HomeMy WebLinkAbout1982 02_Indebtedness_1982.03.09R4
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may.
RESOLUTION NO. 8e-02
A RESOLUTION RELATING TO THE INCURRING OF
INDEBTEDNESS I3Y THE TRUSTEES OF THE OWASSO
INDUSTRIAL AUTHORITY AND. DECLARING AN
EMERGENCY.
WHEREAS, The Trustees of The Owasso Industrial Authority have determined
to incur indebtedness in the aggregate amount of $187,000.000 evidenced by two
Promissory Notes of the Authority in the aggregate principal amount of not to
exceed $187,000.00 (the "Notes "), for the purpose of providing funds for the
construction and equipping by Mingo Manufacturing, Incorporated, of an
industrial manufacturing facility located on a tract of land in Tulsa County,
Oklahoma (the "Project "); and
WHEREAS, Liberty Bank of Owasso,.Owasso, Oklahoma (the "Bank "), has
offered to loan to the Authority the sum of $187,000.00 to be evidenced by the
Note.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF OWASSO, OKLAHOMA:
Section 1. The incurring of indebtedness by the Trustees of The Owasso
Industrial Authority in the aggregate principal amount of $187,000.00 to be
evidenced by the Notes of the Authority is hereby approved by the Council of
the City of Owasso, Oklahoma, the governing body of said City.
Section 2. Competitive bidding is hereby specifically waived with respect to
CF(M suance and sale of the Note and the issuance and sale of such Notes,
dated as of the date of delivery thereof and bearing interest at an amount
equal to 707 of the prime rate of interest charged by Bank of Oklahoma, N.A.,
Tulsa, Oklahoma, but in no event shall such rate interest be less than 87 nor
more than 147 per annum, to Liberty Bank of Owasso, Owasso, Oklahoma, for a
purchase price equal to the par value thereof or the par value of the amounts
advanced thereon is hereby specifically approved.
Section 3. By reason of the need for immediate preservation`of the public
peace, health, safety "and welfare of the City of Owasso, Oklahoma, and the
inhabitants thereof, an emergency is declared to exist for reason whereof this
Resolution shall be in full force and effect from and after its passage and
approval.
Adopted this 9th day of March, 1982.
ATIEST:
(SEAL)
Li t C l o rk ''��
Mayor