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HomeMy WebLinkAbout1992 08_Bond special election Sports Plex_1992.04.21RESOLUTION NUMBER 92 -08 WHEREAS, it is deemed advisable by the City of Owasso, in the State of Oklahoma, to improve the Sports -Plex recreational facilities of the City; and WHEREAS, it is deemed advisable to approve the use of the Capital Future Fund of the City and provide that the proceeds thereof be used to pay principal of and interest on the bonds referenced herein; and WHEREAS, the estimated amount necessary for such purpose is ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS; and WHEREAS, there are no funds in the treasury for such purpose and power is granted said City by Section -27, Article X of the Constitution and laws of the State of Oklahoma, to issue bonds to provide funds for such purpose; provided the same be authorized by the registered, qualified electors thereof, voting at an election held for that purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, STATE OF OKLAHOMA: SECTION 1. That the Mayor or Vice -Mayor of said City be hereby authorized and directed to call a special election to be held in said City on the 16th day of June, 1992, for the purpose of submitting to the registered, qualified electors thereof the following Proposition: A RESOLUTION AUTHORIZING THE CALLING AND HOLDING OF AN ELECTION IN THE CITY OF OWASSO, IN THE STATE OF OKLAHOMA, FOR THE PURPOSE OF i SUBMITTING TO THE REGISTERED, QUALIFIED VOTERS OF cv ' SAID CITY THE QUESTION OF THE ISSUANCE OF THE BONDS OF SAID CITY IN THE SUM OF ONE MILLION TWO .- HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS TO ....1 PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND �^ CONSTRUCTING ADDITIONAL RECREATIONAL FACILITIES AT �! THE SPORTS -PLEX FACILITY OF THE CITY, TO BE OWNED EXCLUSIVELY BY SAID CITY; OF THE APPROVAL OR p _ REJECTION OF RESOLUTION NUMBER 92 -08 OF THE CITY 'RELATING TO THE APPROVAL OF THE USE OF THE REVENUES IN THE CAPITAL FUTURE FUND FOR TRANSFER TO THE SINKING FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS; AND LEVYING AND COLLECTING AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY FOR THE PAYMENT OF THE INTEREST ON AND PRINCIPAL OF SAID BONDS; AND DECLARING AN EMERGENCY. WHEREAS, it is deemed advisable by the City of Owasso, in the State of Oklahoma, to improve the Sports -Plex recreational facilities of the City; and WHEREAS, it is deemed advisable to approve the use of the Capital Future Fund of the City and provide that the proceeds thereof be used to pay principal of and interest on the bonds referenced herein; and WHEREAS, the estimated amount necessary for such purpose is ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS; and WHEREAS, there are no funds in the treasury for such purpose and power is granted said City by Section -27, Article X of the Constitution and laws of the State of Oklahoma, to issue bonds to provide funds for such purpose; provided the same be authorized by the registered, qualified electors thereof, voting at an election held for that purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, STATE OF OKLAHOMA: SECTION 1. That the Mayor or Vice -Mayor of said City be hereby authorized and directed to call a special election to be held in said City on the 16th day of June, 1992, for the purpose of submitting to the registered, qualified electors thereof the following Proposition: PROPOSITION 1 "SHALL THE CITY OF OWASSO, TULSA COUNTY, STATE OF OKLAHOMA, INCUR AN INDEBTEDNESS BY ISSUING ITS BONDS IN THE SUM OF ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS TO PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND CONSTRUCTING ADDITIONAL RECREATIONAL FACILITIES AT THE SPORTS -PLEX FACILITY OF THE CITY, TO BE OWNED EXCLUSIVELY BY SAID CITY; AND LEVY AND COLLECT AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT FALLS DUE, AND ALSO TO CONSTITUTE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF WHEN DUE, SAID BONDS TO BEAR INTEREST NOT TO EXCEED THE RATE OF TEN PER CENTUM (10 %) PER ANNUM, PAYABLE SEMI- ANNUALLY, AND TO BECOME DUE SERIALLY WITHIN TEN (10) YEARS FROM THEIR DATE ?" Explanatory Note If Proposition No. 1, above, is approved by a majority of the registered qualified voters, voting at the election for such purpose and Proposition No. 2, providing for the use of the funds deposited in the Capital Future Fund is not approved by a majority of the registered qualified voters, voting at the election for such purpose, the General obligation Bonds provided in the above Proposition WILL NOT BE ISSUED. PROPOSITION 2 "SHALL THE TOTAL SALES TAX PROCEEDS DEPOSITED IN THE CAPITAL FUTURE FUND CREATED BY ORDINANCE NO. 395 BE TRANSFERRED INTO THE SINKING FUND OF THE CITY TO PAY PRINCIPAL AND INTEREST ON THE BONDS TO BE ISSUED PURSUANT TO PROPOSITION NO. 1, UNTIL SUCH TIME AS THERE ARE SUFFICIENT FUNDS IN SAID SINKING FUND TO RETIRE THE PRINCIPAL OF THE BONDS PLUS ANY ACCRUED INTEREST THEREON ?" Explanatory Note Unless Proposition 1 providing for the issuance of the bonds to pay for the improvements to the Sports -flex facility is approved by a majority of the registered qualified voters, voting at the election for such purpose, the sales tax provided in the above proposition WILL NOT BE TRANSFERRED TO THE SINKING FUND OF THE CITY. SECTION 2. The specific project for which one hundred percent (100 %) of the proceeds of the aforesaid Bonds shall be expended, and the dollar amount for such project shall be as follows: Construction of eight (8) baseball fields and eight (8) soccer fields; construction of rest room facilities; construction of roads, water, sewer and drainage improvements to the property, at the Sports -Plex facility located at 10320 East 116th Street in Owasso, Oklahoma, plus costs of issuance $1,230,000.00 SECTION 3. That such call for said election shall be by Proclamation signed by the Mayor or Vice -Mayor and attested by the City Clerk, setting forth the Propositions to be voted upon, the hours of opening and closing of the polls, and the substance of Section 2 hereof. The polling places and officials shall be the same as those prescribed for conduct of state and county elections; provided, however, that substitutions of election officials, if necessary, shall be made by the Tulsa County Election Board. The ballots shall set forth the Propositions to be voted upon substantially as set out in Section 1 hereof, and the returns of said election shall be made to and canvassed by said Tulsa County Election Board. SECTION 4. That the Special Election Proclamation and Notice of even date, a copy of 'which is on file with the City Clerk and which is incorporated herein by reference, calling said election is hereby approved in all respects, and the Mayor or Vice Mayor is hereby authorized to execute said Special Election Proclamation and Notice on behalf of the City, and the City Clerk is hereby authorized to attest and affix the seal of the City to said Special Election Proclamation and Notice, and to cause a copy of said Special Election Proclamation and Notice to be published as required by law, and a copy thereof delivered to the Tulsa County Election Board. SECTION S. That the City Clerk shall serve or cause to be served, a copy of this Resolution and of the Special Election Proclamation and Notice upon the office of the Tulsa County Election Board, at least forty -five (45) days prior to the date of the election. PASSED AND APPROVED this 21st day of April, 1992. Mayor (SEAL) (SEAL) ATTEST: &(� City Clerk STATE OF OKLAHOMA ) ) SS COUNTY OF TULSA ) I, the undersigned, the duly qualified and acting Secretary of the County Election Board of the above County, hereby certify that a copy of Resolution Number 92 -08 adopted by the governing body of the City of Owasso, Oklahoma, was personally served upon the office of the County Election Board of said County on the �� day of April, 1992. WITNESS my hand and the seal of the County Election Board of said County this r1 day of April, 1992. L.. Secretary, County Election Board of Tulsa County, Oklahoma (SEAL) HHY 21 '92' e13 :30 LEk) C1PPE1`IHEI ,1 LEOOPPENHEINI &CCI- INC. INVESTMENT SECURITIES 101 PARK AVENUE, SUITE 900 OKLAHOMA CITY. OKLAHOMA 73102.7202 TEL 14051 235.7100 Ms. Vane Buchanan, City of Owasso P. O. Box 180 Owasso, Oklahoma Dear Jane: April 24, 1992 City Clerk 74055 Ja/cle Z f 1a� I r WkA llI/}�%GL Re: Publication of Resolution and Special Election Proclamation As we discussed last Tuesday night, Resolution No. 92 -08 authorizing the calling of the election will need to be published once in the Owasso newspaper and the Special Election Proclamation and Notice will need to be published, twice in the Owasso newspaper. Please publish Resolution No. 92 -08 on June 4, 1992. I have enclosed a copy of the Resolution and six oopies of the requisite Publisher's Affidavit for the publisher to execu F, Please ?publish the Special Election Proclamation and Notice on June 4. 1992 and Tune 11, 1992. Enclosed is a copy of the Special Election Proclamation and Notice and the six copies of the requisite Publisher's Affidavit for the publisher to execute. If you have any questions, please call. Sincerely, LEO OPPENHEIM & CO., INC. ),)- C_4,"C' (�- Michael R. Prescott Vice President MRP /ab Enclosures RESOLUTION NUMBER 92 -08 A RESOLUTION AUTHORIZING THE CALLING AND HOLDING OF AN ELECTION IN THE CITY OF OWASSO, IN THE STATE OF OKLAHOMA, FOR THE PURPOSE OF SUBMITTING TO THE REGISTERED, QUALIFIED VOTERS OF SAID CITY THE QUESTION OF THE ISSUANCE OF THE BONDS OF SAID CITY IN THE SUM OF ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS TO PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND CONSTRUCTING ADDITIONAL RECREATIONAL FACILITIES AT THE SPORTS -PLEX FACILITY OF THE CITY, TO BE OWNED EXCLUSIVELY BY SAID CITY; OF THE APPROVAL OR REJECTION OF RESOLUTION NUMBER 92 -08 OF THE CITY RELATING TO THE APPROVAL OF THE USE OF THE REVENUES IN THE CAPITAL FUTURE FUND FOR TRANSFER TO THE SINKING FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS; AND LEVYING AND COLLECTING AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY FOR THE PAYMENT OF THE INTEREST ON AND PRINCIPAL OF SAID BONDS; AND DECLARING AN EMERGENCY. WHEREAS, it is deemed advisable by the City of Owasso, in the State of Oklahoma, to improve the Sports -flex recreational facilities of the City; and WHEREAS, it is deemed advisable to approve the use of the Capital Future Fund of the City and provide that the proceeds thereof be used to pay principal of and interest on the bonds referenced herein; and WHEREAS, the estimated amount necessary for such purpose is ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS; and WHEREAS, there are no funds in the treasury for such purpose and power is granted said City by Section 27, Article X of the Constitution and laws of the State of Oklahoma, to issue bonds to provide funds for such purpose; provided the same be authorized by the registered, qualified electors thereof, voting at an election held for that purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, STATE OF OKLAHOMA: SECTION 1. That the Mayor or Vice -Mayor of said City be hereby authorized and directed to call a special election to be held in said City on the 16th day of June, 1992, for the purpose of submitting to the registered, qualified electors thereof the following Proposition: PROPOSITION 1 "SHALL THE CITY OF OWASSO, TULSA COUNTY, STATE OF OKLAHOMA, INCUR AN INDEBTEDNESS BY ISSUING ITS BONDS IN THE SUM OF ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS TO PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND CONSTRUCTING ADDITIONAL RECREATIONAL FACILITIES AT THE SPORTS -PLEX FACILITY OF THE CITY, TO BE OWNED EXCLUSIVELY BY SAID CITY; AND LEVY AND COLLECT AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT FALLS DUE, AND ALSO TO "CONSTITUTE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF WHEN DUE, SAID BONDS TO BEAR INTEREST NOT TO EXCEED THE RATE OF TEN PER CENTUM (10 %) PER ANNUM, PAYABLE SEMI- ANNUALLY, AND TO BECOME DUE SERIALLY WITHIN TEN (10) YEARS FROM THEIR DATE ?" Explanatory Note If Proposition No. 1, above, is approved by a majority of the registered qualified voters, voting at the election for such purpose and Proposition No. 2, providing for the use of the funds deposited in the Capital Future Fund is not approved by a majority of the registered qualified voters, voting at the election for such purpose, the General Obligation Bonds provided in the above Proposition WILL NOT BE ISSUED. PROPOSITION 2 "SHALL THE TOTAL SALES TAX PROCEEDS DEPOSITED IN THE CAPITAL FUTURE FUND CREATED BY ORDINANCE NO. 395 BE TRANSFERRED INTO THE SINKING FUND OF THE CITY TO PAY PRINCIPAL AND INTEREST ON THE BONDS TO BE ISSUED PURSUANT TO PROPOSITION NO. 1, UNTIL SUCH TIME AS THERE ARE SUFFICIENT FUNDS IN SAID SINKING FUND TO RETIRE THE PRINCIPAL OF THE BONDS PLUS ANY ACCRUED INTEREST THEREON ?" Explanatory Note Unless Proposition 1 providing for the issuance of the bonds to pay for the improvements to the Sports -Plex facility is approved by a majority of the registered qualified voters, voting at the election for such purpose, the sales tax provided in the above proposition WILL NOT BE TRANSFERRED TO THE SINKING FUND OF THE CITY. SECTION 2. The specific project for which one hundred percent (1000) of the proceeds of the aforesaid Bonds shall be expended, and the dollar amount for such project shall be as follows: Construction of eight (8) baseball fields and eight (8) soccer fields; construction of rest room facilities; construction of roads, water, sewer and drainage improvements to the property, at the Sports -Plex facility located at 10320 East 116th Street in Owasso, Oklahoma, plus costs of issuance $1,230,000.00 SECTION 3. That such call for said election shall be by Proclamation signed by the Mayor or Vice -Mayor and attested by the City Clerk, setting forth the Propositions to be voted upon, the hours of opening and closing of the polls, and the substance of Section 2 hereof. The polling places and officials shall be the same as those prescribed for conduct of state and county elections; provided, however, that substitutions of election officials, if necessary, shall be made by the Tulsa County Election Board. The ballots shall set forth the Propositions to be voted upon substantially as set out in Section 1 hereof, and the returns of said election shall be made to and canvassed by said Tulsa County Election Board. SECTION 4. That the Special Election Proclamation and Notice of even date, a copy of which is on file with the City Clerk and which is incorporated herein by reference, calling said election is hereby approved in all respects, and the Mayor or Vice Mayor is hereby authorized to execute said Special Election Proclamation and Notice on behalf of the City, and the City Clerk is hereby authorized to attest and affix the seal of the City to said Special Election Proclamation and Notice, and to cause a copy of said Special Election Proclamation and Notice to be published as required by law, and a copy thereof delivered to the Tulsa County Election Board. SECTION 5. That the City Clerk shall serve or cause to be served, a copy of this Resolution and of the Special Election Proclamation and Notice upon the office of the Tulsa County Election Board, at least forty -five (45) days prior to the date of the election. PASSED AND APPROVED this 21st day of April, 1992. ic2 May (SEAL) ATTEST: l w //City Clerk SPECIAL ELECTION PROCLAMATION AND NOTICE Under and by virtue of Section 27, Article X, of the Oklahoma Constitution and the Statutes of the State of Oklahoma, and Acts complementary, supplementary, and enacted pursuant thereto, and Resolution dated the 21st day of April, 1992, authorizing the calling of an election on the Propositions hereinafter set forth, I, the undersigned Mayor or Vice -Mayor of the City of Owasso, in the State of Oklahoma, hereby call a special election and give notice thereof, to be held in the City of Owasso, in the State of Oklahoma, on the 16th day of June, 1992, for the purpose of submitting to the registered, qualified voters in said City the following Propositions: PROPOSITION 1 "SHALL THE CITY OF OWASSO, TULSA COUNTY, STATE OF OKLAHOMA, INCUR AN INDEBTEDNESS BY ISSUING ITS BONDS IN THE SUM OF ONE MILLION TWO HUNDRED THIRTY THOUSAND ($1,230,000.00) DOLLARS TO PROVIDE FUNDS FOR THE PURPOSE OF IMPROVING AND CONSTRUCTING ADDITIONAL RECREATIONAL FACILITIES AT THE SPORTS -PLEX FACILITY OF THE CITY, TO BE OWNED EXCLUSIVELY BY SAID CITY; AND LEVY AND COLLECT AN ANNUAL TAX, IN ADDITION TO ALL OTHER TAXES, UPON ALL THE TAXABLE PROPERTY IN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT FALLS DUE, AND ALSO TO CONSTITUTE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF WHEN DUE, SAID BONDS TO BEAR INTEREST NOT TO EXCEED THE RATE OF TEN PER CENTUM (10 %) PER ANNUM, PAYABLE SEMI- ANNUALLY, AND TO BECOME DUE SERIALLY WITHIN TEN (10) YEARS FROM THEIR DATE ?" Explanatory Note If Proposition No. 1, above, is approved by a majority of the registered qualified voters, voting at the election for such purpose and Proposition No. 2, providing for the use of the funds deposited in the Capital Future Fund is not approved by a majority of the registered qualified voters, voting at the election for such purpose, the General Obligation Bonds provided in the above Proposition WILL NOT BE ISSUED. F7YES - FOR THE ABOVE PROPOSITION. NO - AGAINST THE ABOVE PROPOSITION. PROPOSITION 2 "SHALL THE TOTAL SALES TAX PROCEEDS DEPOSITED IN THE CAPITAL FUTURE FUND CREATED BY ORDINANCE NO. 395 BE TRANSFERRED INTO THE SINKING FUND OF THE CITY TO PAY PRINCIPAL AND INTEREST ON THE BONDS TO BE ISSUED PURSUANT TO PROPOSITION NO. 1, UNTIL SUCH TIME AS THERE ARE SUFFICIENT FUNDS IN SAID SINKING FUND TO RETIRE THE PRINCIPAL OF THE BONDS PLUS ANY ACCRUED INTEREST THEREON ?" Explanatory Note Unless Proposition 1 providing for the issuance of the bonds to pay for the improvements to the Sports -flex facility is approved by a majority of the registered qualified voters, voting at the election for such purpose, the sales tax provided in the above proposition WILL NOT BE TRANSFERRED TO THE SINKING FUND OF THE CITY. F7YES - FOR THE ABOVE PROPOSITION. NO - AGAINST THE ABOVE PROPOSITION. The specific project for which one hundred percent (1000) of the proceeds of the aforesaid Bonds shall be expended, and the dollar amount for such project shall be as follows: Construction of eight (8) baseball fields and eight (8) soccer fields; construction of rest room facilities; construction of roads, water, sewer and drainage improvements to the property, at the Sports -Plex facility located at 10320 East 116th Street in Owasso, Oklahoma, plus costs of issuance only the registered, qualified Owasso, in the State of Oklahoma, Propositions as above set forth. $1,230,000.00 voters of the City of may vote upon the The polling places and officials shall be the same as those prescribed for conduct of state and county elections; provided, however, that substitutions of election officials, if necessary, shall be made by the Tulsa County Election Board. Such officers shall also act as counters and certify the results thereof as required by law. The polls shall be opened at 7:00 o'clock, A.M. and remain open continuously until and be closed at 7:00 o'clock, P.M. DATED this 21st day of April, 1992. } «e Mayor ATTEST: . City Clerk (SEAL)