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Home My WebLink About553_Amending Ord 395_Sales TaxSales Tax 36 30 09 98 11 05-1 o 2 5 98 26 878 .5 553 ORDINANCE AMENDING ORDINANCE NO. 326 DATED APRIL 19, 1983, AS AMENDED BY AMENDED ORDINANCE NO. 326 DATED MAY 5, 1983, AS FURTHER AMENDED BY ORDINANCE NO. 395 DATED AUGUST 18, 1988; AMENDING THE PURPOSE OF THE ONE PERCENT (1%) SALES TAX LEVIED BY ORDINANCE NO. 326, AS PREVIOUSLY AMENDED; ESTABLISHING EFFECTIVE DATE OF THIS ORDINANCE; AND CONTAINING OTHER PROVISIONS RELATED THERETO. ORDINANCE NO a ~'" OKLAHOMA: Section 1. Amendment of Prior Ordinance. That Ordinance No. 326 of the City of Owasso, Oklahoma (the "City") dated April 19, 1983 as heretofore amended by Amended Ordinance No. 326 of the City dated May 5, 1983, and as further amended by Ordinance No. 395 of the City dated August 18, 1988 (collectively, the "Prior Ordinance") is hereby amended by deleting Section 4 of the Prior Ordinance pertaining to the purpose of the Ordinance and said Section 4 is replaced in its entirety with the following IT ORDAINED BY THE COUNCIL OF THE CITY OF OWASSO, BE IISection 4. Puroose. It is hereby declared to be the purpose of this Ordinance to provide revenues to finance or fund capital projects and related costs only; said projects to be reviewed by the Capital Improvements Committee, approved by the City Council, with oversight given by the Citizens' Watchdog Committee established by the City Council, and subject to competitive bidding as required by law. Specifically, the revenues shall be used (i) to pay the principal and interest requirements on The Owasso Public Works Authority's Public Improvement Revenue Bonds, Series 1988 issued in the original principal amount of $6,100,000 and/or the Authority's Public Improvement Revenue Bonds to be issued in the original principal amount of not to exceed $8,500,000, or any indebtedness issued to refund said bond issues, (ii) after paying debt service on the referenced bond issues, for making deposits in an amount equal to fifteen percent (15%) of the proceeds of said one percent (1%) sales tax to the Capital Future Fund of the City for the purposes of funding future capital improvement projects of the City as authorized by the voters of said City in an election called for that purpose, provided that the amounts in the Capital Future Fund accumulated to date, plus those amounts to be accumulated through June 30, 2001, shall be immediately available to fund those projects listed on Exhibit "A" hereto, and (iii) to finance or fund other capital projects reviewed by the Capital Improvements Committee, approved by the City Council, with oversight given by the Citizens' Watchdog Committee established by the City Council. Any additional indebtedness, except as referenced above, incurred by the City and/or the Authority utilizing the proceeds of said one percent (1%) sales tax must be '" approved by a majority of the registered, qualified voters of the City, voting at periodic elections for such purposes. Because the project costs and the sources of revenue referenced on Exhibit "A" involve estimates and projections, the City Council based upon a recommendation from the Capital Improvements Committee is authorized to add to those capital projects listed or to delete and/or modify individual proj ects based upon actual project costs and revenue receipts. II Section 2. Effective Date. The provisions of this Ordinance No. 553 shall be effective on October 14, 1997 subject to approval by a majority of the registered voters of the City voting on the same in the manner prescribed by law. Section 3. Provisions of Prior Ordinance Unaffected. Except as amended herein, the provisions of the Prior Ordinance shall remain in full force and effect. PASSED AND APPROVED this 11th day of August, 1997. CITY OF OWASSO, OKLAHOMA , ./ ',..- , ~ ,q "" 4tJ1 ,: By 1,~ ;) -: TO FORM 2 1 r' "", co (1) If") A The projects to be funded and the total estimated cost of said projects are set forth below: II Exhibit STREETS 86th St (Cedar to Main) Improvements (4 lane 86th & Mingo Intersection 76th & 129th Intersection 116th & Garnett Intersection 86th & 145th Intersection Signalize 86th & 123rd Resurface N Main (1st to 9th) Resurface Atlanta (3rd to 11th) Resurface Carlsbad (3rd to 5th) Resurface 11th St (Main to Cedar) Resurface 129th E Ave (High School to 93rd) Resurface 86th (Main to 97th EAve) Right-of-Way & Utility Relocation (76th & 169 TOTAL STREETS A B C D E F G H I J K L M r- en $6, 02L 000 FACILITIES Renovate City Hall for Police Department Replace Roof & Carpet in Community Center Construct City Hall Facility TOTAL FACILITIES A B C 000 $3,200 SPORTS PARK DEVELOPMENT Parking Lot Extension Second Restroom (soccer) Construction of FourPlex Field Construction of Soccer Field A B C D 000 500 SPORTS PARK TOTAL 000 NOTE: There has been discussion that consideration should be given to the acquisition of at least 50 acres of property suitable for industrial development. Cost of acquiring such property would be between $200,000 and $350,000, depending upon location and access to utilities. While it appears that there is considerable interest and support for such a project, there is a belief that earmarking the land acquisition as a project, without the resources necessary to develop the property, might not be in the best interest of the community. Therefore, the proposed funding sources total $262,000 9,721 TOTAL ALL PROJECTS 1 A Exhibit more than the total proj ect costs leaving excess potentially available for land acquisition at a later date. The estimated funding sources for the above referenced projects are set forth below: A Revenue Bonds (Net) $6,960,000 $8,000.000 Gross B Interest on Bond Reserves & Construction Account $ 100,000 C Capital Future Fund Account (As of 6/30/98) $1,239,000 D Annual Appropriation to Capital Future Fund (next three fiscal years) $ 931,000 E 86th Street Reserves on Hand $ 653,000 F Existing monies already allocated to City Hall $ 100.000 $9,983,000 Exhibit A 2 C~~ A..-.l r'~" ,,-,~,ji - CERTIFICATE OF COUNCIL ACTION CITY I, the undersigned, hereby certify that I am the duly qualified and acting City Clerk of the City of Owasso, Oklahoma I further certify that the City Council of the City of Owasso, Oklahoma, held a Special Meeting at 7:00 o'clock p.m., on August 11, 1997, after due notice was given in full compliance with the Oklahoma Open Meeting Act. CT'\ c:; I further certify that attached hereto is a full and complete copy of an Ordinance that was passed and approved by said City Council at said meeting as the same appears in the official records of my office and that said Ordinance is currently in effect and has not been repealed or amended as of this date. In I further certify that below is listed those Council Members present and absent at said meeting; those making and seconding the motion that said Ordinance be passed and approved; and those voting for and against such motion: PRESENT BARNHOUSE STANDRIDGE, HELH, BODE, WILKEN, NONE ABSENT BODE MADE BY MOTION WILKEN SECONDED BY MOTION AYE BARNHOUSE STANDRIDGE, HELH, WILKEN, BODE, NONE NAY 1997 HAND THIS 11TH DAY OF AUGUST, WITNESS MY OKLAHOMA 3 CITY OF OWASSO, 1\ Owasso, Tulsa County, Oklahoma, ORDINANCE AMENDING ORDINANCE NO. 326 DATED APRIL 19, 1983, AS AMENDED BY AMENDED ORDINANCE NO. 326 DATED MAY 5,1983, AS FURTHER AMENDED BY ORDINANCE NO. 395 DATED AUGUST 18,1988; AMENDING THE PURPOSE OF THE ONE PERCENT (1%) SALES TAX LEVIED BY ORDINANCE NO. 326, AS PREVIOUSLY AMENDED; ESTABLISHING EFFECTIVE DATE OF THIS ORDINANCE; AND CONTAINING OTHER PROVISIONS RELATED THERETO. Published In the Owasso Reporter, August 21, 1997. CITY OF OWASSO ORDINANCE NO. 553 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OWASSO, OKLAHOMA: Section 1. Amendment of Prior Ordinance. That Ordinance No. 326 01 the City of Owasso, Oklahoma (the "City") dated April 19, 1983, as hereto- lore amended by Amended Ordinance No. 326 of the City dated May 5, 1983, and as further amended by Ordinance No. 395 01 the City daled August 18, 1988 (collectively, Ihe "Prior Ordinance") Is hereby amended by delellng Section 4 of the Prior Ordinance pertaining to the purpose of the Ordinance and said Section 4 Is replaced In lis enllrety wllh the followlng: "Section 4. Purpose. It Is hereby declared 10 be the purpose 01 this Ordinance 10 provide revenues 10 finance or lund capllal projects and related costs only; said projects to be reviewed by the Capital Improvements Commlttee, approved by the City Council, wllh over- sight given by the Clllzens' Watchdog Committee established by the Clly Council, a~d subject to competitive bidding as required by law. Speclllcally, Ihe revenues shall be used (I) to pay the principal and Interest requirements on The Owasso Public Works Authority's Public Improvement Revenue Bonds, Series 1988 Issued In the original prin- cipal amount of $6,100,000 and/or the Authority's Public Improvement Revenue Bonds to be Issued In the original principal amount of not to exceed $6,500,000, or any Indebtedness Issued to refund said bond Issues, (IQ after paying debt service on the referenced bond Issues, lor making deposits In an amount equai to fifteen percent (15%) 01 the proceeds of said one percent (1 %) sales tax to the Capllal Future Fund of the City for Ihe purposes of funding future capllallmprove- ment projects of the City as authorized by the voters of said City In an election called for that purpose, provided that the amounts In the Capi- tal Future Fund accumulated to date, plus those amounts to be accu- mulated through June 30, 2001, shall be Immediately available to lund those projects listed on Exhlbll . A" hereto, and (IIQ to finance or fund other capllal projects reviewed by the Capllall mprovements Commll- tee, approved by the City Council, wllh oversight given by the Cnlzens' Watchdog Committee established by the City Council. Any addlllonal Indebtedness, exceplas referenced above, Incurred by the City and/or the Authority utilizing Ihe proceeds 01 said one percent (1%) sales tax must be approved by a majority 01 the re9lstered, qualllled voters 01 the City, vollng at periodic elections lor such purposes. Because the project costs and the sources 01 revenue referenced on Exhibll "A" Involve estimates and projections, the City Council based upon a rec- ommendation Irom the Capital Improvements Committee Is authorized to sdd to those capital projects listed or to delete snd/or modlly Indi- vidual projects based upon actual project costs and revenue receipts.' Section 2. Effective Date. The provisions 01 this Ordinance No. 553 shall be effective on October 14, 1997 subject to approval by a majority 01 the registered voters of the City voting on the same In the manner prescribed by law. Publication OWASSO REPORTER STATE OF OKLAHOMA, TULSA COUNTY, ss: Bill R. Retherford, of lawful age, being duly sworn and authorized, says that he is the publisher of the Owasso Reporter, a weekly newspaper published in the City of Owasso, Tulsa County, Oklahoma, a news- paper qualified to publish legal notices, advertise- ments and publications as provided in Section 106 of Title 25, Oklahoma Statutes 1971 and 1983 as amended, and thereafter, and complies with aU 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 fonowing dates: August ~. t ~.. ... ,.. ,199~ ~ . r?::~',' . ' n, .' '" ".'" . ' . . J~ Subscnbed and sworn to before me thlS "," J a dayof , '"'Ljf'!f(( , ,199~ 1'/'/7'24"/ '.. { If} h/I1f1~ & , ,;;A" " "'; N ( My Commission expires: -----eJUL 9 20\)1 PUBLISHER'S FEE $ 1 65 . 30 Section 3. Provisions of Prior Ordinance Unaffected. Except as amended herein, the provisions 01 the Prior Ordlnsnce shalt remain In fulllorce snd eflect. llh day of AU9ust, 1997. By /91 Mary Lou Barnhouse Mary Lou Barnhouse, Mayor CITY OF OWASSO, OKLAHOMA (S EAL) ATTEST Is! Marcia Bout_Ii Marcia Boutwell, City Clerk PASSED AND APPROVED this APPROVED AS TO FORM: Is! Ronald D Cates Ronald D Cates, City Allomey "f>.' Exillblt The projects to be lunded and the total estimated cost of said projects are set forth below: lane) STREETS: A. 86th St (Cedar to Main) Improvements (4 8. 86th & Mingo Intersection C. 76th & 129th Intersection D. 116th & Gamelllntersectlon E. 86th & 145th Intersection F. Signalize 86th "" 123rd G. Resurface N Main (1 s! to 9th) H. Resurface Atlanta (3rd to 11th) I. Resurface Carlsbad (3rd to 5th) J. Resurlace 11th St (Main to Cedar) K. Resurface 129th E Ave (High School to 93rd) l. Resurface 86th (Main to 97th EAve) M. Right-of-Way & Utility Relocation (76th & 169) TOTAL STREETS ,000 $6,021 FACILITIES: A. Renovate City Hall for Police Department B. Replace Roof & Carpet In Community Center C. Construct City Hall Facility TOTAL FACILITIES $3,200,000 SPORTS PARK DEVELOPMENT: A. Parklng Lot EJdenslon B. Second Restroom (soccer) C. Construction 01 FourPlex Field D. Construction 01 Soccer Field TOTAL SPORTS PARK TOTAL ALL PROJECTS $ 500,000 $9,721,000 NOTE: There hss been discussion that consideration should be given to the acqulslllon 01 at least 50 acres of property sullable for Industrial deve~ opment. Cost 01 acquiring such property would be between $200,000 and $350,000, depending upon location and access to utllltlas. While ft appears that there Is considerable Interes! and support for such a project, there Is a bellel that earmarking the land acquisition ss a project, without the resources necessary to develop the property, might not be In the best Inter- est of the community. Therefore, the proposed funding sources total $262,000 more than the total project costs, leaving excess potentially avaH- able for land acqulsRlon at a laler date. The estimated funding sources for the above referenced projects are set forth below: A. Flevenue Bonds (Net) $8,960,000 ($8,000,000 Gross: B. Unteresl on Bond Reserves "" Construction Account $ 100,000 C. Capital Futu'e Fund Account (As of 613G'98) $1,239,000 D. Annual Appropriation to Capllal Future Fund (next three fiscal years) E. 86th Street Reserves on Hand F. existing monies already allocated to City Hall $ 93t,000 $ 653,000 UOOJlOO $9,983,000