HomeMy WebLinkAbout1981 11_Indebtedness_1981.09.01RESOLUTION NO.
A RESOLUTION RELATING TO THE INCURRING OF
INDEBTEDNESS BY 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 not to exceed $150,000.000
evidenced by a Promissory Note of the Authority in the principal amount of not
to exceed $150,000.00 (the "Note "), for the purose of providing funds for the
construction by J. B. Dably and Charles R. Willaby of an industrial
manufacturing facility 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 not to exceed $150,000.00 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 not to exceed
$150,000.00 to be evidenced by the Note 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
the issuance and sale of the Note and the issuance and sale of such Note,
dated as of the date of delivery thereof and bearing interest initially at the
rate of fourteen percent (14 %) per annum, with such interest rate to be
recomputed every six months during the term thereof at an amount equal to 70%
of the prime rate of interest charged by the Bank of Oklahoma, N.A., Tulsa,
Oklahoma, but in no event shall such rate interest be less than 8% nor more
than 14% 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 1st day of September, 1981.
Mayor
ATTEST:
(SEAL)
Ci -ty Clerk