HomeMy WebLinkAbout2006 30_Authorize Indebtness for OPWA_2006.11.21RESOLUTION NO. 2006 -27
A RESOLUTION APPROVING THE INCURRENCE OF INDEBTEDNESS BY
THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ")
ISSUING ITS PROMISSORY NOTE, SERIES 2006 (THE "NOTE ");
PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE
AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE 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; 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 2006, 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 incur an indebtedness by the issuance of its Promissory Note,
Series 2006, in the amount of $1,865,000.00 (the "Note "), according to the terms and conditions of
a Note Indenture by and between the Authority and The Bank of New York Trust Company, N.A.,
as Trustee (the "Indenture "), provided that said Note shall never constitute a debt of the City of
Owasso, Oklahoma (the "City ").
SECTION 2. Organizational Document Subject to Indenture. The organizational document
creating the Authority, is hereby made subject to the terms of the Indenture authorizing the issuance
and securing the 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 the Note and the sale of said Note by the Authority to Bank of
America, N.A., at a price of par, is hereby approved.
SECTION 4. City's Expectations. The City anticipates that the total amount of tax- exempt
obligations (other than private activity bonds and certain qualified refunding bonds) issued by The
Owasso Public Works Authority or other issuers on behalf of said City or the Authority, will not
exceed $9,000,000 for calendar year 2006, and to the extent the Note or any portion thereof is not
deemed designated pursuant to the Code the City hereby designates the Note or such portion of the
Note as may be necessary 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 (the "Code "), and irrevocably allocates to the Authority not to exceed $1,865,000.00 of
the City's $5,000,000 exemption from the rebate requirements pursuant to Section 148(f)(4)(D) of
the Code, and authorizes the Mayor or Vice -Mayor to execute and deliver on behalf of the City a
Certificate of Designation to that effect.
SECTION 5. 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.
PASSED AND APPROVED THIS 211T DAY OF NOVEMBER, 2006.
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ATTEST:
Name: She Bishop
Title: City Clerk
CITY OF OWASSO, OKLAHOMA
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Name: Stephen Cataudella
Title: Mayor
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CERTIFICATE-
OF
CITY COUNCIL ACTION
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 Regular
Meeting at 6:30 o'clock P.M., on November 21, 2006, after due notice was given in full compliance
with the Oklahoma Open Meeting Act.
I further certify that attached hereto is a full and complete copy of a Resolution 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 Resolution is currently in effect and has not been repealed or amended as
of this date.
I further certify that below is listed those Council members present and absent at said
meeting; those making and seconding the motion that said Resolution be passed and approved; and
those voting for and against such motion:
PRESENT: Stephen Cataudella, Brent Colgan, D.J. Gall, Susan Kimball,
and Ronnie Wayne Guevara
ABSENT: None
MOTION MADE BY: Brent Colgan
MOTION SECONDED BY: D.J. Gall
AYE: Stephen Cataudella, Brent Colgan, D.J. Gall, Susan Kimball,
and Ronnie Wayne Guevara
NAY:
WITNESS MY HAND THIS 21sT DAY OF NOVEMBER, 2006.
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CITY OF OWASSO, OKLAHOMA
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