HomeMy WebLinkAbout2009 15_PW Issuance PN_2009.12.01
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PURSUANT TO THE LEGAL NOTICE AS IS REQUIRED BY THE OKLAHOMA
OPEN MEETING ACT INCLUDING THE POST]NG OF NOTICE AND AGENDA AS IS
REQUIIZED BY THE TERMS THEREOF, THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA (THE "CITY") MET IN REGULAR SESSION AT THE OLD CENTRAL
BUII.DING, LOCATED AT 109 NORTH BIRCH, IN SAID CITY ON THE 1ST DAY OF
DECEMBER, 2009, AT 6:30 P.M.
PRESENT: Stephen Cataudella, Doug Bonebrake, Bryan Stovall, Wayne
Guevara, 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 Stovall
seconded the motion. The motion carrying with it the approval of said Resolution was approved by
the following vote:
AYE: Stephen Cataudella, Doug Bonebrake, Bryan Stovall, Wayne
Guevara, Jon Sinex
NAY: None
The Resolution so approved is as follows:
RESOLUTION NO. 2009-15
A RESOLUTION APPROVING ACTION TAKEN BY THE OWASSO PUBLIC
WORKS AUTHORITY AUTHORIZING ISSUANCE, SALE AND DELIVERY
OF ITS SERIES 2009C CLEAN WATER SRF PROMISSORY NOTE (76TH
STREET INTERCEPTOR PROJECT) TO OKLAHOMA WATER RESOURCES
BOARD; RATIFYING AND CONFIRMING A LEASE WHEREBY THE CITY
OF OWASSO LEASED TO THE OWASSO PUBLIC WORKS AUTHORITY ITS
WATER, SANITARY SEWER, AND GARBAGE AND TRASH COLLECTION
SYSTEMS AND THE BAII.EY RANCH GOLF CLUB; RATIFYING AND
CONFIRMING A SUBORDINATE LIEN SALES TAX AGREEMENT; AND
CONTAINING OTHER PROVISIONS RELATED THERETO.
WHEREAS, The Owasso Public Works Authority (the "Authority") did, by its Resolution
adopted December 1, 2009, authorize the issuance, sale and delivery of its Series 2009C Clean
Water SRF Promissory Note (76`h Street Interceptar Project) to Oklahoma Water Resources Board;
and
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WHEREAS, the City Council hereby determines that the actions taken by the Authority
should be authorized and approved; and
WHEREAS, the City hereby determines that such other action necessary or attendant to
accomplishment of the referenced financing should be considered by the City Council of the City.
NOW, THEREFORE, BE TT RESOLVED BY THE CITY COUNCII. OF THE CITY OF
OWASSO, OKLAHOMA:
Section 1. Issuance of Note. That the issuance, sale and delivery of The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2009C Clean Water SRF Promissory Note (7(cn
Street Interceptor Project) to Oklahoma Water Resources Board in a principal amount of not to
exceed $6,085,000.00 (the "2009C Note"), all as approved by said Authority on December l, 2009,
be and hereby is authorized, approved and ratified.
Section 2. Approval. That all actions heretofore taken by the Authority in connection with
the issuance, sale and delivery of the 2009C Note and all other aspects of the transaction be and are
hereby authorized, approved and ratified.
Section 3. Lease. The Lease dated July 31, 1973, as amended by the Amendment to Lease
dated as of July 1, 1996, both by and between the City the Authority (the "Lease"), whereby the
City leased to the Borrower its water, sanitary sewer, garbage and trash collection systems and the
Bailey Ranch Golf Club is hereby ratified and confirmed and the term of said Lease shall extend
until the 2009C Note is paid.
Section 4. Subordinate Lien Sales Tax Agreement. The Subordinate Lien Sales Tax
Agreement, dated September 1, 2007, by and between the Authority and the City and pertaining to
the year-to-year pledge of the certain sales tax revenue derived from the levy of a two percent (2%)
sales tax is hereby ratified and confirmed.
Section 5. Necessary Action. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and hereby are authorized and empowered to execute and deliver for and on behalf of
the City any and all other documents or instruments reasonably necessary to accomplish the
issuance, sale and delivery of the 2009C Note and all other aspects of the transaction.
[Remainder of Page Left Blank Intentionally]
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PASSED AND APPROVED THIS 1ST DAY OF DECEMBER, 2009.
CITY OF OWASSO, OKLAHOMA &A
By
Mayor
ATTEST:
By A)~&
City Clerk
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STATE OF OKLAHOMA )
)SS
COUNTY OF TULSA )
I, the undersigned, City Clerk of the City of Owasso, 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 City Council of said City 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 1 ST DAY OF DECEMBER, 2009.
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