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HomeMy WebLinkAbout2021 03_M.e.t. amending Trust IndentureCITY OF OWASSO, OKLAHOMA RESOLUTION NO. 2021 -03 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, A MUNICIPAL CORPORATION, APPROVING AND AUTHORIZING AN AMENDED TRUST INDENTURE OF THE METROPOLITAN ENVIRONMENTAL TRUST, WHICH PROVIDES FOR CLARIFICATION OF THE LANGUAGE OF THE TRUST INDENTURE, AND WHICH FURTHER PROVIDES FOR THE ADDITION OF THE CITY OF WAGONER, OKLAHOMA, AS A BENEFICIARY; AND FINDING THAT SUCH ACTIONS ARE IN THE BEST INTEREST OF THE BENEFICIARIES, AND THE COMMUNITIES THAT THEY SERVE WHEREAS, the Metropolitan Environmental Trust was created as a public trust pursuant to the provisions of Title 60, Oklahoma Statutes 2001, Sections 176 to 180.4, inclusive, as amended and supplemented, and other applicable statutes and laws of the State of Oklahoma; and WHEREAS, the Metropolitan Environmental Trust was created by a Trust Indenture dated August 5, 1988, and the beneficial interests of the Trust and the Indenture thereof was accepted by the governing bodies of the respective beneficiaries; and WHEREAS, the Metropolitan Environmental Trust was formed for the purpose of partnering member communities to develop, deliver and support environmental programs and services, and to educate citizens on sound environmental practices; to empower member communities to collaborate and to promote environmental responsibility; to develop, deliver and support quality environmental programs and services that promote regulatory compliance, reduce the solid waste stream, and teach sound environmental practices to the public; and WHEREAS, the Trustees of the Metropolitan Environmental Trust desire to amend the Trust Indenture to clarify the language of the Trust Indenture; and WHEREAS, the Trustees of the Metropolitan Environmental Trust desire to amend the Trust Indenture to provide for addition of the City of Wagoner, Oklahoma as a beneficiary; and WHEREAS, the City Council of the City of Owasso, Oklahoma, is supportive of the amendments to the Trust Indenture, and desires to approve the Amended Trust Indenture. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, AS FOLLOWS: That the Amended Trust Indenture of the Metropolitan Environmental Trust is hereby approved and authorized and shall be executed substantially in the same form thereof submitted at the meeting at which this Resolution was Resolution 2021 -03 approved and as finally approved and executed by the Trustees. The Amended Trust Indenture in the form to be so approved is hereby authorized for execution and delivery, subject to such minor changes, insertions, and omissions and such filling of blanks therein as may be approved and made in the form thereof by the Trustees of the Trust executing the some pursuant to this Section. 2. That the City Council of the City of Owasso, Oklahoma, hereby ratifies the acceptance of the beneficial interest created by the Trust Indenture of the Metropolitan Environmental Trust, dated August 5, 1988, in all respects and in accordance with the terms of said instruments, for and on behalf of the Beneficiary, the City of Owasso, Oklahoma. 3. That said actions are in the best interests of the beneficiaries of the Metropolitan Environmental Trust, and the health, safety, and welfare of the City of Owasso, Oklahoma. 4. That the Mayor is authorized to execute the Acceptance, attached hereto and incorporated herein as Exhibit "A," which memorializes the Council's express consent and agreement to the Amended Trust Indenture, and ratifies the acceptance of the beneficial interest created by the Trust Indenture of the Metropolitan Environmental Trust, dated August 5, 1988, in all respects and in accordance with the terms of said instruments, for and on behalf of the Beneficiary, the City of Owasso, Oklahoma. Approved and adopted by the City Council of the City of Owasso, Oklahoma, at a regular meeting thereof, advance public notice of which was duly given and at which 2/3 of the City Council was present and voting, and signed by the Mayor this 16th day of February, 2021. Mayor, Bill Bush ` OF ok ATTEST: s o � prTTC3AL City Q rk, Juliann M. Stevens Approved as to form and legality: /1 , Attorl-ly for the City Council, Julie Lombardi Resolution 2021 -03 ACCEPTANCE KNOW ALL MEN BY THESE PRESENTS: That the City Council of the City of Owasso, Oklahoma, hereby expressly consents and agrees to the foregoing Amended Trust Indenture of the Metropolitan Environmental Trust, and hereby ratifies the acceptance of the beneficial interest created by the Trust Indenture of the Metropolitan Environmental Trust, dated August 5, 1988, in all respects and in accordance with the terms of said instruments, for and on behalf of the Beneficiary, the City of Owasso, Oklahoma. WITNESSETH my hand as Mayor of the City of Owasso, Oklahoma, attested by the City Clerk of the City of Owasso, Oklahoma, pursuant to direction of said City Council on this 15th day of February 2021. ATTEST: 1 APPROVED BY COUNCIL gE LP-11. gEPLC�vdele,•gFALCemmunify FEB 16 2021 TO: The Honorable Mayor and City Council FROM: Charlene Lawrence Pretreatment & Stormwater Administrator SUBJECT: Resolution 2021 -03, Metropolitan Environmental Trust (M.e.t.) Amended Trust Indenture DATE: February 12, 2021 BACKGROUND: The City of Wagoner has requested to become a member of the Metropolitan Environmental Trust (M.e.t.) and has been approved by the M.e.t. Board of Directors. The M.e.t. was created by a Trust Indenture, dated August 5, 1988, and was formed for the purpose of partnering member communities to develop, deliver and support environmental practices, to empower member communities to promote regulatory compliance and reduce the solid waste stream, and to teach sound environmental practices to the public. The City of Owasso is a member of the Trust and the designated Trustee for the City of Owasso is Charlene Lawrence, Pretreatment & Stormwater Administrator. As a beneficiary of the Trust, the Refuse Collection Budget includes funds for a portion of administrative costs associated with numerous environmental - related education and training functions and Hazardous Household Pollutant hazardous materials disposal. PROPOSED ACTION: Amending the Trust Indenture to add the City of Wagoner requires approval of each member city. Proposed Resolution 2021 -03, approves an amendment to the original Trust Indenture of the M,e.t. to include the City of Wagoner, and authorizes the Mayor to execute the Acceptance document. RECOMMENDATION: Staff recommends approval of Resolution 2021 -03, and authorization to execute the necessary documents. ATTACHMENTS: - Metropolitan Environmental Trust Amended Trust Indenture Resolution 2021 -03