HomeMy WebLinkAbout2005 01_Loan Agreement_OWDAOWASSO ECONOMIC DEVELOMENT AUTHORITY
RESOLUTION NUMBER 2005-01
A RESOLUTION OF THE OWASSO ECONOMIC
DEVELOPMENT AUTHORITY AUTHORIZING THE
ISSUANCE, EXECUTION AND DELIVERY OF THE
OWASSO ECONOMIC DEVELOPMENT AUTHORITY
REVENUE ANTICIPATION NOTE IN AN AMOUNT NOT
TO EXCEED TWO MILLION AND NO/100 DOLLARS
($2,000,000.00), TO THE CITY OF OWASSO, OKLAHOMA,
APPROVING THE LOAN AGREEMENT, FORM
REVENUE ANTICIPATION NOTE AND OTHER
DOCUMENTS AND AGREEMENTS AS MAY BE
NECESSARY OR REQUIRED; AND CONTAINING OTHER
PROVISIONS RELATING THERETO
WHEREAS, the Owasso Economic Development Authority was created by a
Declaration of Trust, dated as of October 26, 1987, (collectively the "Trust Indenture") for the
use and benefit of the City of Owasso, Oklahoma (the "City") under authority of and pursuant to
the provisions of Title 60 O.S. 1981, Section 176 to 180.3 inclusive as amended and
supplemented and other applicable statutes of the State of Oklahoma; and,
WHEREAS, the Authority has determined that it would be most advantageous at this
time for the Authority to provide funds for assistance in the relocation of Vanguard Car Rental
U.S.A. to areas in proximity to the City; and
WHEREAS, there has been presented to this meeting a form of Loan Agreement and
Revenue Anticipation Note by and between the Authority and the City of Owasso, Oklahoma
(the "Note").
NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE
OWASSO ECONOMIC DEVELOPMENT AUTHORITY THAT, TO-WIT:
SECTION ONE. The Loan Agreement and form of the Note presented to this
meeting be, and hereby is, approved, and the Chairman or Vice-Chairman of the Trustees and the
Secretary or any Assistant Secretary of Trustees of the Authority be, and hereby are, authorized,
directed, and empowered to execute and deliver in the name of the Authority, the Agreement and
the Note in said form and containing the terms and provisions contained in said Note, the
execution thereof by such officers being conclusive evidence of such approval, and to execute
and deliver in the name of and on behalf of the Authority all documents, closing papers,
certificates and such other documents as are necessary to accomplish the issuance of the Revenue
Anticipation Note.
SECTION TWO. The signatures of the officers of the Authority appearing on the
Loan Agreement and the Note and other documents and agreements, closing papers and
certificates executed and delivered pursuant to this resolution shall be conclusive evidence of
their approval thereof and of their authority to execute and deliver such agreements and
documents on behalf of the Authority.
SECTION THREE. The Chairman or Vice-Chairman of the Trustees and the Secretary
or any Assistant Secretary of the Trustees of the Authority be, and they hereby are, authorized
and empowered for and on behalf of the Authority to execute and deliver such further
agreements and documents and to take such action as such officer or officers may deem
necessary or desirable in order to carry out and perform the Note and any contracts, documents,
or instruments executed and delivered in connection with the issuance of the Note, and to effect
the purposes thereof and to consummate the transactions contemplated thereby.
PASSED AND APPROVED this day of January 2005.
OWASSO ECONOMIC~LOPMENT
AUTHORITY
r'rank Enzbrennerl,JVice Chairman
State of Oklahoma
County of Tulsa
bs ib~d and sworn to e~ e y FRANK ENZBRE ER this 28th day of June, 2005.
~~~ CL@
Jul .n M. Stevens, Notary Pu is
# 13339, Commission expires August 11, 2008
~~
AS TO FORM:
D. Cates, Authority Attorney
z