HomeMy WebLinkAbout1997.12.22_OPWA Minutes_SpecialOWASSO PUBLIC WORKS AUTHORITY
MINUTES OF SPECIAL MEETING
Monday, December 22, 1997
The Owasso Public Works Authority met in special session on Monday, December 22, 1997 in
the Owasso City Hall Lower Level Conference Room per the Notice of Public Meeting and
Agenda posted on the City Hall bulletin board at 4:30 p.m. on Wednesday, December 17, 1997.
ITEM 1: CALL TO ORDER & ROLL CALL.
Chairman Barnhouse called the meeting to order at 7:40 a.m. Present: Mary Lou Barnhouse,
Chair; Tracy Standridge, Vice Chair; Denise Bode, Trustee; Mark Wilken, Trustee, Rodney J
Ray, City Manager; Sherry Bishop, Director of Finance, Marcia Boutwell, Secretary; Ronald
D Cates, Trust Attorney; Keith McDonald; Allan Brooks. Absent: Michael Helm, Trustee.
A quorum was declared present.
ITEM 2: CONSIDERATION AND APPROPRIATE ACTION RELATING TO
RESOLUTION #97-04, A RESOLUTION OF THE TRUSTEES OF THE
OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY")
AUTHORIZING THE ISSUANCE OF ITS REVENUE REFUNDING BONDS,
SERIES 1997 (THE "BONDS") FOR THE PURPOSE OF ADVANCE
REFUNDING THE AUTHORITY'S PUBLIC IMPROVEMENT REVENUE
BONDS SERIES 1988 AND PAYING CERTAIN LEGAL AND FINANCING
COSTS, WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE
BONDS TO BE SOLD ON A NEGOTIATED BASIS AND AT A DISCOUNT,
APPROVING A CONTRACT OF PURCHASE WITH RESPECT TO THE
SALE OF THE BONDS AND AUTHORIZING AND DIRECTING
EXECUTION THEREOF BY THE CHAIRPERSON OR VICE CHAIRPERSON
OF THE AUTHORITY; RATIFYING AND CONFIRMING A LEASE AS
HERETOFORE AMENDED (THE "LEASE"), BY AND BETWEEN THE CITY
OF OWASSO (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: APPROVING AND AUTHORIZING THE EXECUTION OF A
GENERAL BOND INDENTURE DATED AS OF DECEMBER 1 1997
(WHICH GENERAL BOND INDENTURE REPLACES AND SUPERSEDES
IN ALL RESPECTS THE BOND INDENTURE DATED AS OF NOVEMBER
1, 1988), AS HERETOFORE SUPPLEMENTED, AND A SERIES 1997
SUPPLEMENTAL BOND INDENTURE (COLLECTIVELY, WITH OTHER
AMENDMENTS REFERRED TO HEREIN AS THE "INDENTURE"�
AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENT OF THE
BONDS; APPROVING AND AUTHORIZING EXECUTION OF A SECURITY
AGREEMENT PERTAINING TO A YEAR-TO-YEAR PLEDGE OF CERTAIN
SALES TAX REVENUE• APPROVING THE OFFICIAL STATEMENT
PERTAINING TO SAID BONDS AND AUTHORIZING DISTRIBUTION OF
THE SAME AND AUTHORIZING THE CHAIRPERSON OR VICE
Owasso Public Works Authority
December 22, 1997
CHAIRPERSON OF THE AUTHORITY TO APPROVE ANY CORRECTIONS
TO SAID OFFICIAL STATEMENT-, PROVIDING THAT THE
DECLARATION OF TRUST CREATING THE AUTHORITY IS SUBJECT TO
THE PROVISIONS OF SAID INDENTURE; AUTHORIZING AND
DIRECTING THE EXECUTION OF BONDS AND OTHER DOCUMENTS
RELATING TO THE TRANSACTION INCLUDING BUT NOT BY WAY OF
LIMITATION DOCUMENTATION NECESSARY TO SECURE BOND
INSURANCE A REFUNDING ESCROW AGREEMENT AND A
CONTINUING DISCLOSURE CERTIFICATE; ESTABLISHING THE
AUTHORITY'S EXPECTATIONS WITH RESPECT TO ISSUANCE OF TAX-
EXEMPT BONDS IN CALENDAR YEAR 1997, AND DESIGNATING THE
BONDS AS "BANKQUALIFIED"; AND CONTAINING OTHER
PROVISIONS RELATING THERETO.
Mr Brooks presented the item. Mr Wilken moved, seconded by Dr Bode, to approve OPWA
Resolution #97-04.
AYE: Wilken, Bode, Standridge, Barnhouse
NAY: None
Motion carried 4-0.
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Ms Bishop presented the request to amend the OPWA Sales Tax Fund budget by increasing the
transfer from the Capital Improvements Fund by $500,00 and increasing the expenditure for
Debt Service by $900,000. The remaining $400,000 is available in existing Fund Balance. The
requested supplemental appropriation is necessitated as a result of the issuance of Revenue
Refunding Bonds, Series 1997. Mr Wilken moved, seconded by Dr Standridge, to approve the
requested amendment to the OPWA Sales Tax Fund budget.
AYE: Wilken, Standridge, Bode, Barnhouse
NAY: None
Motion carried 4-0.
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Owasso Public Works Authority
ITEM 4: ADJOURNMENT
Dr Bode moved, seconded by Dr Standridge to adjourn.
AYE: Bode, Standridge, Wilken, Barnhouse
NAY: None
Motion carried 4-0, and the meeting was adjourned at 7:42 a.m.
Marcia Boutwell, Authoeity Secretary
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December 22, 1997
Mary Lot, Barnhouse, Chairperson