The URL can be used to link to this page

Home My WebLink About2018.04.17_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY Council Chambers, Old Central Building 109 N Birch, Owasso, OK 74055 Regular Meeting Tuesday, April 17, 2018 - 6:30 pm 1. Call to Order Chair Lyndell Dunn 2. Roll Call 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes - April 3, 2018, Regular Meeting B. Approve claims 4. Consideration and appropriate action relating to items removed from the Consent Agenda 5. Consideration and appropriate action relating to Resolution 2018 -03, declaring the Intent of the Owasso Public Works Authority to expend certain funds in connection with the conversion of an existing building for use as a police station with said expenditures to be reimbursed from the proceeds of debt to be incurred by the Authority; and containing other provisions relating thereto Linda Jones Staff recommends approval of Resolution 2018 -03. 6. Consideration and appropriate action relating to Resolution 2018 -04, authorizing the execution of professional services agreements pertaining to the financing of capital improvements benefiffing the City of Owasso, Oklahoma; authorizing the Authority's financial advisor to distribute bid packages to prospective financial institutions in connection with the referenced financing; and containing other provisions relating thereto Linda Jones Staff recommends approval of Resolution 2018 -04. 7. Report from OPWA Manager 8. Report from OPWA Attorney 9. Official Notices to Authority (documents for acknowledgment or information only, no discussion or action will be taken) • Payroll Payment Report - Pay Period Ending Date 3/31/18 • Monthly Budget Status Report - March 2018 10. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) OPWA April 17, 2018 Page 2 11. Adjournment Notice of Public Meeting filed in the office of the City Clerk and the Agenda posted at City Hall, 200 S Main St, at 6:00 pm on Friday, April 13, 2018. Ju i , nn M. Stevens, Depu City Clerk The City of Owasso encourages citizen participation. To request an accommodation due to a disability, contact the City Clerk at least 48 hours prior to the scheduled meeting by phone 918- 376 -1502 or by email to iste Bens @cityofowosso.com OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, April 3, 2018 The Owasso Public Works Authority met in regular session on Tuesday, April 3, 2018, in the Council Chambers at Old Central, 109 N Birch, Owasso, Oklahoma, per the Notice of Public Meeting and Agenda filed in the office of the City Clerk and posted at City Hall, 200 S Main St, at 6:00 pm on Friday, March 30, 2018. 1. Call to Order Chair Lyndell Dunn called the meeting to order at 7:31 pm. 2. Roll Call Present Absent Chair- Lyndell Dunn None Vice - Chair- Chris Kelley Trustee - Doug Bonebrake Trustee - Bill Bush Trustee -Jeri Moberly A quorum was declared present. Staff: Authority Manager - Warren Lehr Authority Attorney - Julie Lombardi 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes • March 13, 2018, Regular Meeting • March 20, 2018, Regular Meeting B. Approve claims Ms. Moberly moved, seconded by Dr. Kelley to approve the Consent Agenda with claims totaling $531,006.74. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried: 5 -0 4. Consideration and appropriate action relating to items removed from the Consent Agenda None S. Consideration and appropriate action relating to Resolution 2018.01, establishing disposal fees to be charged at the Recycle Center & Disposal Station and authorizing the Authority Manager to promulgate rules and regulations relating to the operation of the Owasso Disposal Station and establishing an effective date Sherry Bishop presented the item recommending approval of Resolution 2018 -01. There were no comments from the audience. After discussion, Ms. Moberly moved, seconded by Dr. Kelley to approve Resolution 2018 -01, as recommended. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried: 5 -0 OPWA April 3, 2018 Page 2 6. Consideration and appropriate action relating to Resolution 2018 -02, establishing rates, fees and charges for utility services and establishing an effective date Sherry Bishop presented the item recommending approval of Resolution 2018 -02 establishing fees for utility billing customer services, water and sewer utility connections, hydrant meter water service, and the sale of yardwaste bags. There were no comments from the audience. After discussion, Mr. Bush moved, seconded by Ms. Moberly to approve Resolution 2018 -02, as recommended. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried: 5 -0 7. Report from OPWA Manager None 8. Report from OPWA Attorney None 9. Official Notices to Authority (documents for acknowledgment or information only, no discussion or action will be taken) • Payroll Payment Reports - Pay Period Ending Date 3/17/18 10. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) None 11. Adjournment Mr. Bonebrake moved, seconded by Ms. Moberly to adjourn the meeting. YEA: Bonebrake, Bush, Kelley, Moberly, Dunn NAY: None Motion carried 5 -0 and the meeting adjourned at 7:40 pm. Lyndell Dunn, Chair Lisa Wilson, Minute Clerk Fund 61 OPWA Claims List - 4117/2018 Vendor Name AT &T BLUE ENERGY FUELS, LLC CITY GARAGE CITY GARAGE JPMORGAN CHASE BANK JPMORGAN CHASE BANK JPMORGAN CHASE BANK JPMORGAN CHASE BANK JPMORGAN CHASE BANK JPMORGAN CHASE BANK ONEOK, INC OKLAHOMA NATURAL GAS Payable Description Payment Amount LONG DISTANCE PHONE $3.02 CNG FUEL PURCHASED - $115.20 MARC $530.58 LABOR/OVERHEAD FEES - APR $141.58 VEH PARTS PURCH - MARCH, $38.80 BEST BUY - CAMERA $299.97 MCGRAW HILL - TRAINING $27.13 OFFICE DEPOT - SUPPLIES $53.12 OWASSO CHAMBER - LUNCHE $20.00 SAMS- SUPPLIES $137.34 WALMART- SUPPLIES $255.69 NATURAL GAS USAGE $976.12 OPWA ADMINISTRATION -Total $2,067.97 CITY GARAGE LABOR/OVERHEAD FEES - APR $530.58 CITY GARAGE VEH PARTS PURCH - MARCH, $25.00 JPMORGAN CHASE BANK COMPLIANCESIGNS -SIGNS $252.50 JPMORGAN CHASE BANK CULLISON HARDWARE -STE $185.00 JPMORGAN CHASE BANK WASTE MGMT -REC TIP FE $868.66 TERMINIX PEST CONTROL $59.00 RECYCLE CENTER -Total $1,920.74 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASED - $2,074.14 MARC CITY GARAGE LABOR/OVERHEAD FEES - APR $4,576.67 CITY GARAGE VEH PARTS PURCH - MARCH, $2,791.07 . COVANTA LANCASTER, INC REFUSE TIPPING FEES $8,470.88 FLEETCOR TECHNOLOGIES FUELMAN PURCH - MARCH, 20 $3,143.55 JPMORGAN CHASE BANK BROWN CO -PPE $47.00 JPMORGAN CHASE BANK BUMP2BUMP- CLEANER $19,99 JPMORGAN CHASE BANK BUMP2BUMP- HARWARE $5.25 JPMORGAN CHASE BANK BUMP2BUMP -LIGHT $55.47 JPMORGAN CHASE BANK BUMP2BUMP -LOCK $66.99 JPMORGAN CHASE BANK CUMMINS -KIT $237.00 JPMORGAN CHASE BANK KIMS INTL -HOSES $171.97 JPMORGAN CHASE BANK OFFICE DEPOT- CLIPBOAR $34.99 JPMORGAN CHASE BANK PREMIER TRUCK -PARTS $48.32 JPMORGAN CHASE BANK RANDY JOHNSON- REPAIR $28.00 JPMORGAN CHASE BANK SAMS- SUPPLIES $53.96 TREASURER PETTY CASH CDL FEE - GOLTRA $83.50 UNITED ENGINES, LLC FILTERS $508.46 REFUSE COLLECTIONS -Total $22,417,21 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES $5.32 JPMORGAN CHASE BANK SAMS - SUPPLIES $8.33 1 Claims List - 4117/2018 Fund Vendor Name Payable Description Payment Amount 61 OPWA TECHNICAL PROGRAMMING SERVICES BILLING SERVICES $3,727.72 INC TODD C. KIMBALL METER READER $572.25 TYRONE EUGENE DINKINS METER READER $991.50 UTILITY BILLING -Total $5,305.12 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASED - $251.73 MARC CITY GARAGE LABOR/OVERHEAD FEES -APR $1,385.42 CITY GARAGE VEH PARTS PURCH - MARCH, $828.45 FLEETCOR TECHNOLOGIES FUELMAN PURCH - MARCH, 20 $74.85 JPMORGAN CHASE BANK AMERIFLEX- REPAIR $213.50 JPMORGAN CHASE BANK BROWN CO -PPE $47,00 JPMORGAN CHASE BANK BUMP213UMP- ANTIFREEZE $38.94 JPMORGAN CHASE BANK COMM POWER SOL- SWITCH $115.00 JPMORGAN CHASE BANK CORE &MAIN- MATERIALS $48.80 JPMORGAN CHASE BANK CORE &MAIN- SOCKET SET $207.00 JPMORGAN CHASE BANK GREEN CO- TESTING $240.00 JPMORGAN CHASE BANK HAYNES EQUIP- SUPPLIES $734.69 JPMORGAN CHASE BANK NORTHERN SAFETY -SENSO $500.57 JPMORGAN CHASE BANK NORTHERN SAFETY -TESTI $265.18 JPMORGAN CHASE BANK OFFICE DEPOT- BACKUP $199,99 JPMORGAN CHASE BANK STEVE'S -TOOLS $295,88 OMEGA RAIL MANAGEMENT, INC. SERVICE $875.50 ONEOK, INC OKLAHOMA NATURAL GAS NATURAL GAS USAGE $175.20 SCHUERMANN ENTERPRISES, INC EQUIPMENT $2,074.00 TULSA COUNTY ADMIN SERVICES COPIES $662.00 VERDIGRIS VALLEY ELECTRIC COOP COFFEE CREEK ELECTRIC $471.02 VERDIGRIS VALLEY ELECTRIC COOP GARRETT CREEK ELECTRI $284.20 VERIZON WIRELESS WIRELESS CONNECTION $80.02 WASTEWATER COLLECTIONS -Total $10,068.94 AT&T LONG DISTANCE PHONE $3.06 CITY GARAGE LABOR/OVERHEAD FEES -APR $1,024.50 CITY GARAGE VEH PARTS PURCH - MARCH, $1,587.08 FLEETCOR TECHNOLOGIES FUELMAN PURCH - MARCH, 20 $897.03 JPMORGAN CHASE BANK ACCURATE ENV -FEE $440.00 JPMORGAN CHASE BANK ADVANCED INDUST -PARTS $329.40 JPMORGAN CHASE BANK BROWN CO -PPE $47.00 JPMORGAN CHASE BANK CULLIGAN- REFUND ($1,072.50) JPMORGAN CHASE BANK FIBERSTORE- CABLES $40.80 JPMORGAN CHASE BANK FORT BEND - POLYMER $5,576.00 JPMORGAN CHASE BANK GRAINGER -GAUGE $47,07 JPMORGAN CHASE BANK GRAINGER- GREASE $17,31 2 Claims List - 4/17/2018 Fund Vendor Name Payable Description Payment Amount 61 OPWA JPMORGAN CHASE BANK GRAINGER- REAGENT $23.63 JPMORGAN CHASE BANK GRAINGER -TABLE $197.55 JPMORGAN CHASE BANK GREEN CO- SLUDGE TEST $50.00 JPMORGAN CHASE BANK HACH CO- REAGENTS $615.75 JPMORGAN CHASE BANK HACH CO- SUPPLIES $83.69 JPMORGAN CHASE BANK HARBOR FREIGHT -SEATS $39.98 JPMORGAN CHASE BANK INTERSTATE - BATTERIES $71.60 JPMORGAN CHASE BANK JOHNSTONE -OIL $71.26 JPMORGAN CHASE BANK LOWES -COMBO LOCK $9.98 JPMORGAN CHASE BANK LOWES - MATERIALS $419.26 JPMORGAN CHASE BANK LOWES -PARTS $45.58 JPMORGAN CHASE BANK LOWES- SUPPLIES $99.23 JPMORGAN CHASE BANK LOWES -VENT HOOD $231.90 JPMORGAN CHASE BANK NCL OF WISC- TIMERS $69.56 JPMORGAN CHASE BANK NORTHERN SAFETY -TEST[ $211.12 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES $18.71 JPMORGAN CHASE BANK REASORS -WATER $16.74 JPMORGAN CHASE BANK WASTE MGMT- SLUDGE REM $8,666.71 TREASURER PETTY CASH CDL FEE -WELLS $56.50 TWIN CITIES READY MIX, INC CONCRETE $288,00 VERIZON WIRELESS WIRELESS CONNECTION $80.02 WASTEWATER TREATMENT -Total $20,303.52 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASED- $109.33 MARC CITY GARAGE LABOR/OVERHEAD FEES - APR $1,720.17 CITY GARAGE VEH PARTS PURCH - MARCH, $324.09 CITY OF TULSA DEPT OF FINANCE LAB FEES $500.00 CITY OF TULSA UTILITIES WATER $228,827.89 FLEETCOR TECHNOLOGIES FUELMAN PORCH - MARCH, 20 $811.36 JET TRUCKING, LLC TOPSOIL $80.00 JPMORGAN CHASE BANK BROWN CO -PPE $47.00 JPMORGAN CHASE BANK BROWN FARMS -SOD $285.00 JPMORGAN CHASE BANK CORE &MAIN- GASKETS $20.64 JPMORGAN CHASE BANK CORE &MAIN -PARTS $4,672.25 JPMORGAN CHASE BANK LOWES -PARTS $5.42 JPMORGAN CHASE BANK LOWES- VALVE /PARTS $60.07 JPMORGAN CHASE BANK NORTHERN SAFETY -TESTI $261.40 JPMORGAN CHASE BANK SAMS -CHAIR $217.81 JPMORGAN CHASE BANK UTILITY SUPPLY - EQUIPM $2,026.60 TWIN CITIES READY MIX, INC CONCRETE $96.00 VERDIGRIS VALLEY ELECTRIC COOP WATER CONTROL ELECTRI $30.60 3 Claims List - 4/17/2018 Fund Vendor Name Payable Description Payment Amount 61 OPWA WATER -Total $240,095.63 OPWA -Total $302,179.13 OPWA Grand Total $302,179.13 OREAL..Ple • REAL Character •REAL Community TO: The Honorable Chair and Trustees Owasso Public Works Authority FROM: Linda Jones, Finance Director SUBJECT: Reimbursement Resolution 2018 -03 Police Headquarters Renovation Project DATE: April 13, 2018 BACKGROUND: On February 20, 2018, City Council authorized the City to enter into an agreement with Nabholz Construction Corporation for construction of the Police Quarters Renovation Project. Funding for the Police Quarters Renovation Project has been authorized by City Council from the Third - Penny Capital Improvements Fund (CIP). As previously communicated to Council, to prevent delay of previously authorized street projects (also authorized for funding from the CIP fund) loan proceeds are necessitated. In order to be reimbursed for expenditures related to the Police Quarters Renovation Project prior to securing loan proceeds, a resolution is necessitated declaring the intent of the Authority to have expenditures related to the Police Headquarters Renovation Project be reimbursed with OPWA loan proceeds. RECOMMENDATION: Staff recommends Trustee approval of Resolution 2018 -03, declaring the intent of the Owasso Public Works Authority (The "Authority ") to expend certain funds in connection with conversion of an existing building for use as a Police Station with said expenditures to be reimbursed from the proceeds of debt to be incurred by The Authority; and containing other provisions relating thereto. ATTACHMENT: Resolution 2018 -03 OWASSO PUBLIC WORKS AUTHORITY OWASSO, OKLAHOMA RESOLUTION 2018 -03 A RESOLUTION DECLARING THE INTENT OF THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") TO EXPEND CERTAIN FUNDS IN CONNECTION WITH THE CONVERSION OF AN EXISTING BUILDING FOR USE AS A POLICE STATION WITH SAID EXPENDITURES TO BE REIMBURSED FROM THE PROCEEDS OF DEBT TO BE INCURRED BY THE AUTHORITY; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAS, The Owasso Public Works Authority (the "Authority ") is undertaking to convert and expand an existing building to be utilized as the police station that will serve the City of Owasso, Oklahoma (the "City "), as more specifically set out below (the "Project "); and WHEREAS, it is the Authority's intent to eventually fund the cost of the Project through the issuance of tax - exempt debt obligations; and WHEREAS, the Authority desires to initially fund certain costs pertaining to the Project out of the Authority's cash reserves; and WHEREAS, the Authority further desires to declare its official intent to reimburse itself with the proceeds of tax - exempt debt incurred by the Authority, as required by Section 1.150 -2 of the Treasury Regulations promulgated pursuant to Sections 103 and 141 -150 of the Internal Revenue Code of 1986, as amended. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. The Project. The Project to be financed by the Authority shall generally include land acquisition, planning, design, engineering and implementation costs associated with the development, construction, reconstruction, remodeling, and furnishing and equipping of a new police station that will serve the City. The Project involves the remodeling and reconstruction of an existing building, but will also include land acquisition for parking, as well as costs associated with the expansion of the existing building. SECTION 2. Preliminary Use of Authority Funds. The Authority intends to initially fund certain capital costs associated with the Project from the Authority's funds. The Authority reasonably expects to reimburse any amounts expended with the proceeds of debt to be incurred by the Authority. The Authority anticipates issuing debt for the Project in an aggregate amount not to exceed approximately $4,500,000. SECTION 3. Official Intent. This Resolution constitutes a declaration of official intent as is required pursuant to Section 1.150 -2 of the Treasury Regulations promulgated pursuant to Sections 103 and 141 -150 of the Internal Revenue Code of 1986, as amended. SECTION 4. Severabilitv. If any section, subsection, sentence, clause, phrase or portion of this resolution is, for any reason, held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct, and independent provision, and such holding shall not affect the validity of the remaining portions of this resolution. ATTEST: Sherry Bishop, Authority Secretary (SEAL) PASSED AND APPROVED this 17 +h day of April, 2018 THE OWASSO PUBLIC WORKS AUTHORITY Lyndell Dunn, Chair APPROVED as to form and legality this 171h day of April, 2018. Julie Lombardi, Authority Attorney OPWA Resolution 2018 -03 Page 2 of 3 CERTIFICATE OF AUTHORITY ACTION I, the undersigned, hereby certify that I am the duly and acting Secretary of The Owasso Public Works Authority. I further certify that the Trustees of the Authority held a Regular Meeting at 6:30 o'clock p.m. on April 17, 2018, after due notice was given in full compliance with the Oklahoma Open Meeting Act. I further certify that attached hereto is a full and complete copy of a Resolution that was passed and approved by said Trustees at said meeting as the same appears in the official records of my office and that said Resolution is currently in effect and has not been repealed or amended as of this date. I further certify that below is listed those Trustees present and absent at said meeting; those making and seconding the motion that said Resolution be passed and approved, and those voting for and against such motion: PRESENT: ABSENT: MOTION MADE BY: MOTION SECONDED BY: AYE: NAY: WITNESS MY HAND THIS 17th DAY OF APRIL, 2018. THE OWASSO PUBLIC WORKS AUTHORITY (SEAL) Sherry Bishop, Authority Secretary OPWA Resolution 2018 -03 Page 3 of 3 RE RE The Honorable Chair and Trustees Owasso Public Works Authority FROM: Linda Jones, Finance Director SUBJECT: Capital Improvement Project Funding Resolution 2018 -04 DATE: April 13, 2018 BACKGROUND: In October of 2003, Owasso citizens voted to approve changes to the third -penny sales tax ordinance. According to Ordinance 763, the purpose of the third -penny sales fax is "to provide revenues to finance or fund capital projects and related costs, to include debt service on obligations issued to finance said capital projects." The ordinance includes the requirement that "said capital projects" are to be "review by the Capital Improvements Committee, approved by the City Council by resolution, with oversight given by the Citizens' Watchdog Committee established by the City Council." On September 5, 2017, Council approved Resolution 2017 -15 which identified approximately $98 million in capital improvement projects, of which, $78 million require third -penny sales tax funding. Currently, approximately $42 million remains to be funded from future years' collections. The third -penny sales tax generates approximately $8 million per year, of which, approximately $3 million is currently committed annually for existing debt service. As discussed at the April 10, 2018 Council /Authority enable approved capital projects to progress without unnecessary delay, staff recommends issuance of $9.8 million in bank - qualified debt to be repaid over a 10 -year period. SALES TAX REVENUE NOTE, SERIES 2018: The proposed Sales Tax Revenue Note would include approximately $3 million for the Police Headquarters Renovation Project and $6.8 million for street projects. The Note would be repaid from the third -penny sales tax over a ten -year period. PROFESSIONAL SERVICES AGREEMENTS: Resolution 2018 -04 authorizes execution of professional services agreements for bond counsel and financial advisory services related to preparation and distribution of bid packets and for closing documents related to issuance of the $9.8 million financing. Fees for professional services would be paid from proceeds of the loan and are contingent upon issuance of the debt. The resolution specifically authorizes Municipal Finance Services, Inc., as the Authority's Financial Advisor, to distribute bid packages to financial institutions in connection with the proposed sale of the Note and should be considered preliminary authorization by the OPWA. Bids would be provided to Council /Authority at the May 2018 work session. Approval of final documents on the proposed debt would require action by City Council and OPWA on May 15, 2018. RECOMMENDATION: Staff recommends approval of Resolution 2018 -04, authorizing the execution of professional services agreements pertaining to the financing of capital improvements benefitting the City of Owasso, Oklahoma; authorizing the Authority's financial advisor to distribute bid packages to prospective financial institutions in connection with the referenced financing; and containing other provisions relating thereto. ATTACHMENTS: Resolution 2018 -04 Professional service agreement for bond counsel Professional service agreement for financial advisor OWASSO PUBLIC WORKS AUTHORITY OWASSO, OKLAHOMA RESOLUTION 2018 -04 A RESOLUTION OF THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") AUTHORIZING THE EXECUTION OF PROFESSIONAL SERVICES AGREEMENTS PERTAINING TO THE FINANCING OF CAPITAL IMPROVEMENTS BENEFITTING THE CITY OF OWASSO, OKLAHOMA; AUTHORIZING THE AUTHORITY'S FINANCIAL ADVISOR TO DISTRIBUTE BID PACKAGES TO PROSPECTIVE FINANCIAL INSTITUTIONS IN CONNECTION WITH THE REFERENCED FINANCING; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAS, The Owasso Public Works Authority (the "Authority ") has under consideration the issuance of its Sales Tax Revenue Note, Series 2018 in the approximate principal amount of $9,800,000 (the "Note ") for the purpose of (i) financing certain capital improvements as contemplated by Ordinance No. 763 of the City, along with related costs (collectively, the "Project "), and (ii) paying costs associated with the issuance of the Note; and WHEREAS, it is deemed desirable for the Authority to give preliminary authorization for the issuance of the Note. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. PROFESSIONAL SERVICES AGREEMENTS. The Authority is authorized to enter into professional services agreements with Municipal Finance Services, Inc., as Financial Advisor, and The Public Finance Law Group PLLC, as Bond Counsel, in connection with the proposed financing of the Project. The Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority are authorized to execute and deliver said professional services agreements on behalf of the Authority and take all such other action in connection therewith. SECTION 2. PRELIMINARY AUTHORIZATION. The Authority authorizes Municipal Finance Services, Inc., as the Authority's Financial Advisor, to distribute bid packages to financial institutions in connection with the proposed sale of the Note. ATTEST: Sherry Bishop, Authority Secretary (SEAL) PASSED AND APPROVED this 171h day of April, 2018 THE OWASSO PUBLIC WORKS AUTHORITY Lyndell Dunn, Chair APPROVED as to form and legality this 17th day of April, 2018. Julie Lombardi, Authority Attorney THE 'CXL� PUBLIC FINANCE LAW GROUP PLLC ATTORNEYS AND COUNSELORS AT LAW t 405. = 35.3413 '.f 405.235.z8O7 5657 N. CLAssr:N BOULEVARD, SUITE 100 • OKLAHOMA CrrV, OK 73118 AGREEMENT FOR BOND COUNSEL SERVICES THE OWASSO PUBLIC WORKS AUTHORITY SALES TAX REVENUE NOTE, SERIES 2018 THIS AGREEMENT is entered into as of April 17, 2018, by and between THE PUBLIC FINANCE LAW GROUP PLLC ( "PFLG ") and THE OWASSO PUBLIC WORKS AUTHORITY (the "Issuer "), a public trust with the City of Owasso, Oklahoma (the "City") as its beneficiary, as follows: RECITALS WHEREAS, the Issuer desires to engage PFLG as bond counsel in connection with the financing of certain capital improvements as contemplated by Ordinance No. 763 of the City, along with related costs (the "Project'); and WHEREAS, to finance all or a portion of the costs of the Project, the Issuer intends to issue its Sales Tax Revenue Note, Series 2018 in the approximate principal amount of $9,800,000 (the "Note "); and WHEREAS, PFLG possesses the necessary professional capabilities and resources to provide the legal services required by Issuer as described in this Agreement. AGREEMENTS 1. Scone of Services. A. Bond Counsel Services. PFLG will render the following services as bond counsel to the Issuer: (1) Consultation with representatives of the Issuer and the City, including the City Manager, City Attorney, Issuer's Counsel, Finance Director, financing and accounting staff, financial advisors, and others, with respect to the timing, terms and legal structure of the proposed financing. (2) Preparation of loan, security and other authorizing documents (the "Financing Documents "). (3) Review of documentation with respect to any letter of credit, bond insurance and /or reserve fund surety policy provided in connection with the Note, if any. (4) Attendance at such meetings or hearings of the Issuer and the City and working group meetings or conference calls as the Issuer may request, and assistance to the Issuer staff in preparation of such explanations or presentations to the governing body of the Issuer and the City as they may request. (5) Preparation of final closing papers to be executed by the Issuer required to effect delivery of the Note and coordination of the Note closing. (6) Rendering of bond counsel's customary final legal opinion on the validity of the securities and, with respect to the tax - exempt securities, the exemption from gross income for federal income tax purposes and from Oklahoma personal income tax of interest thereon. PFLG and Issuer acknowledge that Issuer shall be represented by Julie Lombardi, Esq., City Attorney ( "Issuer's Counsel ") for the purpose of rendering day -to -day and ongoing general counsel legal services. PFLG shall circulate documents to and coordinate its services with Issuer's Counsel to the extent requested by Issuer or Issuer's Counsel. PFLG and Issuer further acknowledge that the Issuer shall be represented by Municipal Finance Services, Inc., a municipal advisor pursuant to the terms of SEC Rule 1513al A (referred to herein as an "Independent Registered Municipal Advisor" or "IRMA "). PFLG is a firm of attorneys who provide legal advice or services of a traditional legal nature to a client, and PFLG and its attorneys do not represent themselves to be a financial advisor or financial expert. Therefore, PFLG is excluded from the definition of Municipal Advisor, and PFLG does not intend to provide any advice with respect to municipal financial products or the issuance of municipal securities outside of the scope of traditional legal services and advice customarily rendered by bond counsel in public finance transactions. Notwithstanding the foregoing, in the event certain advice may be construed as beyond the scope of traditional legal services, the Issuer specifically acknowledges that PFLG may avail itself of the IRMA exemption under SEC Rule 1513a1 -1 on the basis that (i) the Issuer is represented by an Independent Registered Municipal Advisor not associated with PFLG, (ii) the Issuer hereby advises PFLG that the Issuer is represented by and will rely on the advice of its duly retained Independent Registered Municipal Advisor, and (iii) the Issuer has been advised that PFLG is not a municipal advisor and PFLG owes no federal statutory fiduciary duty to the Issuer. In rendering opinions and performing legal services under this Agreement, PFLG shall be entitled to rely on the accuracy and completeness of information provided, certifications made by, and opinions provided by counsel to, Issuer, the Independent Registered Municipal Advisor, property owners and other parties and consultants, without independent investigation or verification. PFLG's services are limited to those specifically set forth above. PFLG's services do not include representation of Issuer or any other party to the transaction in any litigation or other legal or administrative proceeding involving the Note, the Project or any other matter. PFLG's 11 services also do not include any responsibility for compliance with state blue sky, environmental, land use, real estate or similar laws or for title to or perfection of security interests in real or personal property. PFLG will not be responsible for preparing, reviewing, or opining with respect to the Issuer's Official Statement and /or any Continuing Disclosure Undertakings for the Note, including but not limited to the accuracy, completeness or sufficiency of the Official Statement, Continuing Disclosure Undertaking, or other offering material relating to the Note. PFLG's services do not include any financial advice or analysis. PFLG will not be responsible for the services performed or acts or omissions of any other participant. Also, PFLG's services will not extend past the date of issuance of the Note and will not, for example, include services related to rebate compliance or continuing disclosure or otherwise related to the Note, proceeds of the Note, or the Project after issuance of the Note. 2. Compensation and Reimbursements. A. Compensation for Bond Counsel Services. For services as bond counsel to the Issuer, PFLG shall be paid a fixed fee at the time of issuance of the Note of one percent (1.0 %) of the principal amount of the Note. B. Expenses. PFLG shall also be paid a fixed amount of $2,500.00 to cover expenses and transcript production and distribution, provided, that any filing, publication, recording or printing costs or similar third party costs required in connection with the Note shall be paid directly by the Issuer, but if paid by PFLG on behalf of the Issuer, shall be reimbursed to PFLG on demand. C. Payment. Fees and expenses shall be payable by Issuer at the time of issuance of the Note. Payment of all fees and expenses hereunder shall be made at closing from proceeds of the Note and shall be entirely contingent upon issuance of the Note. D. Termination of Agreement and Legal Services. This Agreement and all legal services to be rendered under it may be terminated at any time by written notice from either party, with or without cause. In that event, all finished and unfinished documents prepared for adoption or execution by Issuer, shall, at the option of Issuer, become its property and shall be delivered to it or to any party it may designate; provided that PFLG shall have no liability whatsoever for any subsequent use of such documents. In the event of termination by Issuer, PFLG shall be paid for all satisfactory work, unless the termination is made for cause, in which event compensation, if any, shall be adjusted in the light of the particular facts and circumstances involved in the termination. If not sooner terminated as aforesaid, this Agreement and all legal services to be rendered under it shall terminate upon issuance of the Note; provided that Issuer shall remain liable for any unpaid compensation or reimbursement due under Section 2 hereof. Upon termination, PFLG shall have no future duty of any kind to or with respect to the Note or the Issuer. 3 3. Nature of Engagement; Relationships With Other Parties. The role of bond counsel, generally, is to prepare or review the procedures for issuance of the bonds, notes or other evidence of indebtedness and to provide an expert legal opinion with respect to the validity thereof and other subjects addressed by the opinion. Consistent with the historical origin and unique role of such counsel, and reliance thereon by the public finance market, PFLG's role as bond counsel under this Agreement is to provide an opinion and related legal services that represent an objective judgment on the matters addressed rather than the partisan position of an advocate. In performing its services in connection with the Note, PFLG will act as special counsel to Issuer with respect to issuance of the Note; i.e., PFLG will assist the Issuer's Counsel in representing Issuer but only with respect to validity of the Note and the Financing Documents, and the tax status of interest on the Note, in a manner not inconsistent with the role of bond counsel described above. Issuer acknowledges that PFLG regularly performs legal services for many private and public entities in connection with a wide variety of matters. For example, PFLG has represented, is representing or may in the future represent other public entities, underwriters, trustees, rating agencies, insurers, credit enhancement providers, lenders, contractors, suppliers, financial and other consultants /advisors, accountants, investment providers /brokers, providersibrokers of derivative products and others who may have a role or interest in the Note financing or the Project or that may be involved with or adverse to Issuer in this or some other matter. PFLG agrees not to represent any such entity in connection with the Note financing, without the consent of Issuer. Given the special, limited role of bond counsel described above, Issuer acknowledges that no conflict of interest exists or would exist, and waives any conflict of interest that might appear actually or potentially to exist, now or in the future, by virtue of this Agreement or any such other attorney - client relationship that PFLG may have had, have or enter into, and Issuer specifically consents to any and all such relationships. 4. Limitation of Rights to Parties, Successor and Assigns. Nothing in this Agreement or in any of the documents contemplated hereby, expressed or implied, is intended or shall be construed to give any person other than Issuer and PFLG any legal or equitable right or claim under or in respect of this Agreement, and this Agreement shall inure to the sole and exclusive benefit of Issuer and PFLG. PFLG may not assign its obligations under this Agreement without written consent of Issuer except to a successor partnership or corporation to which all or substantially all of the assets and operations of PFLG are transferred. Issuer may assign its rights and obligations under this Agreement to (but only to) any other public entity that issues the Note (if not the Issuer). Issuer shall not otherwise assign its rights and obligations under this Agreement without written consent of PFLG. All references to PFLG and Issuer in this Agreement shall be deemed to refer M to any such successor of PFLG and to any such assignee of Issuer and shall bind and inure to the benefit of such successor and assignee whether so expressed or not. 5. Counterparts. This Agreement may be executed in any number of counterparts and each counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same Agreement. 6. Notices. Any and all notice pertaining to this Agreement shall be sent by U.S. Postal Service, first class, postage prepaid to: PFLG: The Public Finance Law Group PLLC 5657 North Classen Boulevard, Suite 100 Oklahoma City, OK 73118 Attention: Allan A. Brooks, III or Nathan D. Ellis ISSUER: The Owasso Public Works Authority 200 South Main Owasso, OK 74055 Attention: City Manager [Remainder of Page Left Blank Intentionally] 5 Issuer and PFLG have executed this Agreement by their duly authorized representatives as of the date provided above. THE PUBLIC FINANCE LAW GROUP PLLC I: Nathan D. Ellis THE OWASSO PUBLIC WORKS AUTHORITY Title: Chairman Date: April 17, 2018 69 u MUNICIPAL FINANCE SERVICES, INC. est. 1990 April 2, 2018 FINANCIAL ADVISOR SERVICES AGREEMENT THE OWASSO PUBLIC WORKS AUTHORITY SALES TAX REVENUE NOTE, SERIES 2018 mRok.mm P: 405.340.1727 F: 405.340.3607 3933 E. Covell Road Edmond, OK 73034 P.O. Box 747 Edmond, OK 73083 -0747 THIS AGREEMENT is entered into, by and among MUNICIPAL FINANCE SERVICES, INC. ( "MFSOK ") and THE OWASSO PUBLIC WORKS AUTHORITY (the "Authority" or the "Issuer ") a public trust with the City of Owasso, Oklahoma (the "City ") as beneficiary. RECITALS WHEREAS, the Authority desires to engage MFSOK as financial advisor in connection with the issuance of its Sales Tax Revenue Note (the "Note ") for the purpose of financing: (i) the renovation of the police department headquarters; (ii) construction of street improvements; and (iii) related costs of issuance associated with the issuance of the Note (the "Project'); and WHEREAS, to finance all or a portion of the costs of the Project, the Authority intends to issue or cause to be issued its Sales Tax Revenue Note in the principal amount of approximately $9,800,000; and WHEREAS, MFSOK has demonstrated the necessary professional capabilities, experience and resources to provide financial advisory services required by the Authority as outlined herein. NOW, THEREFORE, the Authority and MFSOK, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, do hereby agree as follows: AGREEMENTS L Scope of Services. MFSOK will render the following services as financial advisor to Authority: A. Preparation of a preliminary financing plan identifying a tentative time schedule, proposed project costs, required revenue sources and security features and estimated debt service requirements; and B. Assess the Authority's existing obligations and covenants, if any, to ensure the proposed financing conforms with any existing revenue pledges and agreements securing such obligations; and C. Assist in the preparation and distribution of informational packages and bid documents to various financial institutions to solicit financing proposals regarding the proposed Note; and D. Negotiate with one or more financial institutions on the Authority's behalf with respect to applicable rates and terms; and E. Provide a written report to the Authority detailing any financing proposals received from banks, and recommending award of the Note, if appropriate; and F. Coordinate the Note closing with the Authority and other parties. MFSOK and Issuer acknowledge The Public Finance Law Group PLLC as Bond Counsel on the transaction under separate contract or contracts. MFSOK may rely on opinions and advice from legal representatives of the Authority and will not be held responsible for any legal advice, directly or indirectly, rendered by the legal representatives involved in the transaction. MFSOK's services are limited to those specifically set forth herein. MFSOK's services do not extend past the closing of the loans. H. Compensation and Reimbursements A. Compensation for Financial Advisor Services. For services as financial advisor to the Authority, MFSOK shall be paid at the time of issuance a fee in the amount of 1.0% of the of the principal amount of the Note. B. Expenses. MFSOK shall also be paid a fixed amount of $2,500.00 to cover expenses incurred as part of the transaction, provided that any filing, publication, recording or printing costs or similar third -party costs required in connection with the Note shall be paid directly by the Authority. C. Payment and Contin ency. Fees and expenses shall be payable by Authority at the time of issuance of the Note. Payment for all fees and expenses hereunder shall be made at closing from proceeds of the Note or from other available funds of the Authority and shall be contingent upon issuance of the Note. M. Term and Termination A. Term of Agreement. Unless terminated as provided herein, the term of this Agreement shall be through June 30, 2018, and may be renewed for subsequent fiscal year periods, upon such approval by the Authority. B. Termination of Agreement and Services. This Agreement and all financial advisor services to be rendered hereunder may be terminated at any time by written notice from either party, 2 with or without cause. In that event, all finished and unfinished documents prepared for the Authority, shall, at the option of Authority, become its property and shall be delivered to it or any party it may designate, provided that MFSOK shall have no liability whatsoever for any subsequent use of such documents. IV. Successors and Assigns MFSOK may not assign its obligations under this Agreement without the written consent of Authority except to a successor partnership or corporation to which all or substantially all of the assets and operations of MFSOK are transferred. The Authority may assign its rights and obligations under this Agreement to (but only to) any other public entity that issues the Note (if not the Authority). The Authority shall not otherwise assign its rights and obligations under this Agreement without written consent of MFSOK. All references to MFSOK and Authority in this Agreement shall be deemed to refer to any successor of MFSOK and to any such assignee of Authority and shall bind and inure to the benefit of such successor and assignee whether so expressed or not. V. MunicinalAdvisorReeistration and Acknowledgement Pursuant to Municipal Securities Rulemaking Board Rule G -10, on Investor and Municipal Advisory Client Education and Protection, Municipal Advisors are required to provide certain written information to their municipal entity and obligated person clients which include the following: Municipal Finance Services, Inc. is currently registered as a Municipal Advisor with the U.S. Securities and Exchange Commission ( "SEC ") and the Municipal Securities Rulemaking Board ( "MSRB "). Within the Municipal Securities Rulemaking Board ( "MSRB ") website at www.msrb.or¢, the Issuer may obtain the Municipal Advisory client brochure that is posted on the MSRB website. The brochure describes the protections that may be provided by the MSRB Rules along with how to file a complaint with financial regulatory authorities. The Authority further acknowledges receipt of MFSOK's Form ADV Part 2A Brochure and 2B Brochure Supplements as required by the SEC and Oklahoma Department of Securities prior to entering into this Agreement. VI. Conflict oflnterest Statement As of the date of this agreement, MFSOK has performed a reasonable diligence to determine if there are any conflicts of interest that should be brought to the attention of the Authority. During the diligence process, MFSOK has determined that no material conflict of interest has been identified. Since the compensation arrangement included in Section II includes a component that is based on the completion of a transaction, this may be viewed as a conflict of interest regarding our ability to provide unbiased advice to enter into such transaction. This viewed conflict of interest will not impair MFSOK's ability to render unbiased and competent advice to the Authority. The fee paid to MFSOK increases the cost of borrowing to the Authority. The increased cost occurs from compensating MFSOK for municipal advisory services provided. 3 If MFSOK becomes aware of any, actual or potential conflict of interest not mentioned above during this agreement, MFSOK will promptly provide the Authority a supplement written disclosure with sufficient details of the change, if any, which will allow the Authority to evaluate the situation. VII. Legal Events and Disciplinary History A regulatory disclosure action has been made on MFSOK's Form MA and on Form MA-I for two of MFSOK's municipal advisory personnel relating to a 2017 U.S. Securities and Exchange Commission ( "SEC ") order. The details of which are available in Item 9; C (2), C (4), C (5) and the corresponding regulatory action DRP section on Form MA and Item 6: C (2), C (4), C (5), C (6) and the corresponding regulatory action DRP section on Form MA -1 for both Rick A. Smith and Jon Wolff. In addition, the Oklahoma Department of Securities adopted the above proceedings which are identified in Item 9; D (2), D (4) and the corresponding regulatory action DRP section on Form MA. The Authority may electronically access MFSOK's most recent Form MA and each most recent Form MA -I filed with the Commission at the following website: www.sec.g_,ov/edgar/searchedizar/companysearch.html. There has been no change to any legal or disciplinary event that has been disclosed on MFSOK's SEC registration for MA filings since December 18, 2017. VIII. Fiduciary Duty MFSOK is registered as a Municipal Advisor with the SEC and Municipal Securities Rulemaking Board ( "MSRB "). As such, MFSOK has a Fiduciary duty to the Authority and must provide both a Duty of Care and a Duty of Loyalty that entails the following. Duty of Care: A. exercise due care in performing its municipal advisory activities; B. possess the degree of knowledge and expertise needed to provide the Authority with informed advice; C. make a reasonable inquiry as to the facts that are relevant to the Authority's determination as to whether to proceed with a course of action or that form the basis for any advice provided to the Authority; and D. undertake a reasonable investigation to determine that MFSOK is not forming any recommendation on materially inaccurate or incomplete information; MFSOK must have a reasonable basis for: a. any advice provided to or on behalf of the Authority; b. any representations made in a certificate that it signs that will be reasonably foreseeably relied upon by the Authority, any other party involved in the municipal securities transaction or municipal financial product, or investors in the Authority's securities; and c. any information provided to the Authority or other parties involved in the municipal securities transaction in connection with the preparation of an official statement, if any. 4 Duty of Loyalty: MFSOK must deal honestly and with the utmost good faith with the Authority and act in the Authority's best interests without regard to the financial or other interests of MFSOK. MFSOK will eliminate or provide full and fair disclosure (included herein) to Authority about each material conflict of interest (as applicable). MFSOK will not engage in municipal advisory activities with the Authority as a municipal entity, if it cannot manage or mitigate its conflicts in a manner that will permit it to act in the Authority's best interests. As of the date of this agreement, MFSOK has performed a reasonable diligence to determine if there are any conflicts of interest that should be brought to the attention of the Authority. LX Recommendations If MFSOK makes a recommendation of a municipal securities transaction or municipal financial product or if the review of a recommendation of another party is requested in writing by the Authority and is within the scope of the engagement, MFSOK will determine, based on the information obtained through reasonable diligence of MFSOK whether a municipal securities transaction or municipal financial product is suitable for the Authority. In addition, MFSOK will inform the Authority of: A. the evaluation of the material risks, potential benefits, structure, and other characteristics of the recommendation; B. the basis upon which MFSOK reasonably believes that the recommended municipal securities transaction or municipal financial product is, or is not, suitable for the Authority; and C. whether MFSOK has investigated or considered other reasonably feasible alternatives to the recommendation that might also or alternatively serve the Authority's objectives. If the Authority elects a course of action that is independent of or contrary to the advice provided by MFSOK, MFSOK is not required on that basis to disengage from the Authority. X Record Retention Pursuant to the Securities and Exchange Commission (SEC) record retention regulations, MFSOK is required to maintain in writing, all communication and created documents between Municipal Finance Services, Inc. and the Authority for five (5) years after the maturity of any obligation. Notices Any and all notices pertaining to this Agreement shall be sent by U.S. Postal Service, first class, postage prepaid to: MFSOK: Municipal Finance Services, Inc. Attn: Rick A. Smith, President 3933 E. Covell Road Edmond, OK 73034 THE OWASSO PUBLIC WORKS AUTHORITY: The Owasso Public Works Authority Attn: Chairman P.O. Box 180 Owasso, OK 74055 -0180 Acceptance If there are any questions regarding the above, please do not hesitate to contact Municipal Finance Services, Inc. If the foregoing terms meet with your approval, please indicate your acceptance by executing all original copies of this letter and keeping one copy for your file. The Authority and MFSOK have entered into this Agreement by the duly authorized representatives which was approved on April 17, 2018 at a meeting duly called and held in full compliance with the Oklahoma Open Meeting Act. MUNICIPAL FINANCE SERVICES, INC. M Rick A. Smith, President THE OWASSO PUBLIC WORKS AUTHORITY am (SEAL) Chairman OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 03/31/18 Department Payroll Expenses Total Expenses 400 OPWA Administration 10,973.48 16,315.64 405 Utility Billing 6,814.00 12,196.61 420 Water 12,427.27 22,385.55 450 Wastewater 13,691.91 23,790.22 455 Wastewater Collection 11,134.71 18,566.17 480 Refuse 12,313.05 19,611.97 485 Recycle Center 1,200.00 1,836.08 FUND TOTAL 68,554.42 114,702.24 CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY FISCAL YEAR 2017 -2018 Budgetary Basis Statement of Revenues & Expenses As at March 31, 2018 OPERATING REVENUES: Water Wastewater Refuse & recycle Other Utility fees TOTAL OPERATING REVENUES OPERATING EXPENSES: OPWA administration Utility Billing Water Wastewater Refuse & Recycle Debt payments TOTAL OPERATING EXPENSES OPERATING FUND OPERATING REVENUES OVER EXPENDITURES NONOPERATING REVENUES (EXPENSES): Transfers in Transfers out Interest Other revenues/ (expenses) TOTAL NONOPERATING REVENUES (EXPENSES) LONG -TERM DEBT PROCEEDS AND EXPENDITURES: Proceeds of long -term debt Expenditures of long -term debt TOTAL LONG -TERM DEBT PROCEEDS AND EXPENDITURES NET INCOME (LOSS) ENCUMBRANCES OUTSTANDING FUND BALANCE (Budgetary Basis) Beginning Balance Ending Balance $ (1,248,596) 2,214,177 2,214,177 $ 1,007,359 $ 970,860 MONTH YEAR PERCENT TO -DATE TO -DATE BUDGET OF BUDGET $ 423,974 $ 4,677,917 $ 6,336,750 73.80% 372,822 3,397,792 4,511,120 7532% 170,770 1,579,906 2,073,950 76.18% 20,990 193,434 263,125 73.51% $ 988,558 $ 9,849,049 $ 13,186,945 74.69% $ (62,385) $ (730,705) $ (1,138,847) 64.16% (34,582) (319,874) (483,089) 66.21% (269,154) (3,395,721) (4,542,455) 74.76% (286,540) (1,658,571) (2,706,922) 61.27% (76,961) (1,348,043) (2,151,173) 62.67% (216,006) (2,681,244) (3,406,337) 78.71% $ (945,628) $ (10,134,157) $ (14,428,823) 70.24% $ 42,930 $ (285,108) $ (1,241,878) $ - $ 292,485 $ 292,487 100.00% - - (326,201) 0.00% 2.883.9 20,857.2 20,000.0 104.29% 1,467 13,544 12,275 11034% $ 4,351 $ 326,887 $ (1,439) $ 787,557 $ 3,895,993 $ 25,507,746 (787,557) (3,895,993) (25,507,746) $ - $ - $ - $ 47,281 $ 41,779 $ (1,243,317) $ (1,248,596) 2,214,177 2,214,177 $ 1,007,359 $ 970,860