HomeMy WebLinkAbout2020 01_OPWA_finance professional services for series 2020 RAN_2020.03.17OWASSO 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.
PASSED AND APPROVED THE 171h DAY OF March, 2020.
<�ap\C�WOpf��s
` +� A� • • S
(SEAL) QJ:' By. :9r
O
ATTEST= SEAL :.
0 ._
THE OWA O BLIC WORKS AUTHORITY
hris Kelley, Chair
sd
HEAL Paople- KCAL Caauclor • REAL Community
TO:
FROM:
SUBJECT:
DATE:
The Honorable Chair and Trustees
Owasso Public Works Authority
Linda Jones, Finance Director
Apps ®Ve r
MqR o�STee'o
?020
Resolution 2020 -01, Capital Improvement Planned Financing
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 1 16th Street North, and the intersection
of East 1061h Street North and North 145th 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