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Home My WebLink About1996 08_Amendment to OPGA_1996.05.21 18.3 1 128/96 16:59:22 58121 96~ 96 CITY OF OWASSO, OKLAHOMA RESOLUTION NO 96-08 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OW ASSO, OKLAHOMA, APPROVING AN AMENDMENT TO THE DECLARATION OF TRUST AND REACCEPTING BENEFICIAL INTEREST IN THE OW ASSO PUBLIC GOLF AUTHORITY. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OW ASSO, OKLAHOMA, THAT: SECTION ONE: The Amendment to the Declaration of Trust of The Owasso Public Golf Authority by and among Sherry Bishop as Trustor, and Danny Ewing, Joe B Ramey, Mary Lou Barnhouse, Michael Helm, and Tracy Standridge as Trustees, dated as of May 21, 1996, which amends Article VI, paragraph (a) of the Declaration of Trust dated August 8, 1989, creating The Owasso Public Golf Authority, and amended January 6, 1992, concerned with the selection and term of office of the individual Trustees of said Authority, a copy of which is on file in the office of the City Clerk of the City of Owasso, Oklahoma, is hereby approved. SECTION TWO: The City of Owasso hereby reaccepts beneficial interest in and to The Owasso Public Golf Authority. PASSED AND APPROVED this 21st day of May, 1996. THE ?:;Y OF OWASSO, OKLAHOMA \ .' \ \ (':) (,. ':~\ {~\ , < " (\, I. # <<I;, by \, :(>tt/L/[jtt/L "~,,_,ALJ'-'- v Y")('/ Danny &~wing, Mayor CITY OF OWASSO. OKLAHOMA RESOLUTION NUMBER 9~-o~ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, AUTHORIZING THE CITY TREASURER OF THE CITY OF OWASSO, OKLAHOMA, TO INVEST CERTAIN UNAPPROPRIATED AND UNENCUMBERED MONIES OF THE CITY OF OWASSO, OKLAHOMA, SURPLUS TO THE PRESENT NEEDS OF SAID CITY, IN A REVENUE ANTICIPATION NOTE OF THE OWASSO PUBLLC GOLF AUTHORITY, AN OKLAHOMA PUBLIC TRUST, HAVING THE CITY OF OWASSO, OKLAHOMA, AS IT'S BENEFICIARY, IN AN AMOUNT NOT TO EXCEED FOUR HUNDRED THOUSAND DOLLARS ($400,000.00), APPROVING THE PROPOSED AGREEMENT AND REVENUE ANTICIPATION NOTE, AUTHORIZING THE MAYOR, OR VICE-MAYOR AS THE CASE MAY BE, CITY CLERK OR DEPUTY CITY CLERK, AS THE CASE MAY BE AND THE CITY TREASURER OR DEPUTY CITY TREASURER, AS THE CASE MAY BEg TO EXECUTE, DELIVER AND RECEIVE ANY AND ALL DOCUMENTATIONg OR AMENDMENTS THERETO, BEING LAWFULLY NECESSARY TO ACCOMPLISH THE INVESTMENT PURPOSES SET FORTH HEREINAFTER WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that the City presently maintains funds that have reserves which have reached a level that would allow for investments of a significant nature and for long term investments that might produce a higher yield; WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that investment opportunities are problematical due to low level of interest rates presently existing in the market as well as legal restrictions placed upon the placement of public funds in the market; WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that after exploration of several investment opportunities and the discovery that the return on investments of a traditional nature would not be significant, alternatives to traditional inves tments that would produce a higher yield in an ot.herwise depressed investment climate have been ascertained; WHEREAS, the City Council of the City of Owasso, Oklahoma, has determined that the Owasso Public Golf Authority, an Oklahoma Public Trust, having the City of Owassof Oklahoma, as it's beneficiary, has a present need to raise additional funds for the final golf course projects and to provide cash for start up of the golf course; ow-res.opg WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that a present need in the amount not to exceed Four Hundred Thousand Dollars ($400,000.00) exists on the part of the Owasso Public Golf Authority, and that the Owasso Public Golf Authority, is desirous of obtaining such funding from the City of Owasso, Oklahoma, in a manner that would produce for the City higher yield on it's investments while at the same time assisting the Owasso Public Golf Authority in completing the golf course, a community enhancement project; and, WHEREAS, under the public finance provisions of the statutes of the State of Oklahoma, relating to municipal investment of funds, 68 0.5. Section 348.1 /Authorized Investments/Disposition of Income, the City Treasurer of the City, when authorized by the City Council by written investment policy, ordinance or resolution, is authorized to invest monies in the custody of the City Treasurer in Revenue Anticipation Notes issued by a public trust for which such City is a beneficiary thereof; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, THAT TO-WIT: SECTION ONE. The City Treasurer of the Ci ty of Owasso, Oklahoma, is hereby authorized to invest certain unappropriated a~d unencumbered monies of the City of Owasso, Oklahoma, surplus to the pcesent needs of said City, in the custody of the City Treasurer of the City of Owasso, Oklahoma, in a Revenue Anticipation Note to be issued by the Owasso Public Golf Authority, an Oklahoma Public Trust having the City of Owasso, Oklahoma, as it's beneficiary, in ,lf1 amount not to exceed Four Hundred Thousand Dollars ($400,000000). The City Council of the City of Owasso, Oklahoma, hereby approves the proposed Agreement and Revenue Anticipation Note to be issued by the Owasso Public Golf Authority, a copy thereof being attached hereto, made a part hereof and marked as Exhibit "A". SECTION TWO. The Mayor, or Vice-Mayor as the case the may be, the City Clerk or the Deputy City Clerk as the case may be, and the City Treasurer or Deputy Treasurer as the case may bep of the City of Owassop be and they hereby are, authorized and empowered for and on behalf of the City of Owasso, Oklahoma, to execute, deliver and receive the Agreement and Revenue Anticipation Note of the Owasso Public Golf Authority exhibitpd hereto and such further agreements and dOCllmen t.S a nd to ta 1<e such ac:t i (inS as such 0 f f icer or 0 f f icers may deem necessary or desir~ble in order to carry out and perform the investment and to effect the purposes thereof and to consummate the transaction cont~mp1ated thereby. SECTION THREE. That in accordance with public finance provisions of the Statutes of the State of Oklahoma relating to municipal investment of funds, )8 0.5. Sectjon 348.1(5), the income received by the Citv of Owasso from the investment herein ow-rcs.opg contemplated shall be placed, on a pro rata basis as hereinafter set forth, in the Contributing Funds within the City of Owasso, Oklahoma Consolidated Cash Account. Such pro rata distribution of income shall be made on the percentage basis that the Contributing Fund within the Consolidated Cash Account of the City of Owasso, Oklahoma, bears to the Contributing Funds within the Consolidated Cash Account of the City of Owasso, Oklahoma, on an average monthly basis, as determined semi-annually, on July 1, and January 1, for distribution of the income earned in the preceding six (6) month period. Any Contributing Fund within the Consolidated Cash Account of the City of Owasso, Oklahoma, subsequently closed by the City Council of the City of Owasso, Oklahoma, shall receive no further pro rata distributions of income, PASSED AND APPROVED this 1993. 15~h day of CITY OF OWASSO, OKLAHOMA By ATTEST: aId D. Cates, City Attorney ow-res.opg