HomeMy WebLinkAbout1981 09_Indebtedness_1981.07.21RESOLUTION
No, 81 -09
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 $143,000.000 evidenced by a
Promissory Note of the Authority in the principal amount of $143,000.00 (the
"Note "), for the purose of providing funds for the acquisition by Parco
Manufacturing Co., an Oklahoma Corporation, of a tract of land in Tulsa
County, Oklahoma, and 'the construction of an industrial manufacturing facility
thereon (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 $143,000.00 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 $143,000.00 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
offourteenpercent J4 %) per annum, with such interest rate to be recomputed
every.six month 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 21st day of July, 1981.
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City Clerk