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HomeMy WebLinkAbout1992 02A_OPGA_Incurring Indebtedness_1992.01.07 RESOLUTION 92-02 A RESOLUTION RELATING TO THE INCURRING OF INDEBTEDNESS BY THE TRUSTEES OF THE OWASSO PUBLIC GOLF AUTHORITY; WAIVING COMPETITIVE BIDDING ON THE SALE OF THE BONOS AND AUTHORIZING THE SALE OF THE BONDS AT A DISCOUNT: APPROVING A PROJECT AGREEMENT AND OTHER DOCUMENTS AS MAY BE NECESSARY OR REQUIRED AND DECLARING AN EMERGENCYe WHEREAS, The Owasso Publ ic Golf Authority (the "Authority") was created by a Decl arat ion of Trust, dated as of August 8, 1989, as amended (the "Trust Indenture"), for the use and benefit of the City of Owasso, Oklahoma (the "City"), under authority of and pursuant to the provisions of Title 60, Oklahoma Statutes 1981, Sections 176 to 180.3, inclusive, as amended and supplemented, and other applicable statutes of the State of Oklahoma; and WHEREAS, the Authority has determined that it would be most advantageous at this time for the Authority to provide funds for the financing of the acquisition and construction of an eighteen hole golf course to be located in the City (the "project"); and WHEREAS, in order to provide funds to finance the Project, the Authority intends to issue its Recreational Facilities Revenue Bonds, Series 1992, in the aggregate principal amount of not to exceed $4,800,000 (the "Bonds"); and WHEREAS, the Authority has determined in connection with the issuance of the Bonds that Stifel, Nicolaus & Company, Inc., on behalf of itself and others, be appointed as Underwriter (the "Underwriter") 9 and Hi lborne & Weidman, a professional corporation, be appointed as Bond Counsel (the "Bond Counsel "), in connection with the issuance of the Bonds and that competitive bidding be waived for purposes of approving and contracting for the negotiated sale of the Bonds at a discount; and WHEREAS, there has been presented to this meeting a form of Recreational Facilities Project Agreement (the "Project Agreement") between the City and the Authority. BE IT RESOLVED BY THE CITY OF OWASS09 OKLAHOMA: Section 1. The incurring of indebtedness by the Trustees of The Owasso Public Golf Authority in the aggregate principal amount of not to exceed $4.800.000 to be evidenced by the Bonds of the Authority is hereby approved by the City Council of the City of Owasso. Oklahoma, the governing body of said City. Section 2. Competitive bidding is hereby specifically waived with respect to the issuance and sale of the Bonds at a purchase price of not less than ninety seven percent (97.0%) of the principal amount of the Bonds by the Underwriter which Purchase Price shall constitute a discount of not more than three percent (3.0%) of the principal amount of the Bonds. as the Underwriter's 2 sole compensation. with the term or terms of the Bonds not exceeding thirty (30) years II is hereby specifically approved. all pursuant to the Purchase Contract. Section 3. The form of Project Agreement is hereby approved and the Mayor and the City Clerk of the City are hereby directed and authorized to execute and deliver in the name of the City, the Project Agreement in the form presented to this meeting and containing substantially the terms and provisions as shall be approved by the Mayor. The Mayor is hereby authorized and directed to execute and deliver in the name and on behalf of the City all documents, closing papers, certificates and such other documents as are necessary to accomplish the transactions contemplated thereby. Section 4. The signatures of the officers of the City appearing on the Project Agreement and other agreements, documents, closing papers and certificates executed and delivered pursuant to this Resolution shall be conclusive evidence of their approval thereof and of their authority to execute and deliver such agreements and documents on behalf of the City. 3 PASSED AND APPROVED this ATTEST: Attorney day Of~ , 1992. 4 ,;., / THE CITY COUNCIL OF THE CITY OF OWASSO, OKLAHOMA, MET IN REGULAR SESSION IN THE COUNCIL CHAMBERS AT THE OWASSO CITY HALL, 207 SOUTH CEDAR, IN OWASSO, OKLAHOMA, ON THE 7TH DAY OF JANUARY, 1992, AT 7:00 O'CLOCK P.M. PRESENT: J. Phillips, P. Marlar, M. Thanpson, J. Gittelman, B. Randolph ABS ENT : None (Other proceedings) THEREUPON, the Mayor introduced a Resolution which was read in full by the City Clerk and upon motion by Councilmember Thanpson ,seconded by Councilmember Marlar said Resolution was adopted by the following vote: AYE: Thanpson, Marlar, Randolph, Phillips NAY: Gittelman Said Resolution was thereupon signed by the Mayor, attested by the City Clerk, sealed with the seal of the City and is as follows: t1h\OWiUlllOore. 58685.95001 STATE OF OKLAHOMA COUNTY OF TULSA ) ) SSe ) I, the undersigned, the duly qualified and acting City Clerk of the City of Owasso. Oklahoma. do hereby certify that attached hereto is a true and complete copy of the schedule of regularly scheduled meetings of the Owasso City Council for the calendar year 1992 as filed in my office. I further certify that a true and correct copy of th attached hereto was posted in ijro~i~nt public view on the at the City Hall,~t1~~~ 9 Owasso. Oklahoma, twenty-four 24 hours prior to said meeting, excluding SaturdayS'~d legal holidays. WITNESS my hand and seal this day of 0 c c 9 1992. cLA~ Ci~lerk (SEAL) 5