, guarantors and all others now or
hereafter liable for payment of all or any portion of the
indebtedness evidenced by this Revenue Anticipation Note) severally
waive demand., presentment, notice of dishonor, protest, notice of
protest, and diligence in collecting this Revenue Anticipation Note
and diligence in. bringing and prosecuting suit against any party
bound hereby, and agree that no extension, renewal or partial
payment, or release or substitution of collateral before or after
maturity, with or without notice, shall release or discharge the
obligation of any party.
Upon the failure to pay when due any installment in principal or
interest, the holder hereof shall be entitled, at its option, to
declare the unpaid principal balance of this Revenue Anticipation
Note to be immediately due and payable. A failure by such holder
to exercise such option will not constitute a waiver of the right
to exercise the same in the event of any subsequent default. Such
rights of acceleration are cumulative and in addition to any right
of acceleration provided in any writing or writings now or
hereafter securing or purporting to secure payment of the
indebtedness evi-d.enced hereby. After maturity (whether by
extension, accelration or otherwise), interest shall accrue hereon
at a rate of interest of ten percent (100) per annum. If this
Promissory Note is placed with an attorney for collection upon any
default, or to defend or enforce any rights of the holder(s)
hereunder or any instrument securing payment of this Revenue
Anticipation Note, or if this Revenue Anticipation Note is
collected through bankruptcy or other judicial proceeding, the
Borrower agrees to pay the reasonable attorney fees of the
holder(s) of this Revenue Anticipation Note and all reasonable
costs and expenses incurred in connection therewith.
ow-opga.ran 2
This Revenue Anticipation Note together with all extensions,
renewals substitutes, modifications and/or changes in form hereof
is secured by the Security Agreement which respects certain
property and. interests located in Tulsa County, Oklahoma.
By
Tom M. Rikkola, Jr.,
Chairman
FARMEWME
Mt rc .. B Oultd Ze -I Secretary
Delivery receipted this 2 d ay y f
,3,ad o '� JZZ17W, _, 1993.
I
By
8 Randolph, Maydr
INSURNM
Marcij,) Boutwe-A., City Clerk
ow-opga-ran 3
400,000.00 160,050.00 560,00.00
Dated 7/1/93 with Delivery of 7/1/93
EXHIBIT "A"
to
Revenue Anticipation Note
OWASSO PUBLIC GOLF AUTHORrTY
REVENUE AI\MCIPATION NOTE
DEBT SERVICE SCHEDULE
DATE
-- -----
----------------------------------------------------------------------------
PRINCIPAL
COUPON INTEREST PERIOD TOTAL
FISCAL TOTAL
- - - - - --
111194
11,000.00
11,000.00
11,000.00
711/94
11,000.00
11,000.00
111/95
11,000.00
11,0()0.00
22,000.00
7/1195
11,000.00
11,000.00
111/96
11,000.00
11,000.00
22,000.00
7/1/96
11,000.00
11,000.00
1/1/97
40,000.00
5.500000 11,000.00
51,000.00
62,000.00
7/1/97
9,900.00
9,900.00
1/1/98
45,000.00
5.500000 9,900.00
54,900.00
64,800.00
7/1/98
8,662.50
8,662.50
1/1/99
45,000.00
5.500000 8,662.50
53,662.50
62,325.00
7/1/99
7,425.00
7,425.00
1/1/00
50,000.00
5.500000 7,425.00
57,425.00
64,850.00
7/1/00
6,050.00
6,050.00
1/1/01
50,000.00
5.500000 6,050.00
56,050.00
62,100.00
7/1/01
4,675.00
4,675.00
111102
55,000.00
5.500000 4,675.00
59,675.00
64,350.00
711/02
3,162.50
3,162.50
1/1/03
55,000.00
5.500000 3,162.50
58,162.50
61,325.00
7/1103
1,650.00
1,650.00
1/1/04 -- -
- - - -- 60,000_00-
-------
5.500000 1,650.00
-------------------------------
61,650.00
63,300.00
400>•00
160,050.00
560,050.00
400,000.00 160,050.00 560,00.00
Dated 7/1/93 with Delivery of 7/1/93