HomeMy WebLinkAbout2018 03_OPWA_PD_Headquarters_Renovation_Project_2018.04.17OWASSO 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 Proiect. 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.
PASSED AND APPROVED this 17th day of April, 2018
THE OytAISO PUBLIC WORKSA&ORITY
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APP VED as to form and // legality this 171h day of April, 2018.
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Juli f Lombardi, Authority Attorney
OPWA Resolution 2018 -03
Page 2 of 3
OREALooPlo • REAL Character• REAL Community
TO: The Honorable Chair and Trus,
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