HomeMy WebLinkAbout1992 03A_OPGA_Amending Resolution 92-02_1992.01.27
RESOLUTION NO. 92-03
A RESOLUTION AMENDING RESOLUTION NO. 92-02 DATED JANUARY 6, 1992,
FOR THE PURPOSE OF INCREASING THE PRINCIPAL AMOUNT OF RECREATIONAL
FACILITIES REVENUE BONOS, SERIES 1992, TO BE ISSUED BY THE AUTHORITY
TO AN AMOUNT EQUAL TO $4,905,000 AND TO PROVIDE FOR ORIGINAL ISSUE
DISCOUNT IN THE AMOUNT OF 2.686% OF THE PRINCIPAL AMOUNT OF BONDS
ISSUED, AND CONTAINING OTHER PROVISIONS RELATING THERETO.
WHEREAS, the Authority adopted Resolution No. 92-02 dated January 6, 1992,
relating to the Authority's Recreational Facilities Revenue Bonds, Series 1992;
and
WHEREAS, the Authority has received from Stifel, Nicolaus & Company,
Incorporated, an estimated alternative financing structure showing the estimated
total interest and principal cost of each alternative. Such alternative
financing structure includes bonds sold to the public at par; and
WHEREAS, the Authority has determined to amend Resolution No. 92-02 in the
manner set forth herein.
BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC GOLF AUTHORITY:
Section 1. Section 5 of Resolution 92-02 is hereby amended to read as
follows:
"Section 5. It is hereby determined to be necessary and in
the best interest of the trust estate that the Bonds be issued and
the issuance thereof in the aggregate principal amount of
$4,905,000.00, the specific principal amount thereof to be
determined by the Chairman or Vice Chairman of the Authority and set
forth in the Bond Indenture prior to issuance of the Bonds is hereby
authori zed and approved. It is further hereby determi ned to be
necessary and in the best interest of the trust estate that the
aforesaid offer of the Underwriter be accepted and that the Bonds
be issued and sold to it at a price equal to not less than ninety
four and three hundred fourteen thousandths percent (94.314%) of the
principal amount thereof, the specific purchase price to be
determined by the Chairman or Vice Chairman of the Authority and set
forth in a written Certificate of Determination before the issuance
of the Bonds, and competitive bidding is hereby specifically waived
with respect to the sale of the Bonds and the sale of the Bonds for
a purchase price determined as aforesaid, which purchase prices may
constitute a discount of not to exceed three percent (3.0%) of the
principal amount of the Bonds as the Underwriter's sole compensation
and 2.686 percent as discount to be credited to the original
purchaser of the Bonds upon original issuance and sale thereof to
the public, is hereby specifically approved. The Chairman or Vice
Cha irman of the Authority is hereby authori zed, empowered and
directed to determine and establish the interest rate or rates on
the Bonds, which shall not exceed a weighted average interest rate
51.1.15.jdw
of eight and three quarter percent (8.75%) per annum, and to
establish the term or terms of the Bonds, which term or terms of the
Bonds shall not exceed thirty years and to set forth such interest
rate or rates and term or terms in a Certificate of Determination
prior to the issuance of the Bonds."
Section 2. Resolution 92-02 as amended hereby shall be read as one and
the same Resolution and shall continue in full force and effect from the date
of passage hereof.
Adopted this 27th day of January, 1992.
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Secretry of Trustees
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Chairman of Trustees
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I, the undersigned, the duly qualified and acting Secretary of Trustees
of The Owasso Public Golf Authority, hereby certify that the foregoing is a
true, correct and complete copy of a Resolution of the Trustees of the Authority
held on the date therein stated as the same appears in the minutes of said
meeting on file in my office as a part of the official records thereof. I
further certify that a true and complete copy of the Public Notice attached
hereto as Exhibit II A" was posted in prominent public view on the first floor
bulletin board at the City Hall, Owasso, Oklahoma, twenty-four (24) hours prior
to the date of the meeting therein described, excluding Saturdays, Sundays and
legal holidays. I further certify that a true, correct and complete copy of
such Public Notice was filed in the office of the City Clerk of the City of
Owasso, Oklahoma, forty-eight (48) hours prior to the date of the meeting
therein described.
WITNESS my hand and seal of said Authority this 27th day of January, 1992.
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st2;lg of Trustees
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