HomeMy WebLinkAbout2019 01_OWRB Application_Agreement_Financing_2019.03.19OWASSO PUBLIC WORKS AUTHORITY
OWASSO, OKLAHOMA
RESOLUTION 2019 -01
A RESOLUTION AGREEING TO FILE APPLICATION WITH THE OKLAHOMA WATER
RESOURCES BOARD (THE "OWRB ") FOR FINANCIAL ASSISTANCE THROUGH THE
STATE LOAN PROGRAM, WITH THE LOAN PROCEEDS BEING FOR THE PURPOSE
OF FINANCING CERTAIN WATER AND WASTEWATER SYSTEM IMPROVEMENTS;
APPROVING PROFESSIONAL SERVICES AGREEMENTS; AND CONTAINING
OTHER PROVISIONS RELATED THERETO
WHEREAS, the Owasso Public Works Authority, Tulsa County, Oklahoma (the
"Authority ") has under consideration the financing of certain water and wastewater
system improvements (collectively, the "Project "); and
WHEREAS, the Oklahoma Water Resources Board has made monies available to
qualified entities for the financing of certain qualifying projects; and
WHEREAS, the Authority hereby agrees to file an application(s) with the Oklahoma
Water Resources Board for financial assistance in the aggregate amount as will be
sufficient to pay certain costs associated with the referenced project.
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE OWASSO PUBLIC WORKS
AUTHORITY, TULSA COUNTY, OKLAHOMA:
Section 1. Application. The Authority shall file an Application(s) with the Oklahoma
Water Resources Board seeking financial assistance through the State Loan Program; and
the Chair or Vice Chair and Secretary or Assistant Secretary of the Authority are hereby
authorized to execute said Application(s) for and on behalf of the Authority. The Authority
is further authorized to advance to the Oklahoma Water Resources Board the necessary
application fees in connection with the referenced Application(s), if any.
Section 2. Professional Services Agreement. The Authority is authorized to enter
into a legal services agreement with The Public Finance Law Group PLLC, as the
Authority's Bond Counsel and a professional services agreement with Municipal Finance
Services, Inc., as the Authority's Financial Advisor.
Section 3. Other Matters. The Chair or Vice Chair and Secretary or Assistant
Secretary of the Authority are hereby authorized and directed to do all other lawful things
necessary to carry out the terms and conditions of this Resolution.
[Remainder of Page Left Blank Intentionally]
Resolution 2019 -01
Page i of 3
PASSED AND APPROVED THIS 19TH DAY OF MARV, 2019.
THE OWASSCY/PUBf/C WOM AUTHORITY
(SEAL)
f�[9e�P1rld;l 'elley, Chair
ATTEST: o� 'i1pR.S q�!f.
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By
jigainn M. Stevens, Authority Secrei}is °•..,°
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Resolution 2019 -01
Page 2 of 3
STATE OF OKLAHOMA )
)SS
COUNTY OF TULSA )
I, the undersigned, the duly qualified and acting Secretary of The Owasso Public
Works Authority, Tulsa County, Oklahoma, hereby certify that the above and foregoing is a
true, correct and complete copy of a Resolution duly adopted by the Board of Trustees of
said Authority and of the proceedings of said Authority in the adoption of said Resolution
as shown by the records of my office. I further certify that said meeting complied in all
respects with the "Open Meeting Law ".
WITNESS my hand and the seal of said Authority this 19th day�S f `M �tifhQoi l9. "C
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(SEAL) 0 . =�Oe
J li nn M. Stevens, Au hority Secret _
Resolution 2019 -01
Page 3 of 3
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REAL People • REAL Character • REAL Community
TO: The Honorable Chair and Trustees
Owasso Public Works Authority
FROM: Linda Jones, Finance Director
SUBJECT: Resolution 2019 -01, Owasso Public Works Authority (OPWA) Project Funding
DATE: March I5, 2019
BACKGROUND:
On March 12, 2019, Council discussed the following planned OPWA major capital improvements
totaling over $25 million:
• Upgrade of the Wastewater Treatment Plant
• Upgrade of Coffee Creek sewer lift station
• Upgrade Smith Farm gravity sewer line
• Upgrade waterline at East 76th Street North and US Highway 169
• Upgrade Ranch Creek sewer interceptor, East 96th Street North to East 1 16th Street North
Engineering for the Coffee Creek Lift Station and the upgrade of the Wastewater Treatment
Plant is nearing completion and will need financing before construction contracts may be
awarded. Due to the size of the loan and the life of the projects, a 30 -year term is desired.
Oklahoma Water Resources Board (OWRB) is able to provide a lower interest rate and longer
term than traditional bank financing.
Objectives with this financing would be to take advantage of the current low interest rates
offered by OWRB; provide funding for the upgrades to the Wastewater Treatment Plant, Coffee
Creek lift station, Smith Farm gravity sewer line, and the East 76th Street North and US Highway
169 waterline; and to leave sufficient cash flow in the OPWA to provide for ongoing operations
and future debt financing of the upgrade to the Ranch Creek sewer interceptor.
Contracts with Ben Oglesby, Financial Advisor, and Allan Brooks, Bond Counsel are needed to
ascertain the most advantageous time to go to market and to proceed with preparing the loan
application documents necessary for OWRB financing.
A*$•]uLilA11 e _ • L
Staff recommends approval of Resolution 2019 -01, providing authorization to enter into contracts
with Municipal Finance Services, Inc. and The Public Finance Law Group, PLLC, for professional
services related to preparing documents needed to file application with the OWRB for financing
certain water and wastewater system improvements.
ATTACHMENTS:
Resolution 2019 -01
Municipal Finance Services, Inc. contract
Public Finance Law Group, PLLC contract