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HomeMy WebLinkAbout2020.03.17_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY (OPWA) Council Chambers, Old Central Building 109 North Birch, Owasso, OK 74055 Regular Meeting Tuesday, March 17, 2020 - 6:30 pm 1. Call to Order Chair Chris Kelley 2. Roll Call MqR "jv '4900 3. 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes - March 3, 2020, and March 10, 2020, Regular Meetings B. Approve claims 4. Consideration and appropriate action relating to items removed from the Consent Agenda 5. Consideration and appropriate action relating to Resolution 2020 -01, authorizing the execution of professional services agreements pertaining to financing professionals; authorizing the Authority's financial advisor to distribute bid packages to prospective financial institutions in connection with the financing of capital improvements benefiffing the City of Owasso, Oklahoma; and containing other provisions relating thereto Linda Jones Staff recommends approval of Resolution 2020 -01. 6. Consideration and appropriate action relating to Resolution 2020 -02, declaring the intent of the Owasso Public Works Authority (the "Authority ") to expend certain funds in connection with the acquisition of certain real property with said expenditures to be reimbursed from the proceeds of debt to be incurred by the Authority; and containing other provisions relating thereto Linda Jones Staff recommends approval of Resolution 2020 -02. 7. Report from OPWA Manager 8. Report from OPWA Attorney 9. Official Notices to Authority (documents for acknowledgment or information only, no discussion or action will be taken) • Payroll Payment Report - pay period ending date February 29, 2020 • Monthly Budget Status Report - February 2020 10. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) OPWA March 17, 2020 Page 2 11. Adjournment Notice of Public Meeting filed in the office of the City Clerk on Friday, December 13, 2019, and the Agenda posted at City Hall, 200 South Main Street, at 6:00 pm on Friday, March 13, 2020. J iann M. Stevens, Ci y Clerk The City of Owasso encourages citizen participation. To request an accommodation due to a disability, contact the City Clerk at least 48 hours prior to the scheduled meeting by phone 918 -376 -1502 or by email to istevens§citvofowasso. com OWASSO PUBLIC WORKS AUTHORITY (OPWA) MINUTES OF REGULAR MEETING Tuesday, March 3, 2020 The Owasso Public Works Authority (OPWA) met in regular session on Tuesday, March 3, 2020, in the Council Chambers at Old Central, 109 North Birch, Owasso, Oklahoma, per the Notice of Public Meeting filed Friday, December 13, 2019; and the Agenda filed in the office of the City Clerk and posted at City Hall, 200 South Main Street, at 6:00 pm on Friday, February 28, 2020. 1. Call to Order Chair Chris Kelley called the meeting to order at 7:18 pm. 2. Roll Call Present Vice Chair- Bill Bush Trustee - Doug Bonebrake Trustee - Lyndell Dunn Trustee - Kelly Lewis A quorum was declared present. Staff: Authority Manager- Warren Lehr Absent Chair - Chris Kelley Authority Attorney - Julie Lombardi 3. Consideration and appropriate action relating to a request for approval of the Consent Agenda. (All matters listed under "Consent" are considered by the Authority to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable.) A. Approve minutes - February 18, 2020, Regular Meeting B. Approve claims Mr. Dunn moved, seconded by Ms. Lewis to approve the Consent Agenda, as presented, with claims totaling $774,409.38. YEA: Bonebrake, Dunn, Lewis, Bush NAY: None Motion carried: 4 -0 4. Consideration and appropriate action relating to items removed from the Consent Agenda None 5. Report from OPWA Manager None 6. Report from OPWA Attorney None 7. Official Notices to Council (documents for acknowledgment or information only, no discussion or action will be taken) The Chair acknowledged receipt of the following: • Payroll Payment Report- pay period ending date February 15, 2020 8. New Business (New Business is any item of business which could not have been foreseen at the time of posting of the agenda) None 9. Adjournment Ms. Lewis moved, seconded by Mr. Dunn to adjourn the meeting. Owasso Public Works Authority March 3, 2020 Page 2 YEA: Bonebrake, Dunn, Lewis, Bush NAY: None Motion carried: 4 -0 and the meeting adjourned at 7:19 pm. Bill Bush, Vice Chair Juliann M. Stevens, Authority Clerk OWASSO CITY COUNCIL, PUBLIC WORKS AUTHORITY, AND PUBLIC GOLF AUTHORITY MINUTES OF JOINT REGULAR MEETING Tuesday, March 10, 2020 The Owasso City Council, Owasso Public Works Authority (OPWA), and Owasso Public Golf Authority (OPGA) met in a joint regular meeting on Tuesday, March 10, 2020, in the Council Chambers at Old Central, 109 North Birch Street, Owasso, Oklahoma, per the Notice of Public Meeting filed Friday, December 13, 2019; and the Agenda filed in the office of the City Clerk and posted at City Hall, 200 South Main Street, at 6:00 pm on Friday, March 6, 2020. 1. Call to Order /Roll Call Mayor /Chair Chris Kelley called the meeting to order at 6:00 pm. Present Absent Mayor /Chair - Chris Kelley None Vice Mayor /Vice Chair- Bill Bush Councilor /Trustee- Doug Bonebrake Councilor /Trustee - Lyndell Dunn Councilor /Trustee - Kelly Lewis A quorum was declared present. 2. Discussion relating to Finance Department Items A. Proposed professional service agreements for financial advisors and bond counsel related to a Sales Tax Revenue Note for Capital Improvement Project funding and a Reimbursement Resolution B. Annual review of the five -year Utility Rate Plan Linda Jones presented item A and introduced Jered Davidson of the Public Finance Law Group and Ben Ogelsby of Municipal Finance Services, Incorporated, discussion was held. Linda Jones presented item B and discussion was held. It was further explained that item A would be placed on the March 17, 2020, City Council and OPWA agendas for consideration and action. 3. Discussion relating to Community Development Items A. Request for Easement Closure - 1 1426 North 134th East Avenue B. Request for Final Plat - Hawthorne at Stone Canyon Phase I, located south and west of the East 761h Street North and North 193rd East Avenue intersection C. Request for Final Plat - Time to Shine Car Wash, located at 11515 East 961h Street North D. Request for a Re -Plat - Kum and Go, located at 502 East 2nd Street E. Application for the 2020 Community Development Block Grant (CDBG) funding and project selection Brian Dempster and Karl Fritschen presented items A, B, C, D, and E and discussion was held. It was further explained that all items would be placed on the March 17, 2020, City Council agenda for consideration and action. 4. Discussion relating to the evaluation process and employment contracts for the City Manager and City Attorney Michele Dempster presented the item and discussion was held. 5. Discussion relating to City Manager items A. Monthly sales tax report B. City Manager report Warren Lehr introduced Linda Jones to present item A and discussion was held. Mr. Lehr reported on upcoming city events. Owasso City Council, OPWA & OPGA March 10, 2020 Page 2 6. Discussion relating to the 2020 Mayor /Chair Elections Process Mayor /Chair Chris Kelley presented the item and discussion was held. 7. City Councilor /Trustee comments and inquiries None 8. Adjournment The meeting adjourned at 7:21 pm. Chris Kelley, Mayor /Chair Juliann M. Stevens, City Clerk Actual Claims List - 03/17/20 Fund Vendor Name Payable Description Payment Amount 61 OPWA JPMORGAN CHASE BANK DEQ- PERMIT FEE $5,973.09 TYANN DEVELOPMENT COMPANY ROW /EASEMENT ACQUISITION $10,289.06 COFFEE CREEK LIFT STATION - Total NATURAL EVOL- RECYCLE $16,262.15 AT &T CONSOLIDATED PHONE $150.23 AT &T LONG DISTANCE PHONE $16.95 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASES - FEB, $36.58 CITY GARAGE LABOR/OVERHEAD - MARCH, 2 $160.58 CITY GARAGE VEHICLE PARTS PURCH - FEB $534.18 CITY OF OWASSO GENERAL LIABILITY SELF -IN $150,000.00 FLEETCOR TECHNOLOGIES FUELMAN EXPENSES - FEB, 2 $34.78 JPMORGAN CHASE BANK ATLAS AIR LLC- SWITCH $385.00 JPMORGAN CHASE BANK BRAUMS- MEETING EXP $15.52 JPMORGAN CHASE BANK INTERSTATE - BATTERIE $12.00 JPMORGAN CHASE BANK INTERSTATE - BATTERIES $54.80 JPMORGAN CHASE BANK OFFICE DEPOT - NOTARY $24.99 JPMORGAN CHASE BANK OFFICE DEPOT - OFFICE S $61.16 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES $199.96 JPMORGAN CHASE BANK OFFICE DEPOT -TONER $129.99 JPMORGAN CHASE BANK OFFICE EVERY -TONER $85.00 JPMORGAN CHASE BANK SAMS- SUPPLIES $99.32 JPMORGAN CHASE BANK TULSA BEEF - MEETING EX $235.61 JPMORGAN CHASE BANK WALMART- MEETING EXP $93.95 ONEOK, INC OKLAHOMA NATURAL GAS NATURAL GAS USAGE $596.98 RICH & CARTMILL, INC NOTARY BOND - JULIE GOINS $30.00 UNIFIRST HOLDINGS LP UNIFORM SERVICE $72.88 OPWA ADMINISTRATION -Total $153,030.46 AT &T CONSOLIDATED PHONE $12.32 CITY GARAGE LABORIOVERHEAD - MARCH, 2 $856.51 JPMORGAN CHASE BANK NATURAL EVOL- RECYCLE $666.64 NATIONAL WASTE & DISPOSAL, INC. MONTHLY RECYCLING $201.79 UNIFIRST HOLDINGS LP UNIFORM SERVICE $35.56 YELLOWHOUSE MACHINERY CO OF OK BACKHOE REPAIR - RECYCLE $782.44 RECYCLE CENTER -Total $2,555.26 AT &T CONSOLIDATED PHONE $12.32 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASES - FEB, $2,983.69 CITY GARAGE LABORIOVERHEAD - MARCH, 2 $5,215.42 CITY GARAGE VEHICLE PARTS PURCH - FEB $3,628.87 FLEETCOR TECHNOLOGIES FUELMAN EXPENSES - FEB, 2 $1,650.57 JPMORGAN CHASE BANK COVANTA- REFUSE TIPPIN $11,371.59 JPMORGAN CHASE BANK OFFICE EVERY -TONER $64.00 JPMORGAN CHASE BANK SOLID WASTE- TRAINING $193.60 1 Actual Claims List - 03/17/20 Fund Vendor Name Payable Description Payment Amount 61 OPWA UNIFIRST HOLDINGS LP UNIFORM SERVICE $132.04 REFUSE COLLECTIONS -Total $25,252.10 JPMORGAN CHASE BANK DLX- DEPOSIT SLIPS $111.38 JPMORGAN CHASE BANK DLX- REFUND ($9.12) JPMORGAN CHASE BANK OFFICE DEPOT- SUPPLIES $7.29 TECHNICAL PROGRAMMING SERVICES BILLING SERVICES $3,177.80 INC TYRONE EUGENE DINKINS METER READER $804.30 UTILITY BILLING -Total $4,091.65 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASES - FEB, $121.06 CITY GARAGE LABOR/OVERHEAD - MARCH, 2 $1,853.08 CITY GARAGE VEHICLE PARTS PORCH - FEB $23.91 FLEETCOR TECHNOLOGIES FUELMAN EXPENSES - FEB, 2 $409.19 JAMES A. OZBUN RELIEF PUMP STATION $330.00 JPMORGAN CHASE BANK AMERIFLEX -HOSE $19.98 JPMORGAN CHASE BANK CORE & MAIN - MANHOLE $163.00 JPMORGAN CHASE BANK CORE & MAIN - CONCRETE $62.50 JPMORGAN CHASE BANK CORE & MAIN - RISERS /MA $600.50 JPMORGAN CHASE BANK JOHNSTONE -OIL $187.65 JPMORGAN CHASE BANK LOWES -BOLTS $1.96 JPMORGAN CHASE BANK LOWES- SUPPLIES $92.14 JPMORGAN CHASE BANK PIKEPASS - PIKEPASS $9.30 JPMORGAN CHASE BANK SOUTHLAND- MANHOLE TOO $526.86 ONEOK, INC OKLAHOMA NATURAL GAS NATURAL GAS USAGE $223.38 UNIFIRST HOLDINGS LP UNIFORM SERVICE $106.52 VERDIGRIS VALLEY ELECTRIC COOP COFFEE CREEK ELECTRIC $398.64 VERDIGRIS VALLEY ELECTRIC COOP GARRETT CREEK ELECTRI $192.23 VERIZON WIRELESS WIRELESS CONNECTION $80.02 WASTEWATER COLLECTIONS -Total $5,401.92 AT &T CONSOLIDATED PHONE $61.60 CITY GARAGE LABORIOVERHEAD - MARCH, 2 $1,154.00 CITY GARAGE VEHICLE PARTS PURCH - FEB $13.54 FLEETCOR TECHNOLOGIES FUELMAN EXPENSES - FEB, 2 $402.25 JAMES A. OZBUN REPAIR DRAIN PUMP #2 $3,396.00 JPMORGAN CHASE BANK AMAZON - BATTERIES $25.00 JPMORGAN CHASE BANK BUMP TO BUMP -GLUE $9.63 JPMORGAN CHASE BANK COLE -E- COLT -E -COLT CO $830.67 JPMORGAN CHASE BANK CORE & MAIN -LINE PART $441.07 JPMORGAN CHASE BANK GRAINGER- AUTOCLAVE UN $7,615.82 JPMORGAN CHASE BANK GRAINGER- INDICATOR $43.94 JPMORGAN CHASE BANK HACH- REAGENT $584.63 2 Actual Claims List - 03/17/20 Fund Vendor Name Payable Description Payment Amount 61 OPWA JPMORGAN CHASE BANK HAYNES EQUIP -SEALS $3,152.48 JPMORGAN CHASE BANK HAYNES EQUIP- SERVICE $227.01 JPMORGAN CHASE BANK LOWES - LADDER $94.98 JPMORGAN CHASE BANK LOWES- SCREWS DRIVERS $12.96 JPMORGAN CHASE BANK LOWES - SUPPLIES $121.40 JPMORGAN CHASE BANK NCL- FILTERS FOR TSS T $574.73 JPMORGAN CHASE BANK O'REILLY - GASKET $7.90 JPMORGAN CHASE BANK O'REILLY- HEADLIGHT $7.42 JPMORGAN CHASE BANK OFFICE DEPOT - SUPPLIES $10.78 JPMORGAN CHASE BANK OOWP- MANUALS $213.00 JPMORGAN CHASE BANK TRACKER -UTIL VEHICLE $15,644.60 JPMORGAN CHASE BANK WASTE MGMT -SLUDGE RM $8,900.49 JPMORGAN CHASE BANK WASTE MGMT - SLUDGE REM $6,856.11 TREASURER PETTY CASH SUPPLIES $83.52 UNIFIRST HOLDINGS LP UNIFORM SERVICE $128.14 VERIZON WIRELESS WIRELESS CONNECTION $80.02 WASTEWATER TREATMENT •Total $50,693.69 BLUE ENERGY FUELS, LLC CNG FUEL PURCHASES - FEB, $48.41 CITY GARAGE LABORIOVERHEAD - MARCH, 2 $2,945.33 CITY GARAGE VEHICLE PARTS PURCH - FEB $444.50 CITY OF TULSA DEPT OF FINANCE WQA LABORATORY SERVICES $500.00 CITY OF TULSA UTILITIES WATER $202,591.75 FLEETCOR TECHNOLOGIES FUELMAN EXPENSES - FEB, 2 $1,197.53 JPMORGAN CHASE BANK BROWN FARMS -SOD $100.00 JPMORGAN CHASE BANK HARD HAT SAFETY -JACKE $35.00 JPMORGAN CHASE BANK LOWES - HYDRANT /FITT $88.80 JPMORGAN CHASE BANK O'REILLY -BLUE DEF $27.98 UNIFIRST HOLDINGS LP UNIFORM SERVICE $161.13 VERDIGRIS VALLEY ELECTRIC COOP WATER CONTROL ELECTRI $30.60 WATER -Total $208,171.03 CP &Y INC DESIGN SERVICES W WTP $3,238.21 WWTP UPGRADE -Total $3,238.21 OPWA -Total $468,696.47 OPWA Grand Total $468,696.47 3 s� ORo., •R EALLM1arac,vr•flEAL Communlry TO: The Honorable Chair and Trustees Owasso Public Works Authority FROM: Linda Jones, Finance Director SUBJECT: Resolution 2020 -01, Capital Improvement Planned Financing DATE: March 13, 2020 BACKGROUND: On June 18, 2019, Council approved Resolution 2019 -13 which identified approximately $98 million in capital improvement projects, of which, $78 million require third -penny sales tax funding. The third -penny sales tax generates approximately $9 million per year, of which, approximately $4 million is currently committed annually for existing debt service. Currently, approximately $28 million remains to be funded from future years' collections. As has been discussed with Council on multiple occasions, authorized Capital Improvement Projects (CIP) will require approximately six years of sales tax revenues to fund. At the October 2017 work session, staff outlined the need for future financing of capital projects to enable the City to advance the progress of approved CIP projects without delay. The financing would include approximately $1.5 million for the 11301 North Mingo Road and 10000 East 116th Street North land purchase due to be paid by April 1, 2020, as well as, funds for various street projects including the Garnett Road widening from East 106th Street North to East 116th Street North, and the intersection of East 106th Street North and North 1451h East Avenue. Contracts with Municipal Finance Services, Inc. (Financial Advisor) and The Public Finance Law Group, PLLC (Bond Counsel) are proposed to ascertain the most advantageous method and timing for financing capital projects, and to proceed with preparing a recommendation of financing. RECOMMENDATION: Staff recommends approval of Resolution 2020 -01, authorizing contracts with Municipal Finance Services, Inc. and The Public Finance Law Group, PLLC, for professional services related to financing capital projects. ATTACHMENTS: Authority Resolution 2020 -01 Municipal Finance Services, Inc. contract Public Finance Law Group, PLLC contract OWASSO PUBLIC WORKS AUTHORITY RESOLUTION 2020 -01 A RESOLUTION OF THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") AUTHORIZING THE EXECUTION OF PROFESSIONAL SERVICES AGREEMENTS PERTAINING TO FINANCING PROFESSIONALS; AUTHORIZING THE AUTHORITY'S FINANCIAL ADVISOR TO DISTRIBUTE BID PACKAGES TO PROSPECTIVE FINANCIAL INSTITUTIONS IN CONNECTION WITH THE FINANCING OF CAPITAL IMPROVEMENTS BENEFITTING THE CITY OF OWASSO, OKLAHOMA; AND CONTAINING OTHER PROVISIONS RELATING THERETO WHEREAS, The Owasso Public Works Authority (the "Authority ") has under consideration the issuance of its Sales Tax Revenue Note, Series 2020 in the principal amount of not to exceed $12,000,000 (the "Note ") for the purpose of (i) financing certain capital improvements, along with related costs (collectively, the "Project "), and (ii) paying costs associated with the issuance of the Note; and WHEREAS, it is deemed desirable for the Authority to give preliminary authorization for the issuance of the Note. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. PROFESSIONAL SERVICES AGREEMENTS. The Authority is authorized to enter into professional services agreements with Municipal Finance Services, Inc., as Financial Advisor, and The Public Finance Law Group PLLC, as Bond Counsel. The Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority are authorized to execute and deliver said professional services agreements on behalf of the Authority and take all such other action in connection therewith. SECTION 2. PRELIMINARY AUTHORIZATION. The Authority authorizes Municipal Finance Services, Inc., as the Authority's Financial Advisor, to distribute bid packages to financial institutions in connection with the proposed sale of the Note. (SEAL) By: ATTEST: By: PASSED AND APPROVED THE 17th DAY OF March, 2020. THE OWASSO PUBLIC WORKS AUTHORITY Juliann M. Stevens, Authority Secretary Chris Kelley, Chair Y MUNICIPAL FINANCE SERVICES, INC. est. 1990 March 3, 2020 PROFESSIONAL SERVICES AGREEMENT m6ok.com P: 405.340.1727 F: 405.340.3607 3933 E. Covell Road Edmond, OK 73034 P.O. Box 747 Edmond, OK 73083 -0747 THIS AGREEMENT is entered by and among MUNICIPAL FINANCE SERVICES, INC. ("MESOK ") and the City of Owasso, Oklahoma, and its public trusts including the Owasso Public Works Authority (collectively, the "Client "). The Client desires to engage MESOK and agrees as follows: L Scope of Services. Some or all of the following services listed below shall be provided under this Agreement and pertain to the Client's new and outstanding debt obligations, including general obligation bonds, revenue bonds, bank notes, lease financings, and loans from the Oklahoma Water Resources Board or other state or federal agencies during the term of the Agreement (the "Issues "). The Client designates MFSOK as the Client's independent registered municipal advisor ( "IRMA ") for purposes of SEC Rule 15Ba1- l(d)(3)(vi) (the "IRMA Exemption "), A. New Issue and Refunding of Existing Client Issues 1. Evaluate options or alternatives with respect to the proposed new Issue. 2. Provide financial analysis to the Client to assist in understanding the benefits, costs, and risks of the proposed new Issue. 3. Review recommendations made by other parties to the Client. 4. Assist Client in preparing a plan of finance. 5. Advise Client on structure, terms and timing of the proposed new Issue. 6. Prepare financing schedule. 7. Attend meetings as requested by the Client. 8. Assist the Client in preparation of their loan applications, loan proposals, offering documents, notices of sale, instructions to bidders, or official statements, as appropriate. 9. Coordinate as appropriate with Client staff, legal representatives, government agencies, accountants, auditors, engineers, consultants, rating agencies, banks, lenders, placement agents, trustees, paying agents, escrow agents, bond insurers and other credit enhancers, to facilitate the plan of finance. 10. If new Issue is a competitive bond sale, assist Client in collecting and analyzing bids submitted by underwriters and selecting the winning bidder. 11. If new Issue is a loan, assist Client in collecting and analyzing proposals submitted by banks. 12. Ifthe new Issue is a negotiated bond sale, assist client in selecting an underwriter and coordinate the bond sales process. 13. Coordinate closing of the new Issue with Client and other parties. 14. Evaluate potential refunding opportunities on outstanding Issues. B. Other Services Under Separate Agreement. If requested by Client, MFSOK may provide other services including but not limited to: 1. Utility rate analysis. 2. Estimate of Needs review or preparation. 3. Verification of compliance with bond /loan covenants such as debt service coverage ratio covenants and utility rate covenants for lenders, bond insurers, and others. 4. Debt capacity analysis. 5. Cash defeasance or redemption services. C. Continuing Disclosure Assistance 1. Assisting the Client annually in compiling the financial information and operating data set forth in their Continuing Disclosure Agreement ( "CDA ") included in any Official Statement; and 2. If necessary, assisting the Client in preparing their "Failure to File Notice" should documents not be available for filing within the prescribed time frame designated in the CDA; and 3. Upon request, assisting the Client in their submission of the aforementioned information to the Electronic Municipal Marketplace Access system ( "EMMA" ). MFSOK and the Client acknowledge that the Client will engage Bond Counsel and other legal service providers under separate contracts. MFSOK may rely on opinions and advice from legal representatives of the Client and will not be held responsible for any legal advice, directly or indirectly, rendered by the legal representatives. Neither MFSOK as Municipal Advisor nor its Municipal Advisor Representatives are licensed to engage in the practice of law and, consequently, will offer no legal advice. None of the fee for services under this Agreement relates to legal services. If such legal services are necessary, it shall be the responsibility of the Client to obtain them. MFSOK's services are limited to those specifically set forth herein. Il. Compensation and Reimbursements A. New Issues and Refundin Issues. sues. MFSOK shall be paid at the time of closing a fee calculated as follows: 1. For a bank loan or lease financing, 0.75% of par amount for the first $10 million for each series of notes issued, and 0.50% of any amount over $10 million, with a minimum fee of $20,000.00. 2. For a loan through the Oklahoma Water Resources Board, including the Clean Water State Revolving Fund (CWSRF), the Drinking Water State Revolving Fund (DWSRF), or the Financial Assistance Program (FAP), 1.00% of the principal amount of the loan for the first $4 million and 0.50% of any amount over $4 million, with a minimum fee of $25,000.00. 3. For revenue bonds, 1.00% of par amount for the first $4 million for each series of bonds issued, and 0.75% of any amount over $4 million, with a minimum fee of $25,000.00. 4. For general obligation bonds, 1.00% of par amount for the first $4 million for each series of bonds issued, and 0.75% of any amount over $4 million, with a minimum fee of $25,000.00. B. Compensation for Continuing Disclosure Assistance. MFSOK will receive a fee annually of $500.00 if Client requests that MFSOK assist in the filing of the Client's continuing disclosure information on the Electronic Municipal Market Access (EMMA) website, with the understanding that Client will compile and prepare the required continuing disclosure information and present the continuing disclosure information within the Client's Consolidated Annual Financial Report (CAFR). If the Client elects to file its own continuing disclosure information on the EMMA website, MFSOK will not charge the Client for continuing disclosure services. _01,2'. Mi1�II,� 2 C. Expenses for New Issues and Refunding Issues. MSFOK shall also be paid a fixed amount of $2,500.00 per transaction to cover expenses incurred as part of the transaction, provided that any filing, publication, recording or printing costs or similar third -party costs required in connection with the Issue shall be paid directly by the Client. D. Payment and Contingency for New Issues and Refunding Issues. Payment for all fees and expenses shall be made at closing from proceeds of the Issue or from other available funds of the Client and shall be contingent upon closing of the Issue. E. Other Services Under Separate Agreement. If requested by Client, MFSOK may provide other services including but not limited to: 1. Utility rate analysis. 2. Estimate of Needs review or preparation. 3. Verification of compliance with bond/loan covenants such as debt service coverage ratio covenants and utility rate covenants for lenders, bond insurers, and others. 4. Debt capacity analysis. 5. Cash defeasance or redemption services. III. Term and Termination A. Term of Agreement. Unless terminated as provided herein, the terms of this Agreement shall be in place from the date approved by the Client until March 31, 2025. B. Termination of Agreement and Services. This Agreement and all services to be rendered hereunder may be terminated at any time by written notice from either party, with or without cause, with at least thirty (30) days' notice. In that event, all finished and unfinished documents prepared for the Client, shall, at the option of Client, become its property and shall be delivered to it or any party it may designate, provided that MFSOK shall have no liability whatsoever for any subsequent use of such documents. IV.. Successors and Assigns MFSOK may not assign its obligations under this Agreement without the written consent of Client except to a successor partnership or corporation to which all or substantially all of the assets and operations of MFSOK are transferred. Client may assign its rights and obligations under this Agreement to (but only to) any other public entity that incurs the loan. Client shall not otherwise assign its rights and obligations under this Agreement without written consent of MFSOK. All references to MFSOK and Client in this Agreement shall be deemed to refer to any successor of MFSOK and to any such assignee of Client and shall bind and inure to the benefit of such successor and assignee whether so expressed or not. V Municipal Advisor Reeistration and Acknowledgement Pursuant to Municipal Securities Rulemaking Board Rule (MSRB) G -10, on Investor and Municipal Advisory Client Education and Protection, Municipal Advisors are required to provide certain written information to their municipal advisory client and/or obligated person clients which include the following: Municipal Finance Services, Inc. is currently registered as a Municipal Advisor with the U.S. Securities and Exchange Commission (SEC) and the MSRB. MFSOK is also registered as an Investment Advisor with the State of Oklahoma. Within the MSRB website at www.msrb.org, the Client may obtain the Municipal Advisory client brochure that is posted on the MSRB website. The brochure describes the protections that may be provided by the MSRB Rules along with how to file a complaint with financial regulatory authorities. VI. Conflict of Interest Statement As of the date of this agreement, MFSOK has performed a reasonable diligence to determine if there are any conflicts of interest that should be brought to the attention of the Client. During the diligence process, MFSOK has determined that no material conflict of interest has been identified, however, would like to provide the following disclosures: MFSOK serves a wide variety of other clients that may from time to time have interests that could have a direct or indirect impact on the interests of another MFSOK client. For example, MFSOK serves as municipal advisor to other clients and, in such cases, owes a regulatory duty to such other clients just as it does to the Client. These other clients may, from time to time and depending on the specific circumstances, have competing interests. In acting in the interests of its various clients, MFSOK could potentially face a conflict of interest arising from these competing client interests. MFSOK fulfills its regulatory duty and mitigates such conflicts through dealing honestly and with the utmost good faith with its clients. The compensation arrangement included in Section II includes a component that is based on the completion of a transaction. Consistent with certain regulatory requirements, MFSOK hereby discloses that such contingent and/or transactional compensation presents a conflict of interest, because it may cause MFSOK to recommend a transaction that is unnecessary or in a size that be larger than is necessary. This may be viewed as a conflict of interest regarding our ability to provide unbiased advice to enter into such transaction. This viewed conflict of interest will not impair MFSOK's ability to render unbiased and competent advice or to fulfill its fiduciary duty. The fee paid to MFSOK increases the cost of borrowing to the Client. The increased cost occurs from compensating MFSOK for municipal advisory services provided. IfMFSOK becomes aware of any other actual or potential conflict of interest not mentioned above during this agreement, MFSOK will promptly provide the Client a supplement written disclosure with sufficient details of the change, if any, which will allow the Client to evaluate the situation. VII Legal Events and Disciplinary History A regulatory disclosure action has been made on MFSOK's Form MA and on Form MA -I for two of MFSOK's municipal advisory personnel relating to a 2017 U.S. Securities and Exchange Commission ( "SEC ") order. The details of which are available in Item 9; C (2), C (4), C (5) and the corresponding regulatory action DRP section on Form MA and Item 6: C (2), C (4), C (5), C (6) and the corresponding regulatory action DRP section on Form MA -I for both Rick A. Smith and Jon Wolff. In addition, the Oklahoma Department of Securities adopted the above proceedings which are identified in Item 9; D (2), D (4) and the corresponding regulatory action DRP section on Form MA. The Client may electronically access MFSOK's most recent Form MA and each most recent Form MA- I filed with the Commission at the following website: www.sec.Ezov/edear/searchedear/comi3anysearcii.html. There has been no change to any legal or disciplinary event that has been disclosed on MFSOK's SEC registration for MA filings since December 18, 2017. VIII. Fiduciary Duty MFSOK is registered as a Municipal Advisor with the SEC and MSRB. As such, MFSOK has a Fiduciary duty to the Client and must provide both a Duty of Care and aDuty of Loyalty that entails the following. Duty of Care: A. exercise due care in performing its municipal advisory activities; B. possess the degree of knowledge and expertise needed to provide the Client with informed advice; C. make a reasonable inquiry as to the facts that are relevant to the Client's determination as to whether to proceed with a course of action or that form the basis for any advice provided to the Client; and D. undertake a reasonable investigation to determine that MFSOK is not forming any recommendation on materially inaccurate or incomplete information; MFSOK must have a reasonable basis for: a. any advice provided to or on behalf of the Client; b. any representations made in a certificate that it signs that will be reasonably foreseeably relied upon by the Client, any other party involved in the municipal securities transaction or municipal financial product, or investors in the Client's securities; and C. any information provided to the Client or other parties involved in the municipal securities transaction in connection with the preparation of an official statement. Duty of Loyalty: MFSOK must deal honestly and with the utmost good faith with the Client and act in the Client's best interests without regard to the financial or other interests of MFSOK. MFSOK will eliminate or provide full and fair disclosure (included herein) to Client about each material conflict of interest (as applicable). MFSOK will not engage in municipal advisory activities with the Client as a municipal entity, if it cannot manage or mitigate its conflicts in a manner that will permit it to act in the Client's best interests. As of the date of receipt of this attachment, MFSOK has performed a reasonable diligence to determine if there are any conflicts of interest that should be brought to the attention of the Client. IX. Recommendations If WSOK makes a recommendation of a municipal securities transaction or municipal financial product or if the review of a recommendation of another party is requested in writing by the Client and is within the scope of the engagement, MFSOK will determine, based on the information obtained through reasonable diligence of MFSOK whether a municipal securities transaction or municipal financial product is suitable for the Client. In addition, MFSOK will inform the Client of: A. the evaluation of the material risks, potential benefits, structure, and other characteristics of the recommendation; B. the basis upon which MFSOK reasonably believes that the recommended municipal securities transaction or municipal financial product is, or is not, suitable for the Client; and Ww 5 C. whether MFSOK has investigated or considered other reasonably feasible alternatives to the recommendation that might also or alternatively serve the Client's objectives. If the Client elects a course of action that is independent of or contrary to the advice provided by MFSOK, MFSOK is not required on that basis to disengage from the Client. X. Record Retention Pursuant to SEC, MSRB and the Oklahoma Department of Securities record retention regulations, Municipal Finance Services, Inc. will maintain in writing, all communication and created documents between Municipal Finance Services, Inc. and the Client for six (6) years. Notices Any and all notices pertaining to this Agreement shall be sent by U.S. Postal Service, first class, postage prepaid to: -UTWlq Municipal Finance Services, Inc. Attn: Rick A. Smith 3933 E. Covell Road Edmond, OK 73034 CLIENT: City of Owasso Attn: Mayor 200 S Main Street Owasso, OK 74055 Acceptance If there are any questions regarding the above, please do not hesitate to contact MFSOK. If the foregoing terms meet with your approval, please indicate your acceptance by executing all original copies of this letter and keeping one copy for your file. By signing this agreement, the Client acknowledges the provisions set forth in the agreement and understands its respective rights, duties, and responsibilities. Furthermore, the Scope of Services contained herein have been reviewed and are hereby approved. In addition, the Client acknowledges receipt of the Form ADV Part 2A Brochure and Part 2B Brochure Supplement. Client and MFSOK have entered into this Agreement by the duly authorized representatives which was approved on March 17, 2020. at a meeting duly called and held in full compliance with the Oklahoma Open Meeting Act. MUNICIPAL FINANCE SERVICES, INC. By: Rick A. Smith. President CITY OF OWASSO am Chris Kelley, Mayor OWASSO PUBLIC WORKS AUTHORITY LE Chris Kelley, Chair 7 THE PUBLIC FINANCE LAW GROUP PLLC ATTORNEYS AND COUNSELORS AT LAW 1405.2 35.3413 •f405- 235.2507 5657 N. CLASSEN BOULEVARD, SUITE 100 • OKLAHOMA CITY, OK 73113 AGREEMENT FOR BOND COUNSEL SERVICES THE OWASSO PUBLIC WORKS AUTHORITY SALES TAX REVENUE NOTE, SERIES 2020 THIS AGREEMENT is entered into as of March 17, 2020, by and between THE PUBLIC FINANCE LAW GROUP PLLC ( "PFLG ") and THE OWASSO PUBLIC WORKS AUTHORITY (the "Issuer "), a public trust with the City of Owasso, Oklahoma (the "City") as its beneficiary, as follows: RECITALS WHEREAS, the Issuer desires to engage PFLG as bond counsel in connection with the financing of certain capital improvements, along with related costs (the "Project "); and WHEREAS, to finance all or a portion of the costs of the Project, the Issuer intends to issue its Sales Tax Revenue Note, Series 2020 in a principal amount that has not yet been determined (the "Note "); and WHEREAS, PFLG possesses the necessary professional capabilities and resources to provide the legal services required by Issuer as described in this Agreement. AGREEMENTS 1. Scope of Services. A. Bond Counsel Services. PFLG will render the following services as bond counsel to the Issuer: (1) Consultation with representatives of the Issuer and the City, including the City Manager, City Attorney, Issuer's Counsel, Finance Director, financing and accounting staff, financial advisors, and others, with respect to the timing, terms and legal structure of the proposed financing. (2) Preparation of loan, security and other authorizing documents (the "Financing Documents "). (3) Review of documentation with respect to any letter of credit, bond insurance and/or reserve fund surety policy provided in connection with the Note, if any. (4) Attendance at such meetings or hearings of the Issuer and the City and working group meetings or conference calls as the Issuer may request, and assistance to the Issuer staff in preparation of such explanations or presentations to the governing body of the Issuer and the City as they may request. (5) Preparation of final closing papers to be executed by the Issuer required to effect delivery of the Note and coordination of the Note closing. (6) Rendering of bond counsel's customary final legal opinion on the validity of the securities and, with respect to the tax - exempt securities, the exemption from gross income for federal income tax purposes and from Oklahoma personal income tax of interest thereon. PFLG and Issuer acknowledge that Issuer shall be represented by Julie Lombardi, Esq., City Attorney ( "Issuer's Counsel ") for the purpose of rendering day -to -day and ongoing general counsel legal services. PFLG shall circulate documents to and coordinate its services with Issuer's Counsel to the extent requested by Issuer or Issuer's Counsel. PFLG and Issuer further acknowledge that the Issuer shall be represented by Municipal Finance Services, Inc., a municipal advisor pursuant to the terms of SEC Rule 1513al -1 (referred to herein as an "Independent Registered Municipal Advisor" or "IRMA "). PFLG is a firm of attorneys who provide legal advice or services of a traditional legal nature to a client, and PFLG and its attorneys do not represent themselves to be a financial advisor or financial expert. Therefore, PFLG is excluded from the definition of Municipal Advisor, and PFLG does not intend to provide any advice with respect to municipal financial products or the issuance of municipal securities outside of the scope of traditional legal services and advice customarily rendered by bond counsel in public finance transactions. Notwithstanding the foregoing, in the event certain advice may be construed as beyond the scope of traditional legal services, the Issuer specifically acknowledges that PFLG may avail itself of the IRMA exemption under SEC Rule 1513al -1 on the basis that (i) the Issuer is represented by an Independent Registered Municipal Advisor not associated with PFLG, (ii) the Issuer hereby advises PFLG that the Issuer is represented by and will rely on the advice of its duly retained Independent Registered Municipal Advisor, and (iii) the Issuer has been advised that PFLG is not a municipal advisor and PFLG owes no federal statutory fiduciary duty to the Issuer. In rendering opinions and performing legal services under this Agreement, PFLG shall be entitled to rely on the accuracy and completeness of information provided, certifications made by, and opinions provided by counsel to, Issuer, the Independent Registered Municipal Advisor, property owners and other parties and consultants, without independent investigation or verification. PFLG's services are limited to those specifically set forth above. PFLG's services do not include representation of Issuer or any other party to the transaction in any litigation or other legal or administrative proceeding involving the Note, the Project or any other matter. PFLG's services 2 also do not include any responsibility for compliance with state blue sky, environmental, land use, real estate or similar laws or for title to or perfection of security interests in real or personal property. PFLG will not be responsible for preparing, reviewing, or opining with respect to the Issuer's Official Statement and /or any Continuing Disclosure Undertakings for the Note, including but not limited to the accuracy, completeness or sufficiency of the Official Statement, Continuing Disclosure Undertaking, or other offering material relating to the Note. PFLG's services do not include any financial advice or analysis. PFLG will not be responsible for the services performed or acts or omissions of any other participant. Also, PFLG's services will not extend past the date of issuance of the Note and will not, for example, include services related to rebate compliance or continuing disclosure or otherwise related to the Note, proceeds of the Note, or the Project after issuance of the Note. 2. Compensation and Reimbursements. A. Compensation for Bond Counsel Services. For services as bond counsel to the Issuer, PFLG shall be paid a fixed fee at the time of issuance of the Note of one percent (1.0 %) of the principal amount of the Note. B. Expenses. PFLG shall also be paid a fixed amount of $2,500.00 to cover expenses and transcript production and distribution, provided, that any filing, publication, recording or printing costs or similar third party costs required in connection with the Note shall be paid directly by the Issuer, but if paid by PFLG on behalf of the Issuer, shall be reimbursed to PFLG on demand. C. Payment. Fees and expenses shall be payable by Issuer at the time of issuance of the Note. Payment of all fees and expenses hereunder shall be made at closing from proceeds of the Note and shall be entirely contingent upon issuance of the Note. D. Termination of Agreement and Legal Services. This Agreement and all legal services to be rendered under it may be terminated at any time by written notice from either party, with or without cause. In that event, all finished and unfinished documents prepared for adoption or execution by Issuer, shall, at the option of Issuer, become its property and shall be delivered to it or to any party it may designate; provided that PFLG shall have no liability whatsoever for any subsequent use of such documents. In the event of termination by Issuer, PFLG shall be paid for all satisfactory work, unless the termination is made for cause, in which event compensation, if any, shall be adjusted in the light of the particular facts and circumstances involved in the termination. If not sooner terminated as aforesaid, this Agreement and all legal services to be rendered under it shall terminate upon issuance of the Note; provided that Issuer shall remain liable for any unpaid compensation or reimbursement due under Section 2 hereof. Upon termination, PFLG shall have no future duty of any kind to or with respect to the Note or the Issuer. 3 3. Nature of Engagement; Relationships With Other Parties. The role of bond counsel, generally, is to prepare or review the procedures for issuance of the bonds, notes or other evidence of indebtedness and to provide an expert legal opinion with respect to the validity thereof and other subjects addressed by the opinion. Consistent with the historical origin and unique role of such counsel, and reliance thereon by the public finance market, PFLG's role as bond counsel under this Agreement is to provide an opinion and related legal services that represent an objective judgment on the matters addressed rather than the partisan position of an advocate. In performing its services in connection with the Note, PFLG will act as special counsel to Issuer with respect to issuance of the Note; i.e., PFLG will assist the Issuer's Counsel in representing Issuer but only with respect to validity of the Note and the Financing Documents, and the tax status of interest on the Note, in a manner not inconsistent with the role of bond counsel described above. Issuer acknowledges that PFLG regularly performs legal services for many private and public entities in connection with a wide variety of matters. For example, PFLG has represented, is representing or may in the future represent other public entities, underwriters, trustees, rating agencies, insurers, credit enhancement providers, lenders, contractors, suppliers, financial and other consultants /advisors, accountants, investment providers/brokers, providers /brokers of derivative products and others who may have a role or interest in the Note financing or the Project or that may be involved with or adverse to Issuer in this or some other matter. PFLG agrees not to represent any such entity in connection with the Note financing, without the consent of Issuer. Given the special, limited role of bond counsel described above, Issuer acknowledges that no conflict of interest exists or would exist, and waives any conflict of interest that might appear actually or potentially to exist, now or in the future, by virtue of this Agreement or any such other attorney - client relationship that PFLG may have had, have or enter into, and Issuer specifically consents to any and all such relationships. 4. Limitation of Rights to Parties; Successor and Assigns. Nothing in this Agreement or in any of the documents contemplated hereby, expressed or implied, is intended or shall be construed to give any person other than Issuer and PFLG any legal or equitable right or claim under or in respect of this Agreement, and this Agreement shall inure to the sole and exclusive benefit of Issuer and PFLG. PFLG may not assign its obligations under this Agreement without written consent of Issuer except to a successor partnership or corporation to which all or substantially all of the assets and operations of PFLG are transferred. Issuer may assign its rights and obligations under this Agreement to (but only to) any other public entity that issues the Note (if not the Issuer). Issuer shall not otherwise assign its rights and obligations under this Agreement without written consent of PFLG. All references to PFLG and Issuer in this Agreement shall be deemed to refer to any M such successor of PFLG and to any such assignee of Issuer and shall bind and inure to the benefit of such successor and assignee whether so expressed or not. 5. Counterparts. This Agreement may be executed in any number of counterparts and each counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same Agreement. 6. Notices. Any and all notice pertaining to this Agreement shall be sent by U.S. Postal Service, first class, postage prepaid to: PFLG: The Public Finance Law Group PLLC 5657 North Classen Boulevard, Suite 100 Oklahoma City, OK 73118 Attention: Allan A. Brooks, III or Nathan D. Ellis ISSUER: The Owasso Public Works Authority 200 South Main Owasso, OK 74055 Attention: City Manager [Remainder of Page Left Blank Intentionally] Issuer and PFLG have executed this Agreement by their duly authorized representatives as of the date provided above. THE PUBLIC FINANCE LAW GROUP PLLC Allan A. Brooks, III THE OWASSO PUBLIC WORKS AUTHORITY By: Title: Chris Kelley, Chair Date: March 17, 2020 REAL Paoplo •REAL Character • REAL Commwlry TO: The Honorable Chair and Trustees Owasso Public Works Authority FROM: Linda Jones, Finance Director SUBJECT: Resolution 2020 -02 Public Works, Support Services, and Parks Facility Land Purchase DATE: March 13, 2020 BACKGROUND: On April 16, 2019, Council approved entering into a contract to purchase 62 acres at 11301 North Mingo Road and 10000 East 116th Street North for the purpose of constructing city facilities, such as Public Works, Support Services, and Parks, as well as, construction of a regional stormwater detention area. In order to utilize loan proceeds for the land purchase, a resolution is needed declaring the intent of the Authority to have expenditures related to the land purchase be reimbursed with future OPWA loan proceeds. RECOMMENDATION: Staff recommends approval of Resolution 2020 -02, declaring the intent of the Owasso Public Works Authority (The "Authority ") to expend certain funds in connection with land acquisition for construction of City facilities and for construction of a regional stormwater detention facility with said expenditures to be reimbursed from the proceeds of debt to be incurred by The Authority; and containing other provisions relating thereto. ATTACHMENT: Authority Resolution 2020 -02 OWASSO PUBLIC WORKS AUTHORITY RESOLUTION 2020 -02 A RESOLUTION DECLARING THE INTENT OF THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") TO EXPEND CERTAIN FUNDS IN CONNECTION WITH THE ACQUISITION OF CERTAIN REAL PROPERTY 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 purchase land as the site of a proposed public works building at the intersection of 11301 North Mingo Road and 10000 East 1 16th Street North at a cost of $1,500,000 (cost of land only) which amount is expected to be paid by April 1, 2020 and which amount will be reimbursed as part of a larger financing that will include up to $10,500,000 for various street improvements to include the Garnett Road widening (collectively, 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 Project. The Project to be financed by the Authority shall generally include land acquisition as the site of a proposed public works building at the intersection of 11301 North Mingo Road and 10000 East 116th Street North at a cost of $1,500,000 (cost of land only) and up to $10,500,000 for various street improvements to include a portion of the Garnett Road widening project. 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 $12,000,000. 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. Severability. 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. (SEAL) By: ATTEST: PASSED AND APPROVED THIS 17TH DAY OF MARCH, 2020. THE OWASSO PUBLIC WORKS AUTHORITY Chris Kelley, Chair Juliann M. Stevens, Authority Secretary Resolution 2020 -02 Page 2 of 2 CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY - OPERATING FUND FISCAL YEAR 2019 -2020 Budgetary Basis Statement of Revenues & Expenses As of February 29, 2020 MONTH YEAR PERCENT TO -DATE TO -DATE BUDGET OF BUDGET OPERATING REVENUES: Water $ 494,388 $ 4,416,773 $ 6,652,106 66.40% Wastewater 439,729 3,339,763 5,059,107 66.01% Refuse & recycle 186,184 1,568,803 2,320,564 67.60% Other Utility fees 19,086 240,440 294,076 81.76% TOTAL OPERATING REVENUES $ 1,139,386 $ 9,565,780 $ 14,325,853 66.77% OPERATING EXPENSES: OPWA administration $ (165,910) $ (712,376) $ (1,214,450) 58.66% Utility Billing (40,960) (331,962) (566,128) 58.64% Water (429,046) (2,655,269) (5,097,064) 52.09% Wastewater (182,013) (2,352,800) (3,644,252) 64.56% Refuse & Recycle (116,615) (851,886) (1,609,681) 52.92% Debt payments (203,967) (1,644,082) (2,371,949) 6931% TOTAL OPERATING EXPENSES $ (1,138,510) $ (8,548,374) $ (14,503,524) 58.94% OPERATING REVENUES OVER /(UNDER) EXPENDITURES $ 876 $ 1,017,406 $ (177,671) NONOPERATING REVENUES (EXPENSES): Interest $ 7,349 $ 54,438 $ 57,935 93.96% Other revenues /(expenses) 4,436 16,387 20,807 78.76% Transfers in - - - 0.00% Transfers out - (326,201) (326,201) 100.00% TOTAL NONOPERATING REVENUES (EXPENSES) $ 11,785 $ (255,376) $ (247,459) LONG -TERM DEBT PROCEEDS AND EXPENDITURES: Proceeds of long -term debt $ 177,317 $ 2,771,492 $ 36,154,177 Expenditures of long -term debt (237,214) (1,098,924) (35,678,846) TOTAL LONG -TERM DEBT PROCEEDS AND EXPENDITURES $ (59,897) $ 1,672,569 $ 475,331 NET INCOME (LOSS) $ (47,236) $ 2,434,599 $ 50,201 ENCUMBRANCES OUTSTANDING $ (1,239,670) FUND BALANCE (Budgetary Basis) Beginning Balance 2,830,301 2,830,301 Ending Balance $ 4,025,230 $ 2,880,502 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 02/29/2020 Department Payroll Expenses Total Expenses 400 OPWA Administration 15,859.95 23,258.82 405 Utility Billing 6,576.00 12,069.85 420 Water 15,745.73 25,885.63 450 Wastewater 12,988.85 21,265.29 455 Wastewater Collection 12,302.48 20,874.58 480 Refuse 13,207.49 23,013.78 485 Recycle Center 1,359.20 2,058.17 FUND TOTAL 78,039.70 128,426.12