HomeMy WebLinkAbout2018 06_Incurrence of Debt_05.15RESOLUTION NO. 2018-06
A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY
THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ")
ISSUING ITS SALES TAX REVENUE NOTE, SERIES 2018 (THE "NOTE ");
PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE
AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE
INDENTURE, AUTHORIZING THE ISSUANCE OF SAID NOTE; WAIVING
COMPETITIVE BIDDING WITH RESPECT TO THE SALE OF SAID NOTE
AND APPROVING THE PROCEEDINGS OF THE AUTHORITY
PERTAINING TO THE SALE OF SAID NOTE; RATIFYING AND
CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE CITY
OF OWASSO, OKLAHOMA (THE "CITY ") AND THE AUTHORITY
PERTAINING TO THE YEAR -TO -YEAR PLEDGE OF CERTAIN SALES TAX
REVENUES; ESTABLISHING THE CITY'S REASONABLE EXPECTATION
WITH RESPECT TO THE ISSUANCE OF TAX- EXEMPT OBLIGATIONS BY
OR ON BEHALF OF SAID CITY IN CALENDAR YEAR 2018, AND
DESIGNATING THE NOTE AS A QUALIFIED TAX - EXEMPT OBLIGATION;
AND CONTAINING OTHER PROVISIONS RELATING THERETO.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OWASSO, OKLAHOMA:
SECTION 1. INDEBTEDNESS AUTHORIZED. The Owasso Public Works Authority (the
"Authority ") is hereby authorized to incur an indebtedness by the issuance of its Sales Tax Revenue
Note, Series 2018 in the amount of $9,800,000, according to the terms and conditions of a Note
Indenture dated as of December 1, 2004, as previously supplemented and amended, and as further
supplemented and amended by a Series 2018 Supplemental Note Indenture, all by and between the
Authority and BancFirst, as successor Trustee to RCB Bank (collectively, the "Note Indenture "),
provided that said Note shall never constitute a debt of the City of Owasso, Oklahoma (the "City").
SECTION 2. ORGANIZATIONAL DOCUMENT SUBJECT TO NOTE INDENTURE.
The organizational document creating the Authority, is hereby made subject to the terms of the Note
Indenture authorizing the issuance and securing the payment of the Note as more fully described in
Section 1 hereof.
SECTION 3. WAIVING COMPETITIVE BIDDING; APPROVAL OF SALE
PROCEEDINGS. The waiving of competitive bidding for the sale of the Note and the sale of said
Note by the Authority to JPMorgan Chase Bank, N.A., at a price of par, is hereby approved.
SECTION 4. SALES TAX AGREEMENT. The Sales Tax Agreement dated as of December
1, 2004, between the City and the Authority (the "Sales Tax Agreement "), which Sales Tax
Agreement pertains to a year -to -year pledge of certain sales tax revenue as security for the Note, is
hereby ratified and confirmed.
SECTION 5. CITY'S EXPECTATIONS. The City anticipates that the total amount of tax -
exempt obligations (other than private activity bonds and certain qualified refunding bonds) issued
by the Authority or other issuers on behalf of said City, will not exceed $10,000,000 for calendar year
2018, and the City hereby designates the Note to be a qualified tax- exempt obligation with respect to
the financial institution interest deduction provisions contained in the Internal Revenue Code of 1986,
as amended, and authorizes the Mayor or Vice Mayor to execute and deliver on behalf of the City a
Certificate of Designation to that effect.
SECTION 6. AUTHORIZING EXECUTION. The Mayor or Vice Mayor and City Clerk or
Deputy City Clerk of the City representing the City at the closing of the above - referenced note issue
are hereby authorized to execute and deliver on behalf of the City any and all certifications and
documentation necessary or attendant to the delivery of the Note, as directed by Bond Counsel.
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PASSED AND APPROVED THIS
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15"' DAY OF MAY, 2018.
CITY OF^OWASSO, OKLAHOMA
Mayor
CERTIFICATE
OF
CITY COUNCIL ACTION
I, the undersigned, hereby certify that I am the duly qualified and acting City Clerk of the City
of Owasso, Oklahoma.
I further certify that the City Council of the City of Owasso, Oklahoma, held a Regular
Meeting at 6:30 o'clock P.M., on May 15, 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 City Council 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 Council members 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: Mayor Chris Kelly, Vice Mayor Bill Bush, Doug Bonebrake,
Lyndell Dunn, and Kelly Lewis
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MOTION MADE BY: Lyndell Dunn
MOTION SECONDED BY: Doug Bonebrake
AYE: Mayor Chris Kelly, Vice Mayor Bill Bush, Doug Bonebrake,
Lyndell Dunn, and Kelly Lewis
NAY: None
WITNESS MY HAND THIS 15T" DAY OF MAY, 2018.
CITY OF OWASSO, OKLAHOMA
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