HomeMy WebLinkAbout1993.03.23_OPWA Minutes_SpecialOWASSO PUBLIC WORKS AUTHORITY
MINUTES OF SPECIAL MEETING
Tuesday, March 23, 1993
Pursuant to the legal notice as is required by the Oklahoma Open Meeting Act, including the
posting of notice and agenda on the City Hall bulletin board at 4:00 p.m. on Friday, March 19,
1993, as is required by the terms thereof, the Trustees of the Owasso Public Works Authority
of the City of Owasso, Oklahoma met in special session on Tuesday, March 23, 1993 at 6:30
p.m. in the Council Chambers at the Owasso Community Center.
ITEM 1: CALL TO ORDER
Chairperson Marlar called the meeting to order at 6:50 p.m.
ITEM 2: FLAG SALUTE
The flag salute was not held.
ITEM 3: ROLL CALL
PRESENT
Patricia Marlar, Chairperson
John Phillips, Trustee
Bob Randolph, Trustee
STAFF
Rodney J Ray, City Manager
Ronald D Cates, Authority Attorney
Marcia Boutwell, Authority Secretary
ABSENT
Jason Gittelman, Vice Chairperson
Jim Smalley, Trustee
There was not the required 3/4 membership present to conduct the business as posted; therefore
Bob Randolph moved to recess the meeting and reconvene at 6:00 p.m. on Wednesday, March
24, 1993. Motion was seconded by John Phillips
AYE: Randolph, Phillips, Marlar
NAY: None
The motion carried 3-0 and the meeting was recessed at 6:51 p.m.
Chairperson Marlar reconvened the meeting at 6:00 p.m. on Wednesday, March 24, 1993 and
asked for a roll call.
PRESENT
Patricia Marlar, Chairperson
John Phillips, Trustee
Bob Randolph, Trustee
Jim Smalley, Trustee
ABSENT
Jason Gittelman, Vice Chairperson
Owasso Public Works Authority March 23, 1993
STAFF
Rodney J Ray, City Manager
Ronald D Cates, Authority Attorney
Marcia Boutwell, Authority Secretary
A quorum was declared present.
ITEM 4. CONSIDERATION AND APPROPRIATE ACTION RELATING TO
RESOLUTION -01 A RESOLUTION AUTHORIZING TWO LOANS
FROM THE OKLAHOMA WATER RESOURCES BOARD WITH A
COMBINED TOTAL AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $4,600,000: APPROVING THE ISSUANCE OF TWO PROMISSORY
NOTES IN THE COMBINED TOTAL AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED 4 600 000 SECURED BY A PLEDGE OF REVENUES
AND AUTHORIZING THEIR EXECUTION• APPROVING AND
AUTHORIZING THE EXECUTION OF TWO LOAN AGREEMENTS-,
APPROVING AND AUTHORIZING THEE KEC ITIO TOF SUPPLEMENTAL
BOND OR NOTE INDENTURES• APPROVING AND AUTHORIZING THE
EXECUTION OF A SECURITY AGREEMENT• ESTABLISHING THE
AUTHORITY'S REASONABLE EXPECTATIONS WITH RESPECT TO THE
TOTAL AMOUNT OF TAX M
EXEPT OBLIGATIONS TO BE ISSUED BY
THE AUTHORITY IN CALENDAR YEAR 1993• RATIFYING A LEASE
APPROVING VARIOUS COVENANTS: APPROVING AND AUTHORIZING
PAYMENT OF FEES AND EXPENSES • AND CONTAINING OTHER
PROVISIONS RELATING THERETO.
Mr Ray presented this item. On November 17, 1992 the Oklahoma Water Resources Board
approved the OPWA application for the wastewater treatment facility project, the wastewater
collection system project, and cast iron pipe water system project. A maximum of $6,100,000
was approved. Revenues generated from the recent rate increase will service a $5,400,000 debt.
Because of requirements relating to arbitrage, the Water Resources Board has agreed to closing
on $4,600,000 of the approved debt limit now and the remaining $800,000 after January 1,
1994. Interest will be fixed on all money after closing on the remainder of the funds early in
1994 with a State Revolving Fund loan at 0 % interest on 40 % of the total construction cost of
the wastewater system projects and a fixed rate OWRB loan on 60% of the construction cost
of the wastewater projects and 100% of the construction cost of the water system project. The
effective interest rate is 5.752.
Bob Randolph moved to approve Resolution #93-01, a resolution authorizing two loans from the
Oklahoma Water Resources Board with a combined total aggregate principal amount not to
exceed $4,600,000; approving the issuance of two promissory notes in the combined total
aggregate principal amount not to exceed $4,600,000 secured by a pledge of revenues and
authorizing their execution; approving and authorizing the execution of two loan agreements;
approving and authorizing the execution of supplemental bond or note indentures; approving and
authorizing the execution of a security agreement; establishing the Authority's reasonable
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Owasso Public Works Authority
March 23, 1993
expectations with respect to the total amount of tax exempt obligations to be issued by the
Authority in calendar year 1993; ratifying a lease; approving various covenants; approving and
authorizing payment of fees and expenses; and containing other provisions relating thereto.
Motion was seconded by John Phillips.
AYE: Randolph, Phillips, Smalley, Marlar
NAY: None
Motion carried 4-0.
ITEM 5: ADJOURNMENT
There being no further business, the Chairperson adjourned the meeting at 6:18 p.m.
Mar a Boutwell, Secretary
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atricia K Marlar, Chairp rson