HomeMy WebLinkAbout1988.11.07_OPWA Minutes_SpecialOWASSO PUBLIC WORKS AUTHORITY PAGE ONE NOVEMBER 7, 1988
On Monday, November r, 1988 the Owasso Public Works Authority met
in a special session, called by Chairman Lamb, in the Council
Chambers at the Community Center per the Notice of Public Meeting
and Agenda posted on the City Hall bulletin board at 4:00 p.m. on
Wednesday, November 2, 1988.
ITEM l: CALL TO ORDER.
The meeting was called to order at 10:06 a.m. with Chairman Lamb
presiding.
ITEM 2: FLAG SALUTE.
The flag salute was led by Chairman Lamb.
ITEM 3: ROLL CALL.
PRESENT: Stacy P. Lamb, Chairman
Patricia Marlar, Vice Chairman
Mark Thompson, Trustee
Von E. Stockler, Trustee
Rodney J. Ray, City Manager
Ronald D. Cates, O.P.W.A. Attorney
Jane Buchanan, Secretary
ABSENT: John P. Phillips, Trustee
A quorum was declared present.
ITEM 4: CONSIDER ADOPTION OF O.P.W.A. RESOLUTION NO. 88-08. A
RESOLUTION AWARDING SELLING AND DELIVERING THE
AUTHORITY'S PUBLIC IMPROVEMENT REVENUE BONDS SERIES
1988 TO THE LOWEST AND BEST BIDDER FOLLOWING REVIEW OF
ALL COMPETITIVE BIDS SUBMITTED.
Mr. Terry Hawkins, Bond Counsel, reviewed the Resolution with the
Trustees. Mr. Rick Smith, Leo Oppenheim & Company, delivered the
sealed bids to the Secretary of the Authority for opening. The
following bids were opened and read: (1) John Nuveen with a
average net interest rate of 7.3794; (2) Blunt Ellis & Loewi at
7.6160%; (3) Dean Witter Reynolds at 7.5954%; and (14) Stifel
Nicolaus & Company at 7.5423%.
Members of the Oppenheim firm reviewed the bids and recommended
awarding the contract to the lowest bidder, John Nuveen Company.
r-
OWASSO PUBLIC WORKS AUTHORITY PAGE TWO
A motion was made by M. Thompson, seconded by
approve the adoption of Resolution No. 88-08
contract to John Nuveen Company at 7.3794%
AYE: Thompson, Stockler, Marlar, Lamb
NAY: None
MOTION: Carried 4-0
NOVEMBER 7, 1988
V. Stockler, to
awarding the
ITEM 5: CONSIDER ADOPTION OF O.P.W.A. RESOLUTION NO. 88-09. A
RESOLUTION AUTHORIZING THE AUTHORITY TO ISSUE ITS
$6,100,000 PUBLIC IMPROVEMENT REVENUE BONDS SERIES
1988; WAIVING ANY DISCREPANCIES IN THE PROCEDURE OF
TAKING COMPETITIVE BIDS AND AUTHORIZING SAID BONDS TO
BE SOLD AT A DISCOUNT; APPROVING A BOND INDENTURE
AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENTS OF
SAID BONDS; APPROVING A DEPOSITORY BANK AGREEMENT WITH
FIRST BANK OF OWASSO, OWASSO, OKLAHOMA• APPROVING THE
OFFICIAL STATEMENT PERTAINING TO SAID BONDS AND
AUTHORIZING THE CHAIRMAN TO APPROVE ANY CORRECTIONS TO
SAID STATEMENT; PROVIDING THAT THE DECLARATION OF TRUST
CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF
SAID BOND INDENTURE• APPROVING A REFUNDING ESCROW
AGREEMENT PERTAINING TO THE REFUNDING OF THE
AUTHORITY'S OUTSTANDING UTILITY SYSTEM REVENUE BONDS
SERIES 1987; APPROVING A SECURITY AGREEMENT BETWEEN THE
CITY OF OWASSO, OKLAHOMA AND THE AUTHORITY PERTAINING
TO THE USE OF CERTAIN SALES TAX REVENUES BY THE
AUTHORITY; DESIGNATING THE BONDS AS QUALIFIED TAX-
EXEMPT OBLIGATIONS• AUTHORIZING AND DIRECTING THE
EXECUTION OF BONDS AND OTHER DOCUMENTS RELATING TO THE
TRANSACTION; AND CONTAINING OTHER PROVISIONS RELATING
THEREOF.
Mr. Hawkins reviewed this Resolution with the Trustees.
A motion was made by M. Thompson, seconded by P. Marlar, to
approve Resolution No. 8809 as presented.
AYE: Thompson, Marlar, Stockler, Lamb
NAY: None
MOTION: Carried 4-0
ITEM 6: ADJOURN.
With there being no further business to be brought before the
Trustees, Chairman Lamb asked for a motion to adjourn.
r
OWASSO PUBLIC WORKS AUTHORITY PAGE THREE NOVEMBER 7, 1988
A motion was made by V. Stockler, seconded by M. Thompson, to
adjourn.
AYE: Stockler, Thompson, Marlar, Lamb
NAY: None
MOTION: Carried 4-0
Meeting was adjourned at 10:35 a.m.
acy W . Lq(mb , UYfairman
Cfir,cJ
J Buchanan, Secretary