HomeMy WebLinkAbout2006 07_Promissory note for OPWA_2006.03.06CITY OF OWASSO, OKLAHOMA
RESOLUTION NO. 2006 -07
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA, APPROVING ACTION TAKEN BY THE OWASSO PUBLIC
WORKS AUTHORITY AUTHORIZING ISSUANCE, SALE AND DELIVERY
OF A PROMISSORY NOTE OF THE AUTHORITY TO THE OKLAHOMA
WATER RESOURCES BOARD; RATIFYING A CERTAIN LEASE, AS
AMENDED; AUTHORIZING DOCUMENTS PERTAINING TO A YEAR -TO-
YEAR PLEDGE OF CERTAIN SALES TAX REVENUE; AND CONTAINING
OTHER PROVISIONS RELATED THERETO.
WHEREAS, The Owasso Public Works Authority (the "Authority ") did, by its Resolution
adopted March 6, 2006, authorize the issuance, sale and delivery of its Series 2006 Drinking Water
SRF Promissory Note to Oklahoma Water Resources Board; and
WHEREAS, the Mayor and City Council hereby determine that the actions taken by the
Authority should be authorized and approved; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OWASSO, OKLAHOMA:
Section 1. Issuance of Note. That the issuance, sale and delivery of The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2006 Drinking Water SRF Promissory Note to
Oklahoma Water Resources Board in the principal amount of $4,853,250.00 (the "2006 Note "), all
as approved by said Authority on March 6, 2006, be and hereby is authorized, approved and
ratified.
Section 2. Approval. That all actions heretofore taken by the Authority in connection with
the issuance, sale and delivery of the 2006 Note and all other aspects of the transaction be and are
hereby authorized, approved and ratified.
Section 3. Lease. The Lease dated July 31, 1973, as amended by an Amendment to Lease
dated as of July 1, 1996, between the City and the Authority, whereby the City leases its water,
sanitary sewer, garbage and trash collection systems and the Bailey Ranch Golf Club to the
Authority, is hereby ratified and confirmed and the term of said Lease, as amended, shall extend
until the 2006 Note is paid.
Section 4. Sales Tax Pledge. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and are hereby authorized to execute and deliver any and all documentation on behalf
of the City pertaining to a year -to -year pledge of certain sales tax revenue levied by the City.
Section 5. Necessary Action. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and hereby are authorized and empowered to execute and deliver for and on behalf of
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the City any and all other documents or instruments reasonably necessary to accomplish the
issuance, sale and delivery of the 2006 Note and all other aspects of the transaction.
[Remainder of Page Left Blank Intentionally]
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PASSED AND APPROVED this 6th day of March, 2006.
ATTEST:
By
Name: SlYerryBishop
Title: City Clerk
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CITY OF OWASSO, OKLAHOMA
By e� -,40
37,a—me: QadgTlicendel
Title: Mayor
MEMORANDUM
TO: HONORABLE MAYOR AND CITY COUNCIL
CITY OF OWASSO
FROM: SHERRY BISHOP
FINANCE DIRECTOR
SUBJECT: RESOLUTION NO. 2006-07
OWRB LOAN
DATE: March 3, 2006
BACKGROUND:
Over the last few years, three water system improvement projects (an elevated water storage tank,
main pump station and transmission line) have been identified as priorities. Vision 2025 funds have
been expended to construct the water storage tank and other related water system improvements. A
contract for construction of the Phase II transmission main, booster pump station and pressure plane
appurtenances has been awarded to McGuire Bros. Construction Company and will be funded by a
loan from the Oklahoma Water Resources Board (OWRB).
OPWA Resolution No. 2006 -02 authorizes a drinking water SRF loan from the OWRB for
$4,853,250.00 and other related provisions. Any indebtedness incurred by the OPWA requires City
Council approval. City Resolution No. 2006 -07 approves the action taken by the OPWA and the
issuance of the Promissory Note to the OWRB. The resolution also affirms the existing lease and
sales tax pledge and authorizes the Mayor and City Clerk to execute and deliver any documents
necessary to accomplish the transaction.
RECOMMENDATION:
Staff recommends City Council approval of Resolution No. 2006 -07 approving action taken by the
OPWA relating to the issuance of a promissory note to the Oklahoma Water Resources Board and
containing other provisions relating thereto.
ATTACHMENT:
City Resolution No. 2006 -07
PUBLIC NOTICE OF THE MEETING OF THE
OWASSO CITY COUNCIL
TYPE OF MEETING: Special
DATE: March 6, 2006
TIME: 10:00 a.m.
PLACE: Owasso City Hall
111 N. Main
Agenda filed in the office of the City Cler d posted at City Hall 12:00 p.m. on Thursday,
March 2 2006.
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a
{r iann M. Stevens, Dep ty City Clerk
AGENDA
Call to Order
Mayor Craig Thoendel
2. Consideration and appropriate action relating to a request for Council adoption of
Resolution No, 2006 -07, a resolution approving action taken by the Owasso Public
Works Authority authorizing issuance, sale and delivery of a promissory note of the
Authority to the Oklahoma Water Resources Board; ratifying a certain lease, as
amended; authorizing documents pertaining to a year -to -year pledge of certain sales
tax revenue; and containing other provisions related thereto.
Ms. Bishop
Attachment #2
Staff will recommend Council adoption of Resolution No. 2006 -07.
3. Adjournment.
S:U6cndwTounci1@006\0306 Special.doc