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Home My WebLink About2008.12.02_OPWA AgendaPUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY TYPE OF MEETING: DATE: TIME: PLACE: Regular December 2, 2008 6:30 p.m. Council Chambers, Old Central Building 109 N. Birch Notice and agenda filed in the office of t City Clerk and posted at Cit Hall at 5:00 p.m. on Friday, November 28, 2008. 4iann M. Stevens, Deputy City Clerk AGENDA 1. Call to Order Chairman Stephen Cataudella 2. Roll Call 3. 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 the Consent Agenda by request. A motion to adopt the Consent Agenda is non - debatable. A. Approval of the Minutes of the November 4, 2008 Regular Meeting and the November 21, 2008 Special Meeting. Attachment #3 -A B. Approval of Claims. Attachment #3 -B C. Acknowledgement of receiving the monthly FY 2008 -2009 budget status report. Attachment #3 -C S: \Agendas \OP W A\2008\ 1202.doc Owasso Public Works Authority December 2, 2008 Page 2 4. Consideration and appropriate action relating to a request for Trustee adoption of Resolution No. 2008 -04, a resolution authorizing the Owasso Public Works Authority (the "Authority") to issue its sales tax revenue note, series 2008 (the "note ") in the aggregate principal amount of $7,680,000; waiving competitive bidding and authorizing the note to be sold on a negotiated basis; ratifying and confirming a sales tax agreement by and between the City and the Authority pertaining to a year -to -year pledge of certain sales tax revenue; approving and authorizing execution of a supplemental note indenture authorizing the issuance and securing the payment of the note; providing that the organizational document creating the Authority is subject to the provisions of the note indenture; authorizing and directing the execution of the note and other documents relating to the transaction; establishing the Authority's reasonable expectation with respect to the issuance of tax- exempt obligations by the Authority in calendar year 2008, and designating the note as a qualified tax - exempt obligation; approving professional services agreements; and containing other provisions relating thereto. Ms. Bishop Attachment # 4 Staff recommends Trustee adoption of Resolution No. 2008 -04. 5. Report from OPWA Manager. 6. Report from OPWA Attorney. 7. New Business. (New Business is any item of business which could not have been foreseen at the time of posting of the agenda.) 8. Adjournment. S:Agendas \OP WA\2008\ I202.doc OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, November 4, 2008 The Owasso Public Works Authority met in regular session on Tuesday, November 4, 2008 in the Council Chambers at Old Central per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 5:00 p.m. on Friday, October 31, 2008. ITEM 1. CALL TO ORDER Vice Chair Gall called the meeting to order at 7:20 p.m. ITEM 2. ROLL CALL PRESENT D.J. Gall, Vice Chair Wayne Guevara, Trustee Jon Sinex, Trustee A quorum was declared present. STAFF Rodney Ray, Authority Manager Julie Lombardi, Authority Attorney ABSENT Steve Cataudella, Chairman Doug Bonebrake, Trustee ITEM 3. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF THE CONSENT AGENDA A. Approval of the Minutes of the October 21, 2008 Regular Meeting. B. Approval of Claims. Mr. Guevara moved, seconded by Mr. Sinex, to approve the OPWA Consent Agenda with claims totaling $738,335.91. The payroll payment report for pay period ending 10/25/08 was included for review. YEA: Gall, Guevara, Sinex NAY: None Motion carried 3 -0. Owasso Public Works Authority ITEM 5 No report REPORT FROM OPWA MANAGER REPORT FROM OPWA ATTORNEY ITEM 6. NEW BUSINESS None ITEM 7. ADJOURNMENT Mr. Sinex moved, seconded by Mr. Guevara, to adjourn. YEA: Gall, Guevara, Sinex NAY: None Motion carried 3 -0 and the meeting was adjourned at 7:21 p.m. Pat Fry, Minute Clerk November 4, 2008 D.J. Gall, Vice Chair OWASSO PUBLIC WORKS AUTHORITY MINUTES OF SPECIAL MEETING Friday, November 21, 2008 In accordance with 25 OS 2001, Section 311 a notice of Special Meeting has been called by the Chairman and filed in the office of the City Clerk at 1:55 pm on Wednesday, November 19, 2008. The Owasso Public Works Authority met in special session on Friday, November 21, 2008 in the Lower Level Conference Room of the Owasso City Hall, 111 N. Main Street, per the Notice of Public Meeting and Agenda posted on the City Hall bulletin board at 10:00 a.m. on Thursday, November 20, 2008. ITEM 1. CALL TO ORDER Mayor Cataudella called the meeting to order at 4:37 p.m. ITEM 2. ROLL CALL PRESENT Steve Cataudella, Chairman Doug Bonebrake, Trustee Jon Sinex, Trustee A quorum was declared present. STAFF Sherry Bishop, Assistant Authority Manager ABSENT D.J. Gall, Vice Chair Wayne Guevara, Trustee ITEM 3. CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR TRUSTEE APPROVAL OF THE OWASSO PUBLIC WORKS AUTHORITY CLAIMS Mr. Bonebrake moved, seconded by Mr. Sinex, to approve the OPWA Claims totaling $155,914.45. YEA: Bonebrake, Cataudella, Sinex NAY: None Motion carried 3 -0. Owasso Public Works Authority ITEM 4. ADJOURNMENT Mr. Bonebrake moved, seconded by Mr. Sinex, to adjourn. YEA: Bonebrake, Cataudella, Sinex NAY: None Motion carried 3 -0 and meeting was adjourned at 4:38 p.m. Pat Fry, Minute Clerk 2 November 21, 2008 Stephen Cataudella, Chairman Claims List 12/02/08 Budget Unit Title Vendor Name Payable Description Payment Amouni OPWA ADMINISTRATION JPMORGAN CHASE BANK WALMART- COFFEE 12.96 UNIFIRST HOLDINGS LP UNIFORM RENTAL FEES 32.25 AT &T LONG DISTANCE LONG DISTANCE SERVICE 15.81 WAL -MART CORP SAMS CLUB 77150903608 OPERATING SUPPLIES 178.27 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 36.15 TOTAL OPWA ADMINISTRATION 275.44 UTILITY BILLING DAVID R. OLINGHOUSE METER READER 387.45 TYRONE EUGENE DINKINS METER READER 21825 NOLAN RAY LANE METER READER 271.35 MARK MEYER METER READER 288.00 WAL -MART CORP SAMS CLUB 77150903608 OPERATING SUPPLIES 3.81 CHOICEPAY, INC BILLING SERVICES 9.00 JPMORGAN CHASE BANK DELL -TONER CARTRIDGE 75.99 TECHNICAL PROGRAMMING SERVICES INC BILLING SERVICES 2,107.46 SAV -ON PRINTING & SIGNS LLC UTILITY CUT OFF NOTICE DO 320.00 TOTAL UTILITY BILLING 3,681.31 WATER JPMORGAN CHASE BANK BROWN FARMS -SOD 160.00 JPMORGAN CHASE BANK LOWES -SAW 123.41 JPMORGAN CHASE BANK HOME DEPOT -AIR DRILL 49.97 JPMORGAN CHASE BANK BUMP TO BUMP -PARTS 11.43 JPMORGAN CHASE BANK DOEQ- CERTIFICATION 102.00 JPMORGAN CHASE BANK WATER PROD - SUPPLIES 2,477.35 JPMORGAN CHASE BANK WATER PROD - SUPPLIES 2,496.15 JPMORGAN CHASE BANK WATER PROD - METERS 1,850.83 JPMORGAN CHASE BANK WATER PROD - METERS 2,040.00 JPMORGAN CHASE BANK WATER PROD -METER CANS 216.00 JPMORGAN CHASE BANK WATER PROD -VALVE BOX 286.25 JPMORGAN CHASE BANK WATER PROD -DROP LIDS 29.20 JPMORGAN CHASE BANK WATER PROD -PARTS 357.65 JPMORGAN CHASE BANK WATER PROD- CHLORINE 33.52 JPMORGAN CHASE BANK WATER PROD - TAPPING SHAFT 250.00 JPMORGAN CHASE BANK WATER PROD -METER REGISTER 1,840.00 JPMORGAN CHASE BANK WATER PROD -METER CANS 216.00 JPMORGAN CHASE BANK WATER PROD -HIP WADERS 87.44 APAC, INC.- OKLAHOMA STANDARD INDUST ASPHALT FOR STREET REPAIR 102.24 TOMMY E WORCESTER THE TINT SHOP TINT 3 WINDOWS ON 2009 DO 100.00 JPMORGAN CHASE BANK SCOTT MACON -AIR HOSE 41.25 SHERWOOD CONSTRUCTION CO, INC CONCRETE FOR DRIVEWAY REP 579.00 CITY GARAGE MONTHLY OVERHEAD CHGS - L 833.33 CITY GARAGE VEHICLE PARTS 3,688.46 USA MOBILITY WIRELESS, INC PAGER USE 82.13 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 52.30 APAC, INC.- OKLAHOMA STANDARD INDUST ASPHALT FOR STREET REPAIR 397.17 Page 1 Claims List 12/02/08 Budget Unit Title Vendor Name Payable Description Payment Amount WATER... APAC, INC.- OKLAHOMA STANDARD INDUST ASPHALT FOR STREET REPAIR 591.82 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 156.15 TOTAL WATER 19,251.05 WASTEWATER TREATMENT UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 60.79 WAL -MART CORP SAMS CLUB 77150903608 OPERATING SUPPLIES 41.22 USA MOBILITY WIRELESS, INC PAGER USE 23.10 CITY GARAGE MONTHLY OVERHEAD CHGS - L 250.00 JPMORGAN CHASE BANK PRICE ADJUSTMENT -2.20 UNIFIRST HOLDINGS LP UNIFORM RENTAL FEES 71.24 GREEN COUNTRY TESTING, INC WWTP SAMPLING & ANALYSIS 20.00 NCL OF WISCONSIN, INC. NORTH CENTRA LAB SUPPLIES 47.35 AIR MAC, INC. GASKET FOR WWTP 95.05 JPMORGAN CHASE BANK SALES TAX REFUND -71.24 NCL OF WISCONSIN, INC. NORTH CENTRA UNDERCOUNTER BOD INCUBATO 2,037.43 GREEN COUNTRY TESTING, INC WWTP SAMPLING & ANALYSIS 60.00 GREEN COUNTRY TESTING, INC WWTP SAMPLING & ANALYSIS 30.00 GREEN COUNTRY TESTING, INC WWTP SAMPLING & ANALYSIS 30.00 GREEN COUNTRY TESTING, INC WWTP SAMPLING & ANALYSIS 70.00 JPMORGAN CHASE BANK ICE FOR BIO- MONITORING 9.98 JPMORGAN CHASE BANK BUMP TO BUMP - SOCKET 46.99 JPMORGAN CHASE BANK ATWOODS- APPAREL 109.99 JPMORGAN CHASE BANK ATWOODS- APPAREL 89.99 JPMORGAN CHASE BANK LOWES -PARTS 7.40 JPMORGAN CHASE BANK ATWOODS -GEAR PULLER 10.99 JPMORGAN CHASE BANK LOWES -PARTS 14.72 JPMORGAN CHASE BANK LOWES -TOOL BOX 149.00 JPMORGAN CHASE BANK ICE FOR BIO- MONITORING 4.77 JPMORGAN CHASE BANK LODGING -BYRNE 640.38 JPMORGAN CHASE BANK LOWES- FILTER 55.89 AT &T LONG DISTANCE LONG DISTANCE SERVICE 4.34 SPRINT SPRINT CARDS 148.72 TOTAL WASTEWATER TREATMENT 4,055.90 WASTEWATER COLLECTION! JPMORGAN CHASE BANK LOWES -BOLTS 30.79 JPMORGAN CHASE BANK RADIOSHACK -VIDEO TAPES 15.98 JPMORGAN CHASE BANK ATWOODS -BOLTS 27.19 UNIFIRST HOLDINGS LP UNIFORM RENTAL FEES 48.66 JPMORGAN CHASE BANK LOWES -PARTS 46.95 JPMORGAN CHASE BANK TRAVEL EXPENSE 11.00 JPMORGAN CHASE BANK WATER PROD -HIP WADERS 87.44 SCHUERMANN ENTERPRISES, INC DIAGNOSE COMMUNICATIONS P 1,15113 HAJOCA CORPORATION DEPT 0937 REPAIR PARTS FOR MAIN PLA 73.67 CITY GARAGE MONTHLY OVERHEAD CHGS - L 625.00 USA MOBILITY WIRELESS, INC PAGER USE 46.20 Page 2 Claims List 12/02/08 Budget Unit Title Vendor Name Payable Description Payment Amouni WASTEWATER COLLECTION! CITY GARAGE VEHICLE PARTS 5,753.49 GREELEY & HANSEN, LLC LBX 619776 ENG SVCS - E 76 ST N SANI 34,553.23 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 48.46 TOTAL WASTEWATER COLLECTIONS 42,519.19 REFUSE COLLECTIONS UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 51.65 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 51.65 NATIONAL POWER WASH, INC POWER WASH REFUSE VEHICLE 180.00 USA MOBILITY WIRELESS, INC PAGER USE 53.90 CITY GARAGE MONTHLY OVERHEAD CHGS - L 3,333.33 CITY GARAGE VEHICLE PARTS 3,157.55 ALSUMA TRUCK & EQUIP REPAIR REFUSE TRUCK REPAIR - UNI 409.70 ALSUMA TRUCK & EQUIP REPAIR REFUSE TRUCK REPAIRS - UN 285.65 JPMORGAN CHASE BANK BUMP TO BUMP - GREASE FIT 46.99 JPMORGAN CHASE BANK BUMP TO BUMP - BATTERIES 161.75 JPMORGAN CHASE BANK WASTE MGMT -REF TIP FEES 6,860.22 WASTE RESEARCH, INC 07 BRIDGEPORT - AUTOMATED 24,000.00 TOTAL REFUSE COLLECTIONS 38,592.39 RECYCLE CENTER JPMORGAN CHASE BANK WASTE MGMT -REC TIP FEES 1,373.85 JPMORGAN CHASE BANK WASTE MGMT -REC ROLLOFFS 2,259.51 CITY GARAGE MONTHLY OVERHEAD CHGS - L 41.66 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 13.26 UNIFIRST HOLDINGS LP EMPLOYEE UNIFORMS 13.26 TOTAL RECYCLE CENTER 3,701.54 OPWA DEBT SERVICE THE BANK OF NEW YORK TRUST CO 618716/ORF020017 -L /028 10,144.34 THE BANK OF NEW YORK TRUST CO 618719/ORF99008 -L/99B 2,947.07 THE BANK OF NEW YORK TRUST CO 618733/ 06 NOTE 36,140.83 THE BANK OF NEW YORK TRUST CO 618713/FAP010003 -L /01C 5,221.37 THE BANK OF NEW YORK TRUST CO 618708/FAP040006 -L /04 21,722.63 THE BANK OF NEW YORK TRUST CO 618721/FAP92107- LB /93B 3,917.05 THE BANK OF NEW YORK TRUST CO 618710/ORF01002 -L /01 B 9,098.10 TOTAL OPWA DEBT SERVICE 89,191.39 201,268.21 FUND GRAND TOTAL OPWA STF DEBT SERVICE RCB TRUST SERVICES SERIES 2004 NOTE 133,891.28 RCB TRUST SERVICES SERIES 2005 NOTE 135,768.76 THE BANK OF NEW YORK TRUST CO 628924/ 07 NOTE 138,049.33 TOTAL OPWA STF DEBT SERVICE 407,709.37 Page 3 Claims List 12/02/08 Budget Unit Title Vendor Name Payable Description Payment Amount FUND GRAND TOTAL 407,709.3 OPWA ST SUB - DEBT SERV SF MARKETPLACE INVESTORS, LTD ATT: DEVELOPMENT AGREEMENT 75,486.01 TOTAL OPWA ST SUB - DEBT SERV 75,486.01 FUND GRAND TOTAL 75,486.01 OPWA GRAND TOTAL $684,463.59 Page 4 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING 11/08/08 Department Payroll Expenses Total Expenses OPWA Administration 12,519.28 16,951.93 Utility Billing 4,799.51 7,013.28 Water 9,811.94 15,029.86 Wastewater 11,259.24 17,494.82 Wastewater Collection 7,384.61 11,388.37 Refuse 10,289.89 14,889.21 Recycle Center 883.46 1,532.88 FUND TOTAL 56,947.93 84,300.35 OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING 11122/08 Department Payroll Expenses Total Expenses OPWA Administration 12,652.48 17,134.57 Utility Billing 4,824.01 7,040.80 Water 10,230.60 15,514.81 Wastewater 11,666.42 17,960.46 Wastewater Collection 5,264.14 8,613.02 Refuse 9,553.40 14,037.28 Recycle Center 867.20 1,513.78 FUND TOTAL 55,058.25 81,814.72 OWASSO PUBLIC WORKS AUTHORITY - OPERATING FUND FISCAL YEAR 2008 -2009 Statement of Revenues & Expenses As of October 31, 2008 OPERATING REVENUES: Water Wastewater Refuse & recycle Otherfees Interest & other TOTAL OPERATING REVENUES OPERATING EXPENSES: Personal services Materials & supplies Other services Capital outlay Debt service TOTAL OPERATING EXPENSES REVENUES OVER EXPENSES TRANSFERS IN (OUT) Transfers out MONTH YEAR PERCENT 349,990 1,486,141 3,950,000 37.62% 246,197 958,275 2,808,600 34.12% 137,789 525,039 1,495,200 35.12% 28,150 150,623 367,100 41.03% 23,358 278,258 7,640,795 3.64% 785,485 3,398,337 16,261,695 20.90% 236,443 689,528 2,196,474 31.39% 242,843 967,368 2,554,665 37.87% 77,739 446,727 1,289,450 34.64% 95,327 563,259 8,504,345 6.62% 101,057 780,423 2,206,571 35.37% 753,410 3,447,304 16,751,505 20.58% 32,075 (48,967) (489,810) - (11,678) - NET INCOME (LOSS) 32,075 WORKING CAPITAL - Beginning Balance WORKING CAPITAL - Ending Balance 954,839 954,839 894,194 465,029 MEMORANDUM TO: HONORABLE MAYOR AND CITY COUNCIL CITY OF OWASSO TO: HONORABLE CHAIR AND TRUSTEES OWASSO PUBLIC WORKS AUTHORITY FROM: SHERRY BISHOP ASSISTANT CITY MANAGER SUBJECT: APPROVING INCURRENCE OF DEBT CITY RESOLUTION NO. 2008-07 SUBJECT: AUTHORIZING ISSUANCE OF DEBT OPWA RESOLUTION NO. 2008-04 DATE: November 26, 2008 BACKGROUND: In October of 2003, Owasso citizens voted to approve changes to the third -penny sales tax ordinance. According to Ordinance No. 763, the purpose of the third -penny sales tax is "to provide revenues to finance or fund capital projects and related costs, to include debt service on obligations issued to finance said capital projects." The ordinance includes the requirement that "said capital projects" are to be "review by the Capital Improvements Committee, approved by the City Council by resolution, with oversight given by the Citizens' Watchdog Committee established by the City Council." The third -penny sales tax is projected to generate $5.8 million in fiscal 2008 -2009, $4.9 million of which is currently used for debt service. The Capital Improvements Committee met on March 13, 2008 and voted to recommend projects to the City Council. The City Council conducted a Public Hearing on March 18, 2008. On April 1, 2008, the City Council approved Resolution No. 2008 -01 establishing new priority projects as: Street Improvement/Repair Program, Sports Park, East 86th Street North Widening Project, East 106th Street North & North Garnett Road Intersection Improvements, and Tulsa Community College /Tulsa Technology Center Road Construction Project and Land Acquisition. Funding for these projects will be derived from the issuance the OPWA Sales Tax Note, Series 2008 in the amount of $7,680,000. Keith McDonald, Financial Advisor and Allan Brooks, Bond Counsel, consulting with city staff over the past few months, have developed a debt structure and terms to meet our financing needs and provide the lowest possible costs and fees. Discussions with potential lending institutions to gauge the market and interest in OPWA debt led to the decision that a negotiated sale rather than a bid on this note should provide the best interest rate. Those negotiations will not be complete until Monday or Tuesday of next week. Consequently, the attached resolutions contain blank spaces where the bank name and interest rate will be added. The final documents will be provided at the meeting on December 2na As a public trust of the City, the OPWA cannot incur debt without the approval of the City Council. City Resolution No. 2008 -07 authorizes the OPWA to issue its Sales Tax Revenue Note, Series 2008. The resolution approves waiver of competitive bidding for the sales of this Note. The resolution also ratifies and confirms existing agreements between the City and the OPWA and provides various other requirements of the financing. OPWA Resolution No. 2008 -04 authorizes the issuance of a $7,680,000 Sales Tax Revenue Note, Series 2008. The resolution approves waiver of competitive bidding and authorizes the note to be sold on a negotiated basis. The resolution also ratifies and confirms existing agreements between the City and the OPWA, provides various other requirements of the financing and authorizes the execution of all documents related to the transaction. COUNCIL RECOMMENDATION: Staff recommends Council approval of City Resolution No. 2008 -07 approving the incurrence of debt by the Owasso Public Works Authority and containing other related provisions. OPWA RECOMMENDATION: Staff recommends OPWA Trustee approval of OPWA Resolution No. 2008 -04 authorizing the issuance of a $7,680,000 Sales Tax Revenue Note and containing other related provisions. ATTACHMENTS: City Resolution No. 2008 -07 OPWA Resolution No. 2008 -04 CITY OF OWASSO RESOLUTION NO. 2008-07 A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") ISSUING ITS SALES TAX REVENUE NOTE, SERIES 2008 (THE "NOTE "); PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE INDENTURE, AUTHORIZING THE ISSUANCE OF SAID NOTE; WAIVING COMPETITIVE, BIDDING WITH RESPECT TO THE SALE OF SAID NOTE AND AI'tROVING THE PROCEEDINGS OF THE AUTHORITY PERTAINING TO' THE SALE OF SAID NOTE; RATIFYING AND CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE CITY OF 0�'VASSO, OKLAHOMA (THE "CITY ") AND THE AUTHORITY PERTAININGy`I'O THE YEAR -TO -YEAR PLEDGE OF CERTAIN SALES TAX REVENUES; ESTABLISHING THE CITY'S REASONABLE EXPECTATION WITH RESPECT TO THE ISSUANCE OF TAX - EXEMPT OBLIGATIONS BY OR ON BEHALF OF SAID 'CJGTY IN CALENDAR YEAR 2008, AND DESIGNATING THE NOTE AS QUALIFIED TAX- EXEMPT OBLIGATION; AND CONTAINING OTI� PROVISIONS RELATING THERETO. NOW, THEREFC CITY OF OWASSO, OK: SECTION 1. Ind "Authority"')., ;ft;authi Note, Seas 008, irY -# a Indent dated as of D% Inderildated as of O Supplemen ' ote Indentu RCB Bank, stee (cc constitute a de bte City IT RESOLVED BY THE CITY COUNCIL OF THE less: Authorized. ''The Owasso Public Works Authority (the to incur an indebtedness by the issuance of its Sales Tax Revenue of $7,680,000, according to the terms and conditions of a Note 1, 2004, as supplemented and amended by a Supplemental Note 1, 2005, and as further supplemented and amended by a °d as of December 1, 2008, all by and between the Authority and ely, the "Note Indenture "), provided that said Note shall never lasso, Oklahoma (the "City"). SECTION 2. Organizational Document Subject to Note Indenture. The organizational document creating the "' °'Authority, is hereby made subject to the terms of the Note Indenture authorizing the issuance and securing the payment of the Note as more fully described in Section 1 hereof. SECTION 3. Waiving Competitive 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 , is hereby approved. SECTION 4. Sales Tax Agreement. The Sales Tax Agreement dated as of December 1, 2004, 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, is hereby ratified and confirmed. SECTION 5. 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 2008, 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 6. Authorizing Execution. The T City Clerk of the City representing the City at the hereby authorized to execute and deliver on behi documentation necessary or attendant to the delivery (SEA ATTI or Vice Mayor and Ci of the above- referer. the City any and all Note,,as directed by F 2 Clerk or Deputy d note issue are :rtifications and O, OKLAHOMA hen Cataudella or OWASSO PUBLIC WORKS AUTHORITY RESOLUTION NO. 2008-04 A RESOLUTION AUTHORIZING THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") TO ISSUE ITS SALES TAX REVENUE NOTE, SERIES 2008 (THE "NOTE ") IN THE AGGREGATE PRINCIPAL AMOUNT OF $7,680,000; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BIPSOLD ON A NEGOTIATED BASIS; RATIFYING AND CONFIRIVG A zNALES TAX AGREEMENT BY AND BETWEEN THE CITY E AUTHORITY PERTAINING TO A YEAR -TO -YEAR PLED G . OF TAIN SALES TAX REVENUE; APPROVING AND AUTHO G E TION OF A SUPPLEMENTAL NOTE INDENTURE AU : T;IZING T NUANCE AND SECURING THE PAYMENT OF : NOTE; PROVID THAT THE ORGANIZATIONAL DOCUME - REAT G THE AUT "TY IS SUBJECT TO THE PROVISIONS TH QTE INDEN RE; AUTHORIZING AND DIRECTING THE ' TIOI OF THEE NOTE AND OTHER DOCUMENT RELATING HE TRANSACTION; ESTABLISHING THE AUT Y'S REASO " E EXPECTATION WITH RESPECT TO THE ISS F TAX -E BLIGATIONS BY THE AUTHORITY IN CAL '> D 20089 "y DESIGNATING THE NOTE AS A QUALI a D'T OBLIGATION; APPROVING Mf S IONAL Cm. VICES GREEMENTS; AND CONTAINING tOVISIOLATIN THERETO. NOW, THE , ="b's.-O LVE� B Y THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUT � m Z Maturity Date June 1, 2009 December 1, 2009 June 1, 2010 December 1, 2010 June 1, 2011 December 1, 2011 Principal Amount $ 100,000 95,000 95,000 95,000 95,000 100,000 June 1, 2012 December 1, 2012 June 1, 2013 December 1, 2013 June 1, 2014 December 1, 2014 June 1, 2015 December 1, 2015 June 1, 2016 December 1, 2016 June 1, 2017 December 1, 2017 June 1, 2018 December 1, 2018 SECTION 2. COMPETITIVE BIDDINGA said Note is waived and the Note is authorized to b provided however, , shall SECTION 3. SALES TAX ACS December 1, 2004, between the City and t Tax Agreement pertains to a year -to -year Note, is hereby ratified and confirmed. 435,000 445,000 455,000 465,000 480,000 490,000 500,000 510,000 525,00 535 111 SECTION 6. UERTIFICATE OF DESIGNATION. The Authority anticipates that the total amount of tax- exempt obligations (other than private activity bonds) issued by the Authority or other issuers on behalf of the City, will not exceed $10,000,000 for calendar year 2008, and 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 Chairman or Vice Chairman of the Authority to execute and deliver on behalf of the Authority a Certificate of Designation to that effect. 2 SECTION 7. PROFESSIONAL SERVICES AGREEMENTS. The Chairman or Vice Chairman is authorized to execute and deliver a Legal Services Agreement with The Public Finance Law Group PLLC, as Bond Counsel, in connection with the transaction referenced herein. SECTION 8 EXECUTION OF NECESSARY DOCUMENTS. The Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized and directed on behalf of the Authority to execute and deliver the Note to , upon receipt of the purchase price and are further authorized and directed to execute all necessary documentation and closing and delivery papers required by BoXICCounsel; approve the disbursement of the proceeds of the Note, including any costs of iss {'fie; toTapprove and make any changes to the documents approved by this Resolution, for an of the Authority, the execution and delivery of such documents being conclusiv to proval of any changes contained therein by the Authority; and to execute, rec d file d all the necessary financing statements and security instruments, includin I . h�nited to t cuments approved hereby, and to consummate the transaction contempla; hereby. (' 7 :`.`fya�7:V1�7: \9 me] i/ ffl711' I I I I X54-17AM I GM i W 1. a ; 11: (SEAL) AT7 Mot 3 WORKS AUTHORITY Name: Stephen Cataudella Title: Chairman