HomeMy WebLinkAbout2008 07_Incurrance of Indebtedness PW_2008.12.02PURSUANT TO THE LEGAL NOTICE AS IS REQUIRED BY THE OKLAHOMA
OPEN MEETING ACT INCLUDING THE POSTING OF NOTICE AND AGENDA AS IS
REQUIRED BY THE TERMS THEREOF, THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA, MET IN REGULAR SESSION AT THE OLD CENTRAL BUILDING,
OWASSO, OKLAHOMA, ON TIME 2N ) DAY OF DECEMBER, 2008, AT 6:30 O'CLOCK P.M.
PRESENT: Stephen Cataudella, Doug Bonebrake, D.J. Gall, Wayne Guevara,
and Jon Sinex
ABSENT: None
(OTHER PROCEEDINGS)
Thereupon, the following resolution was introduced and caused to be read by the City
Clerk. Councilmember Bonebrake moved passage of the Resolution and Councilmember Guevara
seconded the motion. The motion carrying with it the approval of said Resolution was approved by
the following vote:
AYE: Stephen Cataudella, Doug Bonebrake, D.J. Gall, Wayne Guevara, and Jon
Sinex
NAY: None
The Resolution so approved is as follows:
RESOLUTION NO. 2008-07
A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY
THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY")
ISSUING ITS SALES TAX REVENUE NOTE, SERIES 2008 (THE "NOTE");
PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING
THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE NOTE
INDENTURE, AUTHORIZING THE ISSUANCE OF SAID NOTE; WAIVING
COMPETITIVE BIDDING WITH RESPECT TO THE SALE OF SAID NOTE
AND APPROVING THE PROCEEDINGS OF THE AUTHORITY
PERTAINING TO THE SALE OF SAID NOTE; RATIFYING AND
CONFIRMING A SALES TAX AGREEMENT BY AND BETWEEN THE
CITY OF OWASSO, OKLAHOMA (THE "CITY") AND THE AUTHORITY
PERTAINING TO THE YEAR-TO-YEAR PLEDGE OF CERTAIN SALES
TAX REVENUES; ESTABLISHING THE CITY'S REASONABLE
EXPECTATION WITH RESPECT TO THE ISSUANCE OF TAX-EXEMPT
OBLIGATIONS BY OR ON BEHALF OF SAID CITY IN CALENDAR YEAR
2008, AND DESIGNATING THE NOTE AS A QUALIFIED TAX-EXEMPT
OBLIGATION; AND CONTAINING OTHER PROVISIONS RELATING
THERETO.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OWASSO, OKLAHOMA:
SECTION 1. Indebtedness Authorized. The Owasso Public Works Authority (the
"Authority ") is hereby authorized to incrir an indebtedness by the issuance of its Sales Tax Revenue
Note, Series 2008, in the amount of $7,680,000, according to the terms and conditions of a Note
Indenture dated as of December 1, 2004, as supplemented and amended by a Supplemental Note
Indenture dated as of October 1, 205, and as further supplemented and amended by a
Supplemental Note Indenture dated as of December 1, 2008, all by and between the Authority and
RCB Bank, as Trustee (collectively, the "Note Indenture "), provided that said Note shall never
constitute a debt of the City of Owasso, Dklahoma (the "City ").
SECTION 2. Organizational Document Subject to Note Indenture. The organizational
document creating the Authority, is Lereby made subject to the terms of the Note Indenture
authorizing the issuance and securing tl: e payment of the Note as more fully described in Section 1
hereof.
SECTION 3. Waiving Competitive Bidding; Approval of Sale Proceedings. The waiving
of competitive bidding for the sale of th,-1 Note and the sale of said Note by the Authority to Bank of
America, N.A., is hereby approved.
SECTION 4. Sales Tax Agreement. The Sales Tax Agreement dated as of December 1,
2004, between the City and the Authority (the "Sales Tax Agreement "), which. Sales Tax
Agreement pertains to a year -to -year plydge of certain sales tax revenue as security for the Note, is
hereby ratified and confirmed.
SECTION 5. City's Expectations. The City anticipates that the total amount of tax- exempt
obligations (other than private activity bonds) issued by The Owasso Public Works Authority or
other issuers on behalf of said City, will not exceed $10,000,000 for calendar year 2008, and the
City hereby designates the Note to be a qualified tax- exempt obligation with respect to the financial
institution interest deduction provisions contained in the Internal Revenue Code of 1986, as
amended, and authorizes the Mayor or Vice Mayor to execute and deliver on behalf of the City a
Certificate of Designation to that effect.
SECTION 6. Authorizing Execution.. The Mayor or Vice Mayor and City Clerk or Deputy
City Clerk of the City representing the City at the closing of the above - referenced note issue are
hereby authorized to execute and deliver on behalf of the City any and all certifications and
documentation necessary or attendant to the delivery of the Note, as directed by Bond Counsel.
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PASSED AND APPROVED THIS 2" DAY OF DECEMBER, 2008.
GO
(SEAL) OF 0
FAL
ATTEST:
By:
Name: She iWy Bishop
Title: City Clerk
CITY OF OWASSO, OKLAHOMA
By:
Name: Steph6 Cataudella
Title: Mayor