HomeMy WebLinkAbout1987 15_OPWA Indebtedness_1987.11.17LAW OFFICE
PAUL JOHANNING
OKLAHOMA CITY
CITY OF OWASSO, OKLAHOMA
WHEREAS, the Trustees of The Owasso Public Works Authority, a public trust
have determined upon a project consisting of extending, enlarging and
improving the sanitary sewer system owned by the City of Owasso, and leased
to said public trust; and
WHEREAS, in order to finance said project, said Authority intends to incur
indebtedness in the aggregate principal amount of $1,000,000.00 said
indebtedness to be evidenced by Utility System Revenue Bonds Series 1987 of
said Authority;
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA:
SECTION 1. The incurring of indebtedness by the Trustees of The Owasso
Public Works Authority in the aggregate principal amount of $1,000,000.00 to
be evidenced by the Utility System Revenue Bonds Series 1987, of said
Authority is hereby approved. The sale of said Bonds at a discount hereby is
approved. In order to cure any defect or omission in the procedure had in the
sale of said Bonds, competitive bidding thereon hereby is expressly waived.
SECTION 2. The terms of the Indenture denominated "The Owasso Public
Works Authority Series 1987 Revenue Bond Indenture" to be entered into
between the Trustees of said Authority and The First National Bank and Trust
Company of Tulsa, Tulsa, Oklahoma, under date of November 1, 1987, hereby
are approved in form and substance.
LAW OFFICE
PAUL JOHAN N I NG
OKLAHOMA CITY
SECTION 3® By reason of the need for the immediate extension and
improvement of the utility system properties and facilities of the City and for
the preservation of the public peace, health and safety, an emergency hereby is
declared to exist and this Resolution shall be effective immediately upon its
adoption®
im
AT7' T: (Seal)
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