HomeMy WebLinkAbout2009 02_OPWA_OWRB_Garnett Regional Detention Pond_2009.03.24OPWA RESOLUTION
NO. 2009 -02
A RESOLUTION AGREEING TO FILE AN APPLICATION WITH THE
OKLAHOMA WATER RESOURCES BOARD (THE "OWRB ") FOR
FINANCIAL ASSISTANCE THROUGH OWRB STATE REVOLVING FUND
PROGRAM, WITH THE LOAN PROCEEDS BEING FOR THE PURPOSE OF
FINANCING STORMWATER SYSTEM IMPROVEMENTS AND RELATED
IMPROVEMENTS SERVING THE CITY OF OWASSO, OKLAHOMA; AND
CONTAINING OTHER PROVISIONS RELATED THERETO.
WHEREAS, The Owasso Public Works Authority (the "Authority") has under
consideration improvements to the storm water system serving the City of Owasso, Oklahoma, to
include improvements necessary to upgrade the stormwater system including stream channel
improvements, wetland mitigation, and construction of the 96th Street and Garnett Regional
Detention Pond, and other related engineering design and construction (collectively, the
"Project "); and
WHEREAS, it is deemed desirable for the Authority to give preliminary authorization for
the issuance of obligations for such purpose; and
WHEREAS, the Oklahoma Water Resources Board has made monies available to qualified
entities for the financing of certain qualifying projects; and
WHEREAS, the Authority hereby agrees to file an application(s) with the Oklahoma Water
Resources Board for financial assistance in the aggregate amount as, based upon engineering
studies currently in progress, will be sufficient to pay certain of the costs associated with the
referenced Project.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
OWASSO PUBLIC WORKS AUTHORITY, THAT:
Section 1. Application. The Authority shall file an Application(s) with the Oklahoma
Water Resources Board seeking financial assistance through the OWRB State Revolving Fund
Program; and the Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority
are hereby authorized to execute said Application(s) for and on behalf of the Authority. The
Authority is further authorized to advance to the Oklahoma Water Resources Board the necessary
application fees in connection with the referenced Application(s).
Section 2. Professionals. The Authority hereby authorizes Wells Nelson & Associates,
L.L.C., to prepare and submit the referenced Application(s) on behalf of the Authority and to take
such other action as is necessary to obtain financing for the referenced Project.
Section 3. Other Matters. The Chairman or Vice Chairman and Secretary or Assistant
Secretary of the Authority are hereby authorized and directed to do all other lawful things necessary
to carry out the terms and conditions of this Resolution.
PASSED, ADOPTED AND APPROVED THIS 24T" DAY OF MARCH, 2009.
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STATE OF OKLAHOMA )
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COUNTY OF TULSA )
THE OWASSO PUBLIC WORKS AUTHORITY
I, the undersigned, Secretary of The Owasso Public Works Authority, Tulsa County,
Oklahoma, do hereby certify that the above and foregoing is a true, full and correct copy of an
excerpt from the minutes of a meeting of the Board of Trustees of said Authority, held on the date
above stated, all as recorded in the official minutes of such meeting. I further certify that the "Open
Meeting Law" was complied with for such meeting.
GIVEN UNDER MY HAND THIS 24TH DAY OF MARCH, 2009.
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APPROVED BY TRUSTEES
MAR G 4 2009
MEMORANDUM
TO: HONORABLE CHAIR AND TRUSTEES
OWASSO PUBLIC WORKS AUTHORITY
FROM: SHERRY BISHOP
ADMINISTRATIVE SERVICES DIRECTOR
SUBJECT: OPWA RESOLUTION NO. 2009-02
AUTHORIZING OWRB LOAN APPLICATION
DATE: March 20, 2009
BACKGROUND:
In August of 2007, the OPWA Trustees and the City Council authorized a Revenue Anticipation
Note (RAN) to provide financing for the Garnett Regional Detention project. The $1,742,519.08
current balance of the RAN has provided funding for engineering, the land purchase and Phase I of
the project.
The OWRB (Oklahoma Water Resources Board) provides low interest long -term financing for water
and wastewater projects as well as urban stormwater and watershed management projects. Since
1992, all of Owasso's water and wastewater projects have been financed by the OWRB. Recent
changes in federal legislation have made financing through the OWRB especially advantageous at
this time. Financing this stormwater project through the OWRB would increase the amount in
Owasso projects that could be eligible for federal stimulus funding. Therefore, staff has reevaluated
the financing options for this stormwater project and believes that OWRB funding is the most cost
effective for this project.
Resolution No. 2009 -02 authorizes the application to the OWRB for financial assistance through the
OWRB State Revolving Fund for the purpose of financing stormwater system improvements.
Additionally, the resolution authorizes payment of a loan application fee to the OWRB and
authorizes Wells Nelson & Associates (Keith McDonald) to act on behalf of the OPWA.
If the application for funding is approved by the OWRB, authorization for the loan would require
additional action by the OPWA Trustees and the City Council at a future meeting.
RECOMMENDATION:
Staff recommends Trustee approval of OPWA Resolution No. 2009 -02 a resolution agreeing to file
application with the OWRB for financial assistance through the OWRB State Revolving Fund Program
for the purpose of financing the Garnett Regional Detention project and containing other provisions
related thereto.
ATTACHMENT:
OPWA Resolution No. 2009 -02