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HomeMy WebLinkAbout1996.09.20_OEDA Agenda_Special MeetingPUBLIC NOTICE OF A SPECIAL MEETING OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY - TYPE OF MEETING: Special DATE: September 20, 1996 TIME: 10:00 a.m. PLACE: Owasso Community Development Conference Room 207 S. Cedar, Owasso, Oklahoma A special meeting was called by the Chairman Tuesday, September 17. Notice and agenda was filed in the office of the City Clerk and posted on the City Hall bulletin board at 1:00 P.m. on Wednesday, September 18, 1996. AGENDA 1. Call to Order 2. Roll Call D• Consideration and Appropriate Action Relating to OEDA Resolution #96 -01, a Resolution Authorizing the Incurrence of Debt in an Amount Not to Exceed $1,500,000.00, Waiving Competitive Bidding, Authorizing the Negotiated Placement of Such Note With RCB Bank of Owasso; and Authorizing the Chairman, Vice - Chairman, and Secretary to Execute Any and All Documents Neces Accomplish the Foregoing. sary to Ms. Henderson Attachment #3 Staff will recommend Authority approval of OEDA Resolution #96 -01. OEDA Special Meeting Agenda September 18, 1996 Page 2 4. Discussion and Appropriate Action Relating to Development of the OEDA's Proposal to PennWell Printing Company of Tulsa. Ms. Henderson 5. Adjournment OWASSO ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO 96 -01 A RESOLUTION AUTHORIZING THE INCURRENCE OF DEBT IN AN AMOUNT NOT TO EXCEED $19500,000.00; WAIVING COMPETITIVE BIDDING; AUTHORIZING THE NEGOTIATED PLACEMENT OF SUCH NOTE WITH RCB BANK OF OWASSO; AND AUTHORIZING THE CHAIRMAN, VICE-CHAIRMAN, AND SECRETARY TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO ACCOMPLISH THE FOREGOING. WHEREAS, the Trustees of the Owasso Economic Development Authority (the "Authority ") are empowered under its trust indenture (the "Trust Indenture") and under Title 60, Oklahoma Statutes, Sections 176 through 180.4 (the "Act "), to issue the Authority's indebtedness for qualified purposes: WHEREAS, Oklahoma Natural Gas, Inc. has by written application asked that the Authority consider their request that the Authority approve a project to be financed with the proceeds of an issue of the Authority's indebtedness in the amount not to exceed $1,500,000.00 to finance the construction of a facility for lease to Oklahoma Natural Gas, Inc. (the "Lessee "), a 14,043 square foot facility located on approximately 15.7 acres of land in Oak Tree Business Park, within the corporate limits of the City of Owasso, Oklahoma (the "Project "). WHEREAS, the Authority has reviewed the application and has determined that the Project is consistent with the purposes of its Trust Indenture and the Act and has considered the request that the Authority's indebtedness be placed at RCB Bank of Owasso, in Owasso, without competitive bidding; WHEREAS, in connection with the Project and in accordance with the Authority's commitment to participate in the financing thereof, to be evidenced in writing (the "Commitment Letter "), it is necessary for the Authority: (i) to enter into a certain Loan Agreement (the "Loan Agreement "), bearing September 16, 1996 or other agreed upon dating, between the Authority and RCB Bank of Owasso (the "Bank "), and pursuant thereto to obtain certain borrowings in the original principal amount of up to $1,500,000.00 with said borrowings to be evidenced by the Authority's Promissory Notes (the "Authority Note "), of like date, and bearing interest at a variable annual rate of interest equal from day to day to the National Prime Rate as hereinafter defined (the "Exempt Floating Rate "). National Prime Rate of interest shall be effective with respect to this Note as of the date upon which any change in such rate of interest shall first be published in the Southwest edition of the Wall Street Journal. Interest shall be computed on the basis of a year of 360 days but assessed only for the actual number of days elapsed, and payable in 180 monthly installments of principal and interest (ii) to enter into, a Mortgage, a certain Loan Agreement and Assignment of Lease and Rents (the "Assignment ") of like dating, encumbering the Premises as described in the Mortgage and granting necessary security interests therein, (iii) to enter into a certain Financing Statement to perfect the Bank's various security interests; (iv) to furnish a certain Project Bank Account Resolution, (v) to execute and deliver such other and further instruments and certifications as may be required in connection therewith; and (vi) to designate and empower A_1ar: r< a ^derssn,_ Authority Chairman, Frank Enzbrenner, Authority Vice Chairman, and Brenda Lawrence, Authority Secretary, to act on behalf of the Authority as required in connection with the foregoing, and WHEREAS, it is necessary that all said documents and instruments and such others as may be necessary to the transaction be approved and their execution by the Trustees, or the Chairman or Vice - Chairman, and the Secretary, as appropriate and as the case may be, be authorized and directed. NOW THEREFORE BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO ECONOMIC DEVELOPMENT AUTHORITY, as follows: The Trustees of the Authority have found that: (a) the Project is consistent with the purposes of its Trust Indenture and the Act and is hereby approved; (b) the Authority has determined that it is advisable and in the public interest and within the powers and authority vested in the Authority under the Act and the Trust Indenture to finance the costs of the Project; (c) the placement without competitive bidding of the indebtedness evidenced by the Authority Note is consistent with the Trust Indenture and the Act. 2. The aforesaid Project Bank Account Resolution is hereby approved and authorized and direction given for its execution and delivery by the Trustees; 3. The Lease Agreement with Oklahoma Natural Gas, Inc., the Loan Agreement, the Authority Note, the Mortgage, and the Assignment of Leases and Rents are hereby approved and authorization and direction is hereby given for such executions and deliveries as may be required thereof or therefor for and on behalf of the Authority by the Chairman or Vice - Chairman and the Secretary, as the case may be; 4. Any Financing Statements, are hereby approved and authorization and direction is hereby given for their execution and delivery for and on behalf of the Authority by the Chairman or Vice - Chairman and the Secretary, as appropriate, and as the case may be; 5. The Chairman or Vice - Chairman and /or the Secretary, as appropriate and as the case may be, are authorized and directed to execute and deliver for and on behalf of the Authority, such documents and instruments as may be necessary to the transaction which do not require the signatures of a majority of the Trustees, but which otherwise require execution by the Authority; and 6. This resolution shall take effect and is contingent upon (i) the City Council of Owasso's approval of the Project after notice and public hearing; (ii) the approval of the Authority's issuance of indebtedness and waiver of competitive bidding by the City Council of Owasso. APPROVED, PASSED AND ADOPTED this 20th day of September, 1996, at a special meeting of the Board of Trustees of the Owasso Economic Development Authority, held at 10:00 o'clock a.m. at 207 South Cedar, City of Owasso, Tulsa County, Oklahoma, at which a majority of the Trustees were present. 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