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Home My WebLink About2006 09_OPWA_Issuance of debt for Ator Field_2006.11.21RESOLUTION NO. 2006 -09 A RESOLUTION AUTHORIZING THE OWASSO PUBLIC WORKS AUTHORITY (THE "AUTHORITY ") TO ISSUE ITS PROMISSORY NOTE, SERIES 2006 (THE "NOTE ") IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,865,000.00; WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; APPROVING AND AUTHORIZING EXECUTION OF AN INDENTURE AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENT OF THE NOTE; PROVIDING THAT THE ORGANIZATIONAL DOCUMENT CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE INDENTURE; APPROVING AND AUTHORIZING EXECUTION OF A LEASE PURCHASE AGREEMENT; ESTABLISHING THE AUTHORITY'S REASONABLE EXPECTATION WITH RESPECT TO THE ISSUANCE OF TAX - EXEMPT OBLIGATIONS BY THE AUTHORITY IN CALENDAR YEAR 2006, AND DESIGNATING THE NOTE AS A QUALIFIED TAX - EXEMPT OBLIGATION; AUTHORIZING AND DIRECTING THE EXECUTION OF THE NOTE AND OTHER DOCUMENTS RELATING TO THE TRANSACTION; AND CONTAINING OTHER PROVISIONS RELATING THERETO. C. NOW, THEREFORE, BE IT RESOLVED BY THE TRUSTEES OF THE OWASSO PUBLIC WORKS AUTHORITY: SECTION 1. INDEBTEDNESS AUTHORIZED. The Authority is authorized to incur an indebtedness by the issuance of its Promissory Note, Series 2006, for and on behalf of the City of Owasso, Oklahoma (the "City "), in an aggregate principal amount of $1,865,000.00 (the "Note ") for the purpose of (i) purchasing certain real property to be leased to Independent School District No. 9 of Tulsa County, Oklahoma (the "School District') and (ii) paying certain costs associated with the issuance of the Note. The Note shall bear interest at the rate of 3.925% per annum. The principal installments on the Note shall be paid as set forth on Exhibit "A" hereto. SECTION 2. COMPETITIVE BIDDING WAIVED. Competitive bidding on the sale of said Note is waived and the Note is authorized to be sold to Bank of America, N.A., at a price of par. SECTION 3. INDENTURE. The Note Indenture by and between the Authority and The Bank of New York Trust Company, N.A., as Trustee (referred to herein as the "Indenture "), authorizing the issuance of and securing the payment of the Note approved in Section 1 hereof, is hereby approved and the Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION 4. ORGANIZATIONAL DOCUMENT SUBJECT TO THE INDENTURE. The organizational document creating the Authority is subject to the provisions of the Indenture referenced in Section 4 hereof. SECTION 5. LEASE PURCHASE AGREEMENT. The Lease Purchase Agreement by and between the Authority and School District (referred to herein as the "Lease Purchase Agreement "), is hereby approved and the Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are authorized and directed to execute and deliver same for and on behalf of the Authority. SECTION 6. CERTIFICATE OF DESIGNATION. The Authority anticipates that the total amount of tax - exempt obligations (other than private activity bonds) issued by the Authority or other issuers on behalf of the City or the Authority, will not exceed $9,000,000 ($10,000,000 being the applicable amount under the hereinafter referenced provisions of the Internal Revenue Code of 1986, as amended (the "Code ")) for calendar year 2006, and to the extent the Note or any portion thereof is not deemed designated pursuant to the Code, hereby designates the Note or such portion thereof as may be necessary to be a qualified tax- exempt obligation with respect to the financial institution interest deduction provisions contained in the Code, and authorizes the Chairman or Vice Chairman of the Authority to execute and deliver on behalf of the Authority a Certificate of Designation to that effect. SECTION 7. EXECUTION OF NECESSARY DOCUMENTS. The Chairman or Vice - Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized and directed { on behalf of the Authority to execute and deliver the Note to Bank of America, N.A., upon receipt of the purchase price and are further authorized and directed to execute all necessary documentation and closing and delivery papers required by Bond Counsel, including professional services agreements; approve the disbursement of the proceeds of the Note, including any costs of issuance; to approve and make any changes to the documents approved by this Resolution, for and on behalf of the Authority, the execution and delivery of such documents being conclusive as to the approval of any changes contained therein by the Authority; and to execute, record and file any and all the necessary financing statements and security instruments, including but not limited to the documents approved hereby, and to consummate the transaction contemplated hereby. The Chairman or Vice Chairman and Secretary or Assistant Secretary of the Authority are further authorized to disburse Authority funds for a portion of the land acquisition costs with said amount to be reimbursed from proceeds of the Note upon issuance of the Note. [Remainder of Page Left Blank Intentionally] 2 C PASSED AND APPROVED THIS 21ST DAY OF NOVEMBER, 2006. ��q6 @tt3ASF�i' VY'o�k��,, r SEAL :0= gyp'• '• 'rte e ott ATTEST: z ky� fl �� Name: Sherry ffishop Title: Secretary THE OWASSO PUBLIC WORKS AUTHORITY Name: Step en Cataudella Title: Chairman CERTIFICATE OF AUTHORITY ACTION I, the undersigned, hereby certify that I am the duly and acting Secretary of The Owasso Public Works Authority. I further certify that the Trustees of The Owasso Public Works Authority 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 Trustees 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 Trustees 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, and Ronnie Wayne Guevara NAY: Susan Kimball `�� JQ'ti °• WITNESS MY HAND THIS 21ST DAY OF NOVEMBER, 2006. =0: THE OWASSO PUBLIC WORKS AUTHORITY ;• p •. �'%Oi 0L(-LA ;C-- ��8 Secretary of thority Ll EXHIBIT "A" [Principal Payment Schedule] Maturity Date September 1, 2007 September 1, 2008 September 1, 2009 September 1, 2010 September 1, 2011 September 1, 2012 September 1, 2013 September 1, 2014 September 1, 2015 September 1, 2016 September 1, 2017 September 1, 2018 C C_ FEW Principal Amount $ 125,000.00 130,000.00 135,000.00 140,000.00 145,000.00 150,000.00 155,000.00 165,000.00 170,000.00 175,000.00 185,000.00 190,000.00