HomeMy WebLinkAbout2007 12_Utility and sales tax revenue note_2007.09.04CITY OF OWASSO, OKLAHOMA
RESOLUTION NO. 2007 -12
A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY
THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ")
ISSUING ITS UTILITY SYSTEM AND SALES TAX REVENUE NOTE,
SUBORDINATE SERIES 2007 (THE "NOTE "); PROVIDING THAT THE
ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS
SUBJECT TO THE PROVISIONS OF THE INDENTURE AUTHORIZING THE
ISSUANCE OF SAID NOTE; WAIVING COMPETITIVE BIDDING WITH
RESPECT TO THE SALE OF SAID NOTE AND APPROVING THE
PROCEEDINGS OF THE AUTHORITY PERTAINING TO THE SALE OF SAID
NOTE; APPROVING AND AUTHORIZING EXECUTION OF A
SUBORDINATE LIEN SALES TAX AGREEMENT BY AND BETWEEN THE
CITY OF OWASSO, OKLAHOMA (THE "CITY ") AND THE AUTHORITY
PERTAINING TO THE YEAR -TO -YEAR PLEDGE OF CERTAIN SALES TAX
REVENUES; RATIFYING AND CONFIRMING A LEASE AGREEMENT;
ESTABLISHING THE CITY'S REASONABLE EXPECTATION WITH
RESPECT TO THE ISSUANCE OF TAX - EXEMPT OBLIGATIONS BY OR ON
BEHALF OF SAID CITY IN CALENDAR YEAR 2007, AND DESIGNATING
THE NOTE AS A QUALIFIED TAX - EXEMPT OBLIGATION; AND
CONTAINING OTHER PROVISIONS RELATING THERETO.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OWASSO, OKLAHOMA:
SECTION 1. Indebtedness Authorized. The Owasso Public Works Authority (the
"Authority ") is hereby authorized to incur an indebtedness by the issuance of its Utility System and
Sales Tax Revenue Note, Subordinate Series 2007, in the amount of $10,000,000.00 (the "Note "),
according to the terms and conditions of a General Bond Indenture, as supplemented and amended
by a Subordinate Series 2007 Supplemental Note Indenture, each by and between the Authority and
The Bank of New York Trust Company, N.A., as Trustee (the "Indenture "), provided that said Note
shall never constitute a debt of the City of Owasso, Oklahoma (the "City ").
SECTION 2. Organizational Document Subject to Indenture. The organizational document
creating the Authority, is hereby made subject to the terms of the Indenture authorizing the issuance
and securing the payment of the Note as more fully described in Section 1 hereof.
SECTION 3. Waiving ompetitive Bidding; Approval of Sale Proceedings. The waiving
of competitive bidding for the sale of the Note and the sale of said Note by the Authority to Bank of
America, N.A., at a price of par, is hereby approved.
SECTION 4. Subordinate Lien Sales Tax Agreement. The City hereby approves and
authorizes the execution of a Subordinate Lien Sales Tax Agreement between the City and the
Authority (the "Sales Tax Agreement "), which Sales Tax Agreement pertains to a year -to -year
pledge of certain sales tax revenue as security for the Note. The Sales Tax Agreement shall replace
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and supersede that certain Second Lien Security Agreement dated as of June 1, 1999, by and
between the City and the Authority.
SECTION 5. Lease Agreement. The Lease dated July 31, 1973, as amended by
Amendment to Lease dated as of July 1, 1996, both by and between the City and the Authority,
whereby the City leases unto the Authority its then existing and thereafter acquired water, sanitary
sewer, garbage and trash collection systems and the Bailey Ranch Golf Club (the "Lease
Agreement "), is hereby ratified and confirmed.
SECTION 6. City's Expectations. The City anticipates that the total amount of tax- exempt
obligations (other than private activity bonds) issued by The Owasso Public Works Authority or
other issuers on behalf of said City, will not exceed $10,000,000 for calendar year 2007, and the
City hereby designates the Note to be a qualified tax- exempt obligation with respect to the financial
institution interest deduction provisions contained in the Internal Revenue Code of 1986, as
amended, and authorizes the Mayor or Vice Mayor to execute and deliver on behalf of the City a
Certificate of Designation to that effect.
SECTION 7. Authorizing Execution. The Mayor or Vice Mayor and City Clerk or Deputy
City Clerk of the City representing the City at the closing of the above - referenced note issue are
hereby authorized to execute and deliver on behalf of the City any and all certifications and
documentation necessary or attendant to the delivery of the Note, as directed by Bond Counsel.
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PASSED AND APPROVED THIS 4TH DAY OF SEPTEMBER, 2007.
(T. O F (SEAL ICIAL 0
AL
ATTESAHOMP
Name: ShenAishop
Title: City Clerk
CITY OF OWASSO , OKLAHOMA
B y c 2A
—
Name: Stephen &taudella
Title: Mayor
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i
CERTIFICATE
OF
CITY COUNCIL ACTION
I, the undersigned, hereby certify that I am the duly qualified and acting City Clerk of the
City of Owasso, Oklahoma.
I further certify that the City Council of the City of Owasso, Oklahoma, held a Regular
Meeting at 6:30 o'clock p.m., on September 4, 2007, after due notice was given in full compliance
with the Oklahoma Open Meeting Act.
I further certify that attached hereto is a full and complete copy of a Resolution that was
passed and approved by said City Council at said meeting as the same appears in the official records
of my office and that said Resolution is currently in effect and has not been repealed or amended as
of this date.
I further certify that below is listed those Council Members present and absent at said
meeting; those making and seconding the motion that said Resolution be passed and approved; and
those voting for and against such motion:
PRESENT: Stephen Cataudella, Doug Bonebrake, D. J. Gal], Susan Kimball
and Jon Sinex
ABSENT: None
MOTION MADE BY: Doug Bonebrake
MOTION SECONDED BY: Jon Sinex
AYE: Stephen Cataudella, Doug Bonebrake, D.J. Gall, Susan Kimball
and Jon Sinex
NAY: None
WITNESS MY HAND THIS 4' DAY OF SEPTEMBER, 2007.
CITY OF OWASSO, OKLAHOMA
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