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HomeMy WebLinkAbout328_General Obligation Bond of 1983_$2,775,000BOOK 4746 PAGE 182 216265 THE COUNCIL OF THE CITY OF THE CITY OF OWASSO, STATE OF OKLAHOMA, MET IN REGULAR SESSION AT THE CITY HALL IN SAID CITY ON THE 2ND DAY OF AUGUST, 1983 AT 7:00 O'CLOCK P,M. PRESENT: BOYD M. SPENCER, Mayor; WAUHILLEAU WEBB, Vice Mayor; PHYLLIS GROSS, Councilman; JAMES C. SMALLEY, Councilman; VON STOCKLER, Councilman; ANN HENDRICKSON, City Clerk ABSENT: None Notice of the schedule of regular meetings of the governing body of the municipality for the calendar year 1983 was given in writing to the Clerk of the municipality and public notice of this meeting was posted in prominent view at City Hall, 207 S. Cedar, Owasso, Oklahoma twenty —four (24) hours prior to this meeting, excluding Saturdays, Sundays and legal holidays, all in compliance with the Oklahoma Meeting Act. (OTHER PROCEEDINGS) Thereupon SMALLEY introduced an Ordinance which was read in full by the Clerk, considered by sections, and upon motion by SMALLEY seconded by WEBB , said Ordinance was adopted by the following vote: AYE: SPENCER, WEBB, GROSS, SMALLEY, STOCKLER NAY: None And upon motion by Mayor SPENCER seconded by STOCKLER , the question of the emergency was ruled upon separately and approved by the following vote: AYE: SPENCER, WEBB, GROSS, SMALLEY, STOCKLER NAY: None Said Ordinance was thereupon signed by the Mayor, attested by the Clerk, sealed with seal of said municipality, and is as follows: ORDINANCE NUIMBEE 328 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS IN THE SUM OF TWO MILLION SEVEN HUNDRED SEVENTY FIVE ($2,775,000) DOLLARS BY THE CITY OF OWASSO, STATE OF OKLAHOMA, AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCRIBING FORM OF BONDS; PROVIDING FOR REGISTRATION THEREOF; PROVIDING LEVY OF AN ANNUAL TAX FOR PAYMENT OF PRINCIPAL AND INTEREST ON THE SAME; FIXING OTHER DETAILS OF THE ISSUE AND DECLARING AN EMERGENCY. STATE OF OKLAHOMA TULSA COUNTY FILED OR RECORDED 1983 NOV 22 AM 10:48 ANITA NESBITT COUNTY CLERK BOOK 4746 PAGE 183 WHEREAS, on the 24th day of May, 1983, pursuant to notice duly given an election was held in the City of Owasso, State of Oklahoma for the purpose of submitting to the registered qualified voters the questions of the issuance of the bonds of said municipality in the amount of $730,000 for the purpose of extending and improving the municipal sanitary sewer system of the City of Owasso, and $2,045,000 for the purpose of extending and improving the municipal water system of the City of Owasso to be owned exclusively by said municipality; and WHEREAS, as shown by the canvass of the returns by the Tulsa County Election Board, at said election there were cast by the registered, qualified voters of said municipality on the question of the issuance of $730,000 of bonds for the purpose of extending and improving the municipal sanitary sewer system of said City, 430 votes of which 276 were in favor of and 153 were cast against the issuance of said Bonds, and 1 were mutilated, spoiled or not voted ballots; and on the question of the issuance of $2,045,000 of bonds for the purpose of extending and improving the municipal water system of said City, 434 votes of which 281 were cast in favor of and 152 were cast against the issuance of said Bonds and 1 were mutilated, spoiled or not voted ballots; and WHEREAS, a lawful majority of the registered, qualified voters voting on the propositions cast their ballots in favor of the issuance of said Bonds and the issuance thereof has been duly authorized; and WHEREAS, it is deemed advisable by the governing body of said municipality to issue said Bonds as a single issue of general obligation bonds as authorized by Title 62, Oklahoma Statutes 1981, Section 354. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OWASSO, STATE OF OKLAHOMA: Section 1. That there are hereby ordered and directed to be issued the bonds of said City in accordance with the form as hereinafter set out, in the aggregate amount of Two Million Seven Hundred Seventy Five Thousand Dollars ($2,775,000) which said Bonds shall be designated "GENERAL OBLIGATION BONDS OF 1983" and shall be five hundred fifty -five (555) in number, numbered 1 to 555, inclusive; shall be dated September 1, 1983, and become due and payable in their numerical order and bear interest from their date until paid, as follows: $325,000 maturing on September 1, 1985 at 10.00 percent $350,000 maturing on September 1, 1986 at 9.875 percent $350,000 maturing on September 1, 1987 at 7.40 percent $350,000 maturing on September 1, 1988 at 7.70 percent $350,000 maturing on September 1, 1989 at 8.00 percent $350,000 maturing on September 1, 1990 at 8.10 percent $350,000 maturing on September 1, 1991 at 8.10 percent $350,000 maturing on September 1, 1992 at 8.10 percent interest payable semi- annually on the 1st day of March and September of each year, commencing on March 1, 1985. The Bonds are issuable as registered Bonds in aenominations of $5,000 or any whole multiple thereof, with each such Bond bearing one of the numbers 1 to 555, inclusive, for each $5,000 principal amount represented thereby. All Bonds issued in exchange for surrendered Bonds shall bear the number or numbers corresponding to the unpaid portions of the Bond or Bonds surrendered in exchange. Section 2. That each of said Bonds and the endorsements and certificates thereon shall be in substantially the following form: BOOK 4746 PAGE 1874 UNITED STATES OF AMERICA STATE OF OKLAHOMA CITY of OWASSO GENERAL OBLIGATION BOND OF 1983 NO. KNOW ALL MEN BY THESE PRESENTS: That the City of Owasso, State of Oklahoma, hereby acknowledges itself indebted to and for value received promises to pay to the Registered Holder hereof the principal amount above specified in the amounts and at the times prescribed in the Maturity Schedule on the reverse hereof for the bond number or numbers above set forth, together with interest on all unpaid principal hereof at the rate specified in the Maturity Schedule for such bond number or numbers, respectively, from the date hereof, payable semi — annually on the 1st day of March and the 1st day of September, respectively, in each year, beginning March 1, 1985. The principal of and interest on this Bond are payable in lawful money of the United States of America which, at the time of payment, shall be legal tender for the payment of public and private debts. Payments on principal and of interest hereon shall be paid by check of Bank of Oklahoma. N.A., Tulsa, Oklahoma (herein call the "Bank ") payable to the order of the Registered Holder and mailed to the address shown in the Registration Record prior to the date on which each such payment is due, except the final payment of principal of this Bond shall be payable only on surrender of this Bond to the Bank. THE FULL FAITH, CREDIT AND RESOURCES OF SAID CITY are hereby irrevocably pledged to the payment of the Bond. THIS BOND is one of an issue numbered from One to Five Hundred Fifty Five, inclusive, of like date and tenor, except as to date of maturity and rate of interest, aggregating the principal sum of Two Million Seven Hundred Seventy Five Thousand Dollars ($2,775,000) and is issued pursuant to an election held on May 24, 1983, at which election the qualified voters approved two separate propositions, one on the question of incurring an indebtedness in the sum of SEVEN HUNDRED THIRTY THOUSAND ($730,00) DOLLARS to provide funds for the purpose of extending and improving the municipal sanitary sewer system of said City, to be owned exclusively by said City; and one on the question of incurring an indebtedness in the sum of TWO MILLION FORTY FIVE THOUSAND ($2,045,000) DOLLARS to provide funds for the purpose of extending and improving the municipal water system of said City, to be owned exclusively by said City; all under Section 27, Article 10 of the Constitution and statutes of the State of Oklahoma complementary, supplementary and enacted pursuant thereto. No person shall be entitled to any right or benefit provided in this Bond unless the name of such person is registered by the Bank as the Registrar of the City on the Registration Record and such name is endorsed by such Registrar on the Authentication Certificate on the reverse hereof. This Bond shall be cransferable only upon delivery of this Bond to the Bank, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Bank duly executed by the Registered Holder hereof or his attorney duly authorized in writing, and such transfer registered on the Registration Record. No such transfer may be made after the fifteenth (15th) day preceding any interest payment date until after said latter date. The name of the Registered Holder endorsed hereon shall be deemed the correct name of the owner of this Bond for all purposes whatsoever. In the event of a change of Registrar for any reason, notice thereof shall be mailed, by registered or certified United States Mail, postage prepaid, to the Registered Holder at the address shown in the Registration Record, and such notice shall be effective on the date of mailing and sufficient as to all persons. The Registered Holder of this Bond, upon request in writing, and surrender of this Bond to the Bank prior to payment of the entire amount of principal hereof, shall be entitled to be issued, in exchange for this Bond, Bonds in aggregate principal amount equal to the unpaid principal of this Bond in registered Bonds identical herewith except as to respective denominations, in denominations of $5,000.00 or any whole multiple thereof, bearing the same bond number or numbers appearing on this Bond which correspond to the number or numbers of the unpaid amount of prinicipal of this Bond. BOOK 4746 PAGE 185 IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things required to be done precedent to and in the issuance of this Bond have been properly done, happened and been performed in regular and due form and time as required by law and that the total indebtedness of said City including this Bond and the series of which it forms a part, does not exceed any constitutional or statutory limitation and that due provision has been made for the collection of an annual tax sufficient to pay the interest on this Bond as it falls due and also to constitute a sinking fund for the payment of the principal hereof at maturity. IN WITNESS WHEREOF, said City has caused this Bond to signed by its Mayor attested by its City Clerk and sealed with the seal thereof this the 1st day of September, 1983. ATTEST: City Clerk (SEAL) 14ATURITY SCHEDULE Mayor Each $5,000.00 of the principal of the issue of Bonds described on the face hereof is represented by a bond number and bears interest at the rate and matures, respectively, on the date shown below: Bond Numbers (Inclusive) Mature Amount Interest Rate Maturing (Per Annum) 1- 65 September 1, 1985 $325,000 10.00% 66 -135 September 1, 1986 350,000 9.875% 136 -205 September 1, 1987 350,000 7.40% 206 -275 September 1, 1988 350,000 7.70% 276 -345 September 1, 1989 350,000 8.00% 346 -415 September 1, 1990 350,000 8.10% 416 -485 September 1, 1991 350,000 8.10% 486 -555 September 1, 1992 350,000 8.10% AUTHENTICATION CERTIFICATE This Bond has been registered upon the Registration Record of the City in the name of , whose address is , on this day of , 19_. By Title BOOK 4746 PAGE 186 STATE OF OKLAHOMA ) SS. COUNTY OF TULSA ) We, the undersigned, District Attorney and County Clerk, respectively, of said County in said State in which the within named City is situated, hereby certify that the within Bond is one of a series of Bonds issued by the within named City pursuant to law and that the entire issue of said Bonds is within the debt Limit imposed upon said City by the Constitution and laws of the Slate of Oklahoma. Witness our respective official hands and the seal of said County this the lst day of September, 1983. District Attorney District Number 14 County Clerk Tulsa, County (SEAL) STATE OF OKLAHOMA ) SS. COUNTY OF TULSA ) I, the undersigned, the duly qualified and acting Treasurer of the within named City in said County and State, hereby certify that I have duly registered the within Bond in my office on this 1st day of September, 1983. Witness my hand the date above written. City Treasurer STATE OF OKLAHOMA OFFICE OF THE ATTORNEY GENERAL BOND DEPARTMENT , 19_ I HEREBY CERTIFY that I have examined a certified copy of the record of proceedings taken preliminary to and in the issuance of the within Bond; that such proceedings and such Bond show lawful authority for the issue and are in accordance with the forms and method of procedure prescribed and provided by me for the issuance of Bonds of like kind and that said Bond is a valid and binding obligation, according to its tenor and terms and, under the provisions of Title 62, Oklahoma Statutes 1981, Section 11, 13, and 14, requiring the certificate of the Bond Commissioner of the State of Oklahoma thereon, is incontestable in any court in the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction of the same within thirty days from the date of this approval of said Bond appearing in the caption hereto. Attorney General, ex- officio Bond Commissioner of the State of Oklahoma BOOK 4746 PAGE 187 Section 3. That each of said Bonds shall be signed by the Mayor and the corporate seal of said City affixed thereto and attested by the Clerk of said City; that said officers be and hereby are authorized and directed to cause said Bonds to be prepared and to execute the same for and on behalf of said City, have the same registered by the Treasurer, endorsed by the District Attorney and County Clerk and presented to the Attorney General, ex— officio Bond Commissioner, together with a certified transcript of all proceedings had in connection with their issuance for his approval and endorsement; that thereafter said Bonds shall be delivered to the purchaser upon payment of the purchase price thereof, which shall not be Less than par and accrued interest. The proceeds derived from the sale of said Bonds shall be placed in a special fund and used solely for the purpose of providing funds for the purposes set out in Section 2 hereof. Section 4. Whenever any registered Bond or Bonds shall be exchanged for another registered Bond or Bonds of different denomination, the Bank shall cancel the Bond or Bonds surrendered in such exchange on the face thereof and on the Registration Record. If the supply of registered Bonds for making exchanges shall have been exhausted, the Bank shall cause additional registered Bonds to be prepared, at the expense of the City and the City covenants that upon request of the Bank, its appropriate officers promptly will execute such additional registered Bonds on behalf of the City. Section 5. The Registrar for all registered Bonds issued pursuant to this ordinance shall be the Bank, which shall maintain a Registration Record for the purpose of registering the name and address of the Registered Holder of each registered Bond. The Registrar will keep the Registration Record open for registrations during its business hours. In the event of a change of Registrar, notice thereof shall be mailed, registered or certified United States mail, postage prepaid, to the Registered Holder of each registered Bond. The name and address of the Registered Holder as the same appear on the Registration Record shall be conclusive on all persons and for all purposes whatsoever and no person other than the Registered Holder shown on the Registration Record shall be entitled to any right or benefit in relation to the Bond so registered; provided, that the foregoing shall not apply to any successor by operation of law of such Registered Holder. Registered Bonds shall be transferable only upon delivery of such Bonds to the Bank, duly endorsed or acocmpanied by a written instrument of transfer in form satisfactory to the Bank executed by the Registered Holder thereof or his attorney duly authorized in writing, and such transfer registered on the Registration Record. Registered Bonds delivered to the Bank for registration of transfer shall be cancelled by the Bank on the face thereof and the Bank shall authenticate and deliver to the transferee Bonds in aggregate principal amount equal to the unpaid principal of the surrendered Bonds in aggregate principal amount equal to the unpaid principal of the surrendered Bonds in new registered Bonds, in denominations of $5,000 or any whole multiple thereof, bearing the same bond number or numbers appearing on the surrendered Bonds which correspond to the number or numbers of the unpaid amount of principal of such surrendered Bonds. No transfer of a registered Bond made less than fifteen (15) days prior to any interest payment date shall be recognized for any purpose until after such interest payment date. BOOK 4746 PAGE 188 Section 6. That beginning with the year 1984 -85, a continuing annual tax sufficient to pay the interest on said Bonds when due and for the purpose of providing a sinking fund with which to pay the principal of said Bonds when due shall be and is hereby ordered levied upon all taxable property in said City, in addition to all other taxes, said sinking fund to be designated GENERAL OBLIGATION BONDS OF 1983 SINKING FUND ". Said tax shall be and is hereby ordered certified, levied and extended upon the rolls and collected by the same officers, in the same manner and at the same time as the taxes for general purposes in each of said years are certified, levied, extended and collected; that all funds derived from said tax shall be placed in said sinking fund which, together with any interest collected on same, shall be irrevocably pledged to the payment of the interest on and principal of said Bonds when and as the same fall due. Section 7. That by reason of said City being without an adequate municipal sanitary sewer system or municipal water system, it is deemed and hereby declared necessary for the preservation of the public health, peace and safety that this ordinance shall become operative immediately; wherefore, an emergency is hereby declared to exist, and this Ordinance shall be in full force and effect immediately from and after its passage and approval. PASSED AND APPROVED this STATE OF OKLAHOMA ) SS. COUNTY OF TULSA ) 2nd day of August, 1983. May Or I, the undersigned, the duly qualified and acting Clerk of the City of Owasso, Oklahoma, hereby certify that the foregoing is a true and complete copy of an Ordinance authorizing the issuance of Bonds for the purpose therein set out adopted by the governing body of said City and transcript of proceedings of said governing body at a regular meeting thereof held on the date therein set out, as the same relates to the introduction, reading and adoption thereof as the same appears of record in my office. I further certify that attached hereto is a true and complete copy of the public notice posted at City Hall, 207 S. Cedar, Owasso, Oklahoma in said City at least twenty —four (24) hours prior to the meeting wherein said Ordinance was adopted, excluding Saturdays, Sundays and legal holidays. WITNESS my hand and seal this 2nd day of August, 1983. City Clerk Affidavit Of Publication STATE OF OKLAHOMA, TULSA COUNTY, ss: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that he is publisher of the Owasso. Reporter a weekly newspaper printed in the City of . Tulsa Tulsa County, Oklahoma, a newspaper qualified to publish legal notices, advertisements and publications as provided in Section 108 of Title 25, Oklahoma Statutes 1971 as amended, and thereafter, and complies with all other requirements of the laws of Oklahoma with reference to legal publications. That said notice, a true copy of which is attached hereto, was published in the regular. edition of said newspaper during the period and time of publication and not in a supplement, on the following dates: August 4, 1983 Notary Public 1 -21 -86 My commission expires : PUBLISHER'S FEE $ 46.32 Legal Notice Published in the Owasso Reporter, Owasso, Tulsa County, Oklahoma, Thursday August 4,1983. THE COUNCIL OF THE CITY OF THE CITY OF OWASSO, STATE OF OKLAHOMA, MET IN REGULAR SESSION AT THE CITY HALL IN SAID CITY ON THE 2ND DAY OF AUGUST, 1983 AT 7:00 O'CLOCK P.M. PRESENT: Boyd M. Spencer, Mayor; Wauhilleau Webb, Vice Mayor; Von Stockler, Councilman, Phyllis Gross, Councilman; James C. Smalley, Councilman; Ann Hendrickson, City Clerk ABSENT: None Notice of the schedule of regular meetings of the governing body of the municipality for the calendar year 1983 was given in writing to the Clerk of the municipality and public notice of this meeting was posted in prominent view at City Hall, 207 S. Cedar, Owasso; Oklahoma twenty -four (24) hours prior to this meeting, excluding. Saturdays, Sundays and legal holiday, all in compliance with the Oklahoma Meeting Act. (OTHER PROCEEDINGS) THEREUPON, Ordinance Number 328, entitled: ORDINANCE NUMBER 328 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS IN THE SUM OF TWO MILLION SEVEN HUNDRED SEVENTY FIVE ($2,775,000) DOLLARS BY THE CITY OF OWASSO, STATE OF OKLAHOMA, AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCRIBING FORM OF BONDS; PROVIDING FOR REGISTRATION THEREOF; PROVIDING LEVY OF AN ANNUAL TAX FOR PAYMENT OF PRINCIPAL AND INTER- EST ON THE SAME; FIXING OTHER DETAILS OF THE ISSUE AND DECLARING AN EMERGENCY. was introduced and read in full by the City Clerk. THEREUPON, Councilman Smalley moved that said ordinance be placed upon final passage and passed as a whole, which motion was seconded by Councilman Webb, and the question being called with the following result: AYE: Spencer, Webb, Stockler, Gross, Smalley I NAY: None THEREUPON, Section 7 setting forth the emergency nature of said Ordinance was read, and Mayor Spencer moved that an emergency be declared and that said Section be adopted as read, which motion was duly seconded by Councilman Stockler,, and the question of being upon the adoption of said Section 7 and declaring said emergency to exist, the roll was called with the following result: AYE: Spencer, Webb, Stockler, Gross, Smalley NAY: None The Mayor declared the motion carried and the ordinance duly passed and adopted. /s/Boyd M. Spencer Mayor ATTEST: /s /Ann Hendrickson City Clerk (SEAL) 207 SOUTH CEDAR PHONE 272 -2251 Clity of i,. SUMMARY OF INVESTMENTS as of 12 -31 -83 FIRST BANK OF OWASSO Money Market 119001317 General Fund $320,887.72 Debt Service /Sinking Fund 55,798.38 Revenue Sharing 157,358.14 Street & Alley 91,730.59 Cemetery Trust 40,206.07 Investment CD's 180 day @ 8.96% - Water & Sewer GO $1,358,000.00 90 day @ 8.75% - Water & Sewer GO 750,000.00 OWASSO, OKLAHOMA 74055 $665,980.90 $1,358,000.00 750,000.00 The money market account has been averaging about 8.5% interest on the total, monthly. The interest derived from investment is deposited in the separate accounts based on the account balance at the end of the month. Investment CD's have 2 types (90 & 180 day maturity). We have already received $16,089.04, which should go for general fund that we appropriated. The investment was put back in a 90 day CD at a higher rate of interest. At the end of another 90 days, when 90 & 180 day CD's mature, we will have another $98,279.64. LIBERTY BANK Money Market 11700 -053 -6 Capital Improvement Elm Creek Reserve Meter Deposits Sinking Fund - Series A Sinking Fund - Series C Sinking Fund- Series D Sinking Fund - Series E Operating Money Market 700 -073 -4 Sales Tax Holding Account Investment CD's 180 day @ 8.96% - Water & Sewer GO $15,428.66 44,772.86 73,556.78 333.75 614.85 7,201.86 2,570.88 129,797.12 $274,276.72 $206,347.25 $500,000.00 The money market has been averaging around 8.50% interest monthly. The in- tarest is'deposited:. based on each separate account balance at end of month. Sales Tax Holding Acct. - This is the third penny sales tax and interest is put back into the account. All that is required to be put in account for retirement of bonds is $32,955.21 @ month for the first 2 years. So far excess of deposit over need is $71,181.84. Investment CD's - same as First Bank. Interest at maturity will be $22,093.15. FIDELITY FEDERAL Money Market 03- 180021 -2 Senior Citizen $17,700.27 This can be used for capital type expenses.