HomeMy WebLinkAbout1988 13_Incurrance of debt OPWA_1988.11.07PRESENT: Stacy Pm Lamb, Von Stockler, Patricia Marlar and Mark Thompson
_J§ = WE
(Other Proceedings)
THEREUPON, a Resolution was introduced by the Mayor and read in full by the
City Clerk and upon motion by Councilmember Marlar, seconded by Councilmember
Thompson, the Resolution was adopted by the following vote:
AYE: Lamb, Stockler, Marlar and Thompson
f
THEREUPON, Section Seven, setting forth the emergency nature of said
Resolution was read, and Councilman Marlar moved that an emergency be declared
and that said Section be adopted as read, which motion was duly seconded by
Councilman Thompson, and the question being upon the adoption of said Section and
declaring said emergency to exist, the roll was called with the following vote:
AYE. Lamb, Stockler, Marlar and Thompson
The Mayor thereupon declared the motion carried by the affirmative vote of
three - fourths of all members elected, and the said emergency section duly passed and
adopted.
The Resolution reads as follows:
r b
SECTION 5. Series 1988 Bonds Designated as Qualified Tax-Exempt
Obligations. The City Council of the City reasonably anticipates that the aggregate
amount of "qualified tax-exempt obligations", as defined in Section 265(b)(3)(B) of the
Internal Revenue Code of 1986 (the "Code"), which will be issued by the City Council
of the City and all subordinate entities thereof during calendar year 1988 does not
exceed $10,000,000, and hereby covenants and agrees, as a material inducement and
consideration to the purchase of the Authority's Series 1988 Bonds by the purchaser,
that neither it or any subordinate entity thereof will, during calendar year 1988, issue
"qualified tax-exempt obligations", as defined in Section 265(b)(3)(B) of the Code, in an
aggregate amount exceeding $10,000,000. It is the purpose and intent of this Section
that the Series 1988 Bonds shall constitute and the Series 1988 Bonds are hereby
designated as "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of
the Code, in order that the purchaser of the Series 1988 Bonds (and subsequent
purchasers thereof) may avail themselves of the exception contained in said Section
265(b)(3)(B) of the Code with respect to interest incurred to carry tax-exempt bonds.
The City Council of the City hereby covenants and agrees that it will not designate as
"qualified tax-exempt obligations" more than $10,000,000 in aggregate amount of
obligations issued by the City Council of the City or any subordinate entity thereof
during calendar year 1988.
SECTION 6. Incidental Action. That all actions heretofore taken by the
Authority in connection with the issuance, sale and delivery of the Series 1988 Bonds,
and all other aspects of the transaction be and are hereby authorized, approved and
ratified. Furthermore, the Mayor and City Clerk be and hereby are authorized and
empowered to execute and deliver for and on behalf of the City the Security
Agreement and any and all other documents or instruments reasonably necessary to
accomplish the issuance, sale and delivery of the Series 1988 Bonds and all other
aspects of the transaction by the Authority.
SECTION 7. Emergency. That by reason of said city being in need of certain
street and storm sewer and drainage system improvements and being without adequate
firefighting equipment, animal impoundment and recreational facilities, it is deemed
and hereby declared necessary for the preservation of the public health, peace and
safety that this Resolution shall become operative immediately; wherefore, an
emergency is hereby declared to exist, and this Resolution shall be in full force and
effect immediately from and after its passage and approval.
CITY COUNCIL
(SEAL)
ATTEST. Mayor'
City CKp�k
V
K]
STATE OF OKLAHOMA )
)SS
COUNTY OF TULSA
1, the undersigned, the duly qualified and acting City Clerk of the City of
Owasso, Oklahoma, hereby certify that the above and foregoing is a true, correct and
complete copy of Resolution No. 88-13 duly adopted by the City Council and of the
proceedings of the City Council in the adoption of said Resolution on the date therein
set out as shown by the records of my office.
I further certify that in conformity with Title 25 Oklahoma Statutes 1981,
Sections 301-314, inclusive, as amended (the Oklahoma Open Meeting Act), I received
notice of the meeting as required by law, and I did, or caused to be done, the following
acts®
A. At least forty-eight (48) hours prior to said meeting, I gave public notice in
writing of the date, time and place of said meeting; and
B. At least twenty-four (24) hours prior to said meeting (excluding Saturdays,
Sundays and legal holidays declared by the State of Oklahoma), displayed
public notice of said meeting in prominent public view at the principal
office of the City Council and at the location of said meeting, such notice
setting forth thereon the date, time, place and agenda for said meeting;
and that the minutes of the meeting reflect the time and manner of such notice of the
meeting required by the Oklahoma Open Meeting Act.
WITNESS my hand and the seal of said City this 7th day of November, 1988.
R
i
Clerk