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Home My WebLink About1994.11.15_OPWA Agenda PUBLIC NOTICE OF THE MEETING OF THE OWASSO PUBLIC WORKS AUTHORITY TYPE OF MEETING: Regular DATE: November 15, 1994 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 I board at 4:00 p.m. on Friday, November 11, 1994. Mar ' Boutwell, City derk AGENDA 1. Call to Order 2. Invocation 3. Flag Salute 4. Roll Call 5. Request Approval of the Minutes of November 1, 1994 Regular Meeting. Attachment #5 Owasso Public Works Authority November 15, 1994 Page 2 6. Request Approval of Claims Attachment #6 7. Consideration and Appropriate Action Relating to the Employment of a Qualified Firm to Perform Arbitrage Calculations Relating to the 1988 Bond Issue. Mr Ray. Attachment #7 Staff will recommend that the Council approve a letter of agreement with the firm of Delloite and Touche in the amount of $2000 for the purpose of calculating the City's arbitrage liability for the preceding year. 8. Report from OPWA Manager 9. Report from OPWA Attorney 10. Unfinished Business Owasso Public Works Authority November 15, 1994 Page 3 11. New Business 12. Adjournment OWASSO PUBLIC WORKS AUTHORITY MINUTES OF REGULAR MEETING Tuesday, November 1, 1994 The Owasso Public Works Authority met in regular session on Tuesday, November 1, 1994 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, October 28, 1994. ITEM 1: CALL TO ORDER. Chairman Duke called the meeting to order at 7:45 p.m. ITEM 2: INVOCATION The invocation was given during the City Council meeting preceding this meeting. ITEM 3: FLAG SALUTE The flag salute was held during the City Council meeting preceding this meeting. ITEM 4: ROLL CALL PRESENT Jerry Duke, Chairperson Charles Burris, Vice Chairperson Joe Ramey, Trustee Danny Ewing, Trustee STAFF Rodney J Ray, City Manager Ronald D Cates, Authority Attorney Marcia Boutwell, Authority Secretary A quorum was declared present. ABSENT Mary Lou Barnhouse, Trustee ITEM 5: REQUEST APPROVAL OF THE MINUTES OF OCTOBER 18, 1994 REGULAR MEETING Mr Ramey moved to approve the minutes as written, by reference hereto; seconded by Chairman Duke. AYE: Ramey, Duke, Burris, Ewing NAY: None Motion carried 4 -0. Owasso Public Works Authority ITEM 6: REQUEST APPROVAL OF CLAIMS November 1, 1994 Chairman Duke moved, seconded by Mr Ramey, to approve the following claims as submitted: (1) OPWA Fund $153,530.57; (2) OPWA Capital Improvement Fund $29,898.27; (3) Interfund Transfers $33,030.00; (4) Payroll $22,090.02. AYE: Duke, Ramey, Ewing, Burris NAY: None Motion carried 4 -0. ITEM 7: REPORT FROM OPWA MANAGER No report. ITEM 8: REPORT FROM OPWA ATTORNEY No report. ITEM 9: UNFINISHED BUSINESS None ITEM 10: NEW BUSINESS None ITEM 11: ADJOURNMENT Mr Burris moved, seconded by Mr Ramey, to adjourn. AYE: Burris, Ramey, Ewing, Duke NAY: None Motion carried 4 -0 and the meeting was adjourned at 7:47 p.m. Marcia Boutwell, Authority Secretary 2 Jerry Duke, Chairperson OWASSO PUBLIC WORKS AUTHORITY PAYROLL PAYMENT REPORT PAY PERIOD ENDING DATE 10/29/94 DEPARTMENT AMOUNT Refuse 3,217.29 APPROVED: 11/15/94 Chairman Trustee Trustee CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY 11/11/94 9:20:02 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT ---- - - - - -- ------------------- - - - - -- ------------------- - - - - -- ------- - - - - -- * NO DEPARTMENT MASTER FOUND * ------------------------ - - - - -- 950228 DEPT OF ENVIRONMENTAL QUA SOLID WASTE MNGE FEE 580.0; 950898 KIT JENNINGS REFUND 14.80 DEPARTMENT TOTAL = =__> 594.8,' OPWA ADMINISTRATION ------------------------ - - - - -- 950020 RONALD D CATES RETAINER 700.00 .950022 MCCAW COMMUNICATIONS USAGE 41.3: 950122 CELLULAR ONE -TULSA USAGE 66.86 950698 PRINTED PRODUCTS INC PRINTING 124.80 950755 CSC CREDIT SERVICES, INC COLLECTIONS /OCT 25.0( 950858 ALL COPY SUPPLIES TONER 98.0(, 950924 LYBEN COMPUTER SYSTEMS PRINTER RIBBONS 237.34 950962 LIBERTY TULSA ANNUAL FEE 3,854.2( 950989 SUBURBAN OFFICE SUPPLY SUPPLIES 25.6( 950997 PALACE OFFICE SUPPLY SUPPLIES 16.23 951001 OFFICE DEPOT CARD PLAN SUPPLIES 34.50 951020 OML MUNICIPAL ASSURANCE G LIABILITY INSURANCE 15,995.6 DEPARTMENT TOTAL = = = => 21,219.57 WATER ------------------------ - - - - -- 950022 MCCAW COMMUNICATIONS USAGE 28.90 950642 TULSA COUNTY HEALTH DEPT. SAMPLES 900.00 950740 KIMBALL ACE HARDWARE SUPPLIES 116.0( 950768 JOHNNY ROGERS METER READING 179.8 950802 CINTAS CORP. UNIFORM RENT /CLEAN 96.20 950863 TYRONE DINKINS METER READER 377.11 950864 SHARON SPARKMAN METER READER 186.31 950865 OSCAR MCLAURIN METER READER 479.47 950867 CITY OF TULSA 11/94 USAGE 83,639.2" 950963 GO SYSTEMS 9/94 FUEL 181.0 950983 ARMY NAVY SURPLUS RAIN GEAR 90.05 950985 CITY GARAGE PARTS 394.7 DEPARTMENT TOTAL =___> 86,668.8 WASTEWATER ------------------------ - - - - -- 1 CITY OF OWASSO OWASSO PUBLIC WORKS AUTHORITY 11/11/94 9:20:02 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT ---- - - - - -- ------------------- - - - - -- ------------------- - - - - -- ------- - - - - -- 950022 MCCAW COMMUNICATIONS USAGE 950737 CURTIN MATHESON SCIENTIFI SUPPLIES 950740 KIMBALL ACE HARDWARE SUPPLIES 950802 CINTAS CORP. UNIFORM RENT /CLEAN 950922 LIMBOCKER SERVICE REPAIR 950947 PIPELINE PIGGING PRODUCTS WIRE PIG 950948 HOLLOWAY WIRE CABLE 950963 GO SYSTEMS 9/94 FUEL 950983 ARMY NAVY SURPLUS RAIN GEAR 950985 CITY GARAGE PARTS 951001 OFFICE DEPOT CARD PLAN SUPPLIES 951009 TREASURER PETTY CASH REIMB PETTY CASH DEPARTMENT TOTAL = = = => REFUSE COLLECTIONS ------------------------ - - - - -- 950802 CINTAS CORP. 950963 GO SYSTEMS 950985 CITY GARAGE DEPARTMENT TOTAL = = = => RECYCLE CENTER ------------------------ - - - - -- 950740 KIMBALL ACE HARDWARE 950963 GO SYSTEMS DEPARTMENT TOTAL UNIFORM RENT /CLEAN 9/94 FUEL PARTS SUPPLIES 9/94 FUEL 38.03 359.51 71.75 272.30 76.00 292.13 450.80 179.50 90.05 394.16 6.98 45.96 2,277.17 85.20 395.90 2,051.26 2,532.36 .99 69.00 69.99 FUND TOTAL =___> 113,362.80 CITY OF OWASSO OPWA CAPITAL IMPROVEMENT FUND 11/11/94 9:20:02 A/P CLAIMS REPORT APAPVR PAGE: PO # VENDOR DESCRIPTION AMOUNT ---- - - - - -- ------------------- - - - - -- ------------------- - - - - -- ------- - - - - -- WATER ---------------------- - - - - -- 950906 WAL -MART SUPPLIES DEPARTMENT TOTAL FUND TOTAL =___> 122.88. 122.8& 122.88' ' TO: CHAIR AND TRUSTEES OWASSO PUBLIC WORKS AUTHORITY FROM: SHERRY BISHOP FINANCE DIRECTOR SUBJECT: ARBITRAGE CALCULATION DATE: November 11, 1994 BACKGROUND: In connection with the issuance of the 1988 OPWA Revenue Bonds, the Authority certified that requirements of the Internal Revenue Code of 1986 would be met. The tax code requires that excess interest earned must be rebated to the United States Treasury. Excess interest is the amount earned on investments over the amount earned if such investments were invested at a rate equal to the yield on the bond issue. Failure to comply with these provisions could result in penalties and /or the loss of the tax- exempt status of the issue. A calculation of the Aggregate Rebate Amount must be made annually (November 1). Any rebate due the federal government must be reported and paid at least once every five years. The liability calculated as of November 1, 1993 was $112,286.56. Last year was the fifth year of the bond issue, so reports were filed and ninety percent (90 %) of the liability was paid to the IRS. The remainder is held by the trustee bank in a Rebate Account. The firm of Deloitte & Touche has performed the computations for the past two years. Arbitrage rebate is a particularly complex section of the tax code, therefore, a very specialized field of accounting. We have been very pleased with the professionalism and timeliness of their work. Deloitte & Touche proposes to perform the rebate computations and render a report for the period November 22, 1988 through November 1, 1994 for a fee of $2,000. This is less than the fee paid for previous years. ARBITRAGE NOV. 11, 1994 PAGE TWO RECOMMENDATION: Staff recommends that the Authority approve a contract for $2,000 with the firm of Deloitte & Touche to provide bond rebate computation services for the 1988 Series Revenue Bonds for the period of November 22, 1988 through November 1, 1994. ATTACffiIAENT: Proposal letter from Deloitte & Touche NOU -09 -1994 17 =28 FROM DELOITTE & TOUCHE LLP -OKC TO 19182724999 Deloitte & Touche uP November 9, 1994 Ms. Sherry Bishop Finance Director City of Owasso P. O. Box 180 Owasso, Oklahoma 74055 IDear Ms. Bishop: Suite 900 20 North Broadway Oklahoma City, Oklahoma 73102 -8203 Telephone: (405) 552 -3000 Facsimile: (405) 235 -8424 We appreciate the opportunity to propose our arbitrage rebate calculation services to the City of Owasso for the $6,100,000 Owasso Public Works Authority (Owasso, Oklahoma) Public Improvement Revenue Bonds, Series 1988 for the period November 22, 1993 through November 1, 1994. Our fees for the rebate computation this year will be $2,000. If the foregoing is in accordance with your understanding, please sign and return to us the ' duplicate copy of this letter. We appreciate this opportunity to continue serving you and trust that our association will remain a long and pleasant one. Yours truly, LLB ACCEPTED FOR THE CITY OF OWASSO By: Title: Date: TOTAL P.002