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Home My WebLink About1998.02.17_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY TYPE OF MEETING: Regular DATE: February 17, 1998 TIME: 7:00 p.m. PLACE: Council Chambers, Owasso Community Center Notice and Agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 4:00 p.m. on Friday, February 13, 1998. Marcia outwell, Authority Secretary AGENDA- 1. Call to Order 2. Flag Salute 3. Roll Call 4. Consideration and Appropriate Action Relating to a Request for Approval of the Consent Agenda. All matters listed under "Consent" are considered by the Trustees to be routine and will be enacted by one motion. Any Trustee may, however, remove an item from consent by request. A motion to adopt the Consent Agenda is non - debatable. A. Approval of the Minutes of February 3, 1998 Regular Meeting. Attachment #4 -A B. Approval of Claims. Attachment #4 -B Owasso Public Works Authority February 17, 1998 Page 2 5. Consideration and Appropriate Action Relating to OPWA Resolution #98 -02, a Resolution Preliminarily Approving the Issuance of the Authority's Public Improvement Revenue Bonds, Series 1998 (The "Bonds ") for the Purpose of Financing Certain Public Improvements Benefiting the City of Owasso, Oklahoma; Approving the Preliminary Official Statement Pertaining to the Issuance of the Bonds and Deeming Said Preliminary Official Statement "Near Final" and Authorizing Distribution of the Same; Designating an Underwriter with Respect to the Sale of the Bonds; and Containing Other Provisions Relating Thereto. Mr Ray Ms Bishop Mr McDonald Mr Brooks Attachment #5. The staff recommends Trustee adoption of OPWA Resolution #98 -02, which (i) approves and authorizes the distribution of the offering document pertaining to the Bonds, and (ii) designates the underwriter to be utilized by the Authority. 6. Report from OPWA Manager 7. Report from OPWA Attorney Owasso Public Works Authority February 17, 1998 Page 3 8. Unfinished Business 9. New Business 10. Adjournment OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, February 3, 1998 The Owasso Public Works Authority met in regular session on Tuesday, February 3, 1998 in the Council Chambers at the Owasso Community Center per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 4:00 p.m. on Friday, January 31, 1998. ITEM 1: CALL TO ORDER Chairman Barnhouse called the meeting to order at 7:31 p.m. ITEM 2: FLAG SALUTE The flag salute was given during the City Council meeting preceding this meeting. ITEM 3: ROLL CALL PRESEN T Mary Lou Barnhouse, Chair Tracy Standridge, Vice Chair Denise Bode, Trustee Mark Wilken, Trustee STAFF Rodney J Ray, City Manager Ronald D Cates, Authority Attorney Marcia Boutwell, Authority Secretary ABSENT Michael Helm, Trustee ITEM 4: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR APPROVAL OF THE CONSENT AGENDA. A. Approval of the Minutes of January 20, 1998 Regular Meeting. B. Approval of Claims Mr Wilken moved, seconded by Dr Bode, to approve the consent agenda. The consent agenda included minutes of the January 20, 1998 regular meeting, by reference made a part hereto. Item B on the consent agenda included the following claims: (1) OPWA Fund $21,019.92; (2) OPWA Capital Improvement Fund $105,797.71; (3) OPWA Sales Tax Fund $42,934.60; (4) Interfund Transfers $37,447.83; (5)Payroll $25,325.74. AYE: Wilken, Bode, Standridge, Barnhouse NAY: None Motion carried 4 -0. Owasso Public Works Authority February 3, 1998 ITEM 5: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF AN AMENDMENT TO THE FY 1997 -98 OPWA SALES TAX CAPITAL FUTURE FUND BUDGET. Ms Bishop stated that approval of Ordinance #553 amended the purpose of the City's one percent sales tax, allowing for the amounts accumulated in the OPWA Capital Future Fund to date, plus those amounts to be accumulated through June 30, 2001, to be available to fund the projects approved in the 1997 bond issue. The existing amount in the Capital Future Fund is $1,150,161.56. Staff recommended amending that budget to transfer that amount to the Bond Projects Fund. Mr Wilken moved, seconded by Dr Bode, to approve an amendment to the OPWA Sales Tax Capital Future Fund budget, wherein a transfer to the Bond Projects Fund is increased by $1,150,162. AYE: Wilken, Bode, Standridge, Barnhouse NAY: None Motion carried 4 -0. ITEM 6: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE AUTHORIZATION TO TRANSFER "THE AMOUNTS IN THE CAPITAL FUTURE FUND ACCUMULATED TO DATE, PLUS THOSE AMOUNTS TO BE ACCUMULATED THROUGH JUNE 30. 2001 " TO THE BOND PROJECTS FUND (ORDINANCE NO 553). As stated in the above item, Ordinance #553 amended the purpose of the City's one percent sales tax, allowing for the amounts accumulated in the OPWA Capital Future Fund to date, plus those amounts to be accumulated through June 30, 2001, to be available to fund the projects approved in the 1997 bond issue. Mr Wilken moved, seconded by Dr Bode, to approve the transfer of $1,150,161.56 currently in the Sales Tax Capital Future Fund, plus those amounts to be accumulated through June 30, 2001, to the Bond Projects Fund. AYE: Wilken, Bode, Standridge, Barnhouse NAY: None Motion carried 4 -0. ITEM 7: REPORT FROM OPWA MANAGER No report. 2 Owasso Public Works Authority ITEM 8: REPORT FROM OPWA ATTORNEY No report. ITEM 9: UNFINISHED BUSINESS None. ITEM 10: NEW BUSINESS None. ITEM 11: ADJOURNMENT Dr Standridge moved, seconded by Dr Bode, to adjourn. AYE: Standridge, Bode, Wilken, Barnhouse NAY: None Motion carried 4 -0, and the meeting was adjourned at 7:35 p.m. Marcia Boutwell, Authority Secretary 3 February 3, 1998 Mary Lou Barnhouse, Chairperson CITY OF OWASSO F! OWASSO PUBLIC WORKS AUTHORITY B 2/13/98 7:05:25 A/P CLAIMS REPORT APAPVR PAGE: 10 PO # VENDOR DESCRIPTION AMOUNT ADMINISTRATION DEPARTMENT TOTAL ====> 102,471.29 WASTEWATER TREATMENT PLANT 980036 RONALD D CATES RETAINER 700.00 980036 RONALD D CATES LEGAL SERVICES 440.00 980221 AT&T WIRELESS SERVICES PHONE USE-CARR 27.70 980221 AT&T WIRELESS SERVICES PHONE USE-ROBERTS 15.70 981556 NATIONAL AMERICAN PROPERTY INS 12/2/97 65651.57 981557 NATIONAL AMERICAN LIABILITY INS 9/16/97 24,648.00 981649 KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES 3.85 981649 981649 KIMBALL ACE HARDWARE KIMBALL ACE HARDWARE MAINT/REPAIR SUPPLIES MAINT/REPAIR SUPPLIES 9.60 4.18 981826 SAM'S CLUB MAINTENANCE SUPPLIES 15.17 981826 SAM'S CLUB PRINTER,CABLE 238.98 981831 TERRA TELECOM INC TELEPHONE REPAIR 84.00 N� 981887 TREASURER PETTY CASH CHAMBER LUNCH 28.00 981890 WAL-MART OFFICE SUPPLIES 11.26 981923 SOUTHWESTERN BELL TELE 1/98 PLEXAR 93.89 N� ------------- -- DEPARTMENT TOTAL ====> 32,971.90 11TILITY ______________________________ BILLING / 981667 CSC CREDIT SERVICES, INC COLLECTIONS-01/98 25.00 w� DEPARTMENT TOTAL ====> 25.00 ` WATER '----------------------------- 980423 WATER PRODUCTS INC WATER METERS 3/18/97 1,586.60 981637 FREEDOM PERSONNEL INC TEMPORARY PERSONNEL 338.56 981693 CITY OF TULSA PURCHASED WATER-01/98 965788.58 981732 AUTOMATIC ENGINEERING INC BOOSTER STATION PARTS 132.00 981736 PINKLEY SALES REFLECTORS 365.00 981750 CITY GARAGE REPAIRS-1/98 141.80 981796 KEYSTONE EQUIPMENT CO BACKHOE TEETH,PINS 45.64 981797 VERDIGRIS VALLEY SOD FARM SOD-REPAIRS 60.00 981845 WATER PRODUCTS INC REPAIR SUPPLIES 2,549.02 981845 WATER PRODUCTS INC REPAIR SUPPLIES 352.47 981922 SOUTHWESTERN BELL TELE 1/98 NON-PLEXAR 63.00 981923 SOUTHWESTERN BELL TELE 1/98 PLEXAR 48.62 DEPARTMENT TOTAL ====> 102,471.29 itASTEWATER TREATMENT PLANT ______________________________ CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY 2/13/98 7:05:25 A/P CLAIMS REPORT APAPVR PAGE: 11 PO # VENDOR DESCRIPTION AMOUNT 980885 MUNICIPAL PUMPS REPAIR PARTS 373.37 981414 ADVANCED CHEMICAL CHLORINE 342.00 981414 ADVANCED CHEMICAL CHLORINE 342.00 981592 STEVE'S WHOLESALE TORQUE WRENCH, SOCKET 123.45 981750 CITY GARAGE REPAIRS-1/98 454.15 981798 ALLIED BEARINGS SUPPLY CO SLUDGE BLOWER REPAIR 62.64 981802 METRO BUILDERS SUPPLY REFRIGERATOR-WWTP 427.00 981815 WOODS PORTABLE WELDING WELD DECANTER SUPPORT 350.00 981826 SAM'S CLUB MAINTENANCE SUPPLIES 47.24 981874 C&H DISTRIBUTORS INC BOLTS-SLUDGE TANK 73.29 981887 TREASURER PETTY CASH REIMB PETTY CASH 14.78 981923 SOUTHWESTERN BELL TELE 1/98 PLEXAR 47.72 DEPARTMENT TOTAL ====> 2,657.64 WASTEWATER COLLECTION ______________________________ 980648 WATER PRODUCTS INC REPAIR SUPPLIES 112.83 981024 WATER PRODUCTS INC REPAIR PARTS 416.10 981135 WAL-MART UNIFORM PANTS 65.88 981479 SMITH & LOVELESS MECHANICAL SEALS 779.79 981636 PALMER SUPPLY RELAY SWITCH 139.50 981704 MILL CREEK LUMBER & SUPPL MANHOLE REPAIR SUPPLIES 100.30 981750 CITY GARAGE REPAIRS-1/98 904.70 981845 WATER PRODUCTS INC REPAIR SUPPLIES 33.40 981922 SOUTHWESTERN BELL TELE 1/98 NON-PLEXAR 320.73 DEPARTMENT TOTAL ====> 2,873.23 REFUSE COLLECTIONS ______________________________ 981670 WILLIAMS REFUSE EQUIPMENT POLYCARTS-07/10/97 5,700.00 981692 WASTE MANAGEMENT OF OKLA COMM REFUSE-01/98 14,376.45 981701 WILLIAMS REFUSE EQUIPMENT POLYCART WHEELS 690.42 981750 CITY GARAGE REPAIRS-1/98 - 2,850.79 981750 CITY GARAGE REPAIRS-1/98 15980.56 981781 ALSUMA TRUCK REPAIR INC REPAIR INTERNATIONAL 1,446.68 981887 TREASURER PETTY CASH REIMB PETTY CASH 5.39 981902 OWASSO GLASS WINDSHIELD-LODAL 182.00 DEPARTMENT TOTAL ====> 27,232.29 RECYCLE CENTER ______________________________ FUND TOTAL ====> 173,756.66 CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY 13/98 7:05:25 A/P CLAIMS REPORT APAPVR PAGE: 12 PO # VENDOR DESCRIPTION AMOUNT 981687 ACE FENCE CO INC FENCE-YARDWASTE 11/18/97 5,503.00 981923 SOUTHWESTERN BELL TELE 1/98 PLEXAR 22.31 DEPARTMENT TOTAL ====> 5,525.31 FUND TOTAL ====> 173,756.66 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 01/31/98 Wastewater 219.45 5,395.94 Wastewater Collection 209.58 4,541.28 Refuse 3780.94 Recycle Center 1,416 63 FUND TOTAL $25,350.38 APPROVED: 02/17/98 Chairman Trustee Trustee MEMORANDUM TO: THE HONORABLE CHAIR & TRUSTEES OWASSO PUBLIC WORKS AUTHORITY FROM: RODNEY J RAY CITY MANAGER SUBJECT: REQUEST FOR ADOPTION OF OPWA RESOLUTION #98 -02, PRELIMINARILY APPROVING THE ISSUANCE OF DEBT DATE: February 13, 1998 BACKGROUND: On October 13, 1997, Owasso voters approved the issuance of eight million, five hundred thousand dollars in debt for the purpose of funding capital projects. The voters also authorized the use of capital future fund monies through the year 2001 for those projects. Due to a desire on the part of the City to take advantage of an opportunity to save interest cost on a previous (1988) debt, the Council authorized, in December 1997, a refinancing of the 1998 Series bond issue. That refinancing resulted in a need to postpone the actual issue of the debt approved in October 1997. However, the refinancing process is complete and the legal requirements relating to maintaining our status as a "small issuer" have been met. Therefore, the staff has asked the financial advisor and bond counsel to begin the process of issuing the voter - approved debt while interest rates are favorable. Resolution #98 -02, if approved, will grant preliminary approval for our agents to initiate the process of issuing 8.5 million dollars in debt. That debt is secured by the third penny sales tax and approved by the voters. Subsequent action by the Public Works Authority and City Council will be requested March 3rd. That action will, if approved, grant final approval for the bond sale. This item was discussed during the February 10th Council work session. If you have questions, please call Ms Bishop, Mr Cates, Mr Brooks, Mr McDonald, or me. NOTE: The attached resolution contains a "blank" that will be filled in prior to the Authority's meeting, and distributed prior to the meeting. OPWA RESOLUTION 98 -02 FEBRUARY 13, 1998 PAGE 2 RECOMMENDATION: The staff recommends Trustee approval of OPWA Resolution #98 -02, and that the Chair be authorized to execute such. ATTACHMENT: OPWA Resolution #98 -02 RE80LUTION NO. '/?-0 A RESOLUTION PRELIMINARILY APPROVING THE ISSUANCE OF THE AUTHORITY'S PUBLIC IMPROVEMENT REVENUE BONDS, SERIES 1998 (THE "BONDS") FOR THE PURPOSE OF FIMMING CERTAIN PUBLIC IMPROVEMENTS BENEFITING THE CITY OF OWASSO, OKLAHOM&J t APPROVING THE PRELIMINARY OFFICIAL STATEMENT PERTAINING TO THE ISSUANCE OF THE BONDS AND DEEMING SAID PRELIMINARY OFFICIAL STATZ30M "NEAR FINAL" AND AUTHORISING DISTRIBUTION OF THE SAME; DESIGNATING AN UNDERWRITER WITH RESPECT TO THE SALE OF THE BONDS; AND CONTAINING OTHER PROVISIONS RELATING THERETO. WHEREAS, The Owasso Public Works Authority (the "Authority ") has determined to finance certain public improvements benefiting the City of Owasso, Oklahoma (the "Project "); and WHEREAS, the Authority has determined to finance a portion of the cost of the Project through the issuance of the Authority's Public Improvement Revenue Bonds, Series 1998, in the approximate principal amount of $8,500,000 (the "Bonds "). NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. PRELIMINARY AUTHORIZATION REGARDING ISSUANCE OF BOM. The Authority preliminarily authorizes the issuance of the Bonds in the approximate principal amount and for the purposes set forth above. SECTION 2. PRELIMINARY OFFICIAL STATEMENT. The Preliminary Official Statement dated February 17, 1998 (the "Preliminary Official Statement ") outlining the terms, conditions and security for the Bonds, is hereby adopted and approved and the Chairperson or Vice Chairperson of the Authority is authorized to approve any corrections, additions or deletions thereto for and on behalf of the Authority and is further authorized and directed to execute and deliver same for and on behalf of the Authority; provided further, that the information contained in said Preliminary Official Statement with respect to the Authority is correct in all material respects and such information does not contain any untrue statements of a material fact and does not omit to state a material fact necessary to make the statements made in such Preliminary Official Statement, in light of the circumstances under which they were made, not misleading. The Authority hereby deems the Preliminary Official Statement "near final" in accordance with the requirements of Rule 15c2 -12 of the Securities and Exchange Commission promulgated pursuant to the Securities Exchange Act of 1934. The Authority designates , to act as the underwriter of the referenced Bonds (the "Underwriter ") . The Authority authorizes the Underwriter to distribute the Preliminary Official Statement in connection with the sale of the Bonds. APPROVED AND ADOPTED this 17th day of February, 1998, by The Owasso Public Works Authority. (SEAL) ATTEST: Marcia Boutwell, Secretary APPROVED AS TO FORM: Ronald D. Cates, Trust Attorney THE OWASSO PUBLIC WORKS AUTHORITY Mary Lou Barnhouse, Chairperson 2