HomeMy WebLinkAbout2005 16_Approval of indebtedness of OPWA_2005.10.18PURSUANT TO THE LEGAL NOTICE AS IS REQUIRED BY THE OKLAHOMA
OPEN MEETING ACT INCLUDING THE POSTING OF NOTICE AND AGENDA AS IS
REQUIRED BY THE TERMS THEREOF, THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA, MET IN REGULAR SESSION AT THE OLD CENTRAL BUILDING,
OWASSO, OKLAHOMA, ON THE 18TH DAY OF OCTOBER, 2005, AT 6:30 O'CLOCK P.M.
PRESENT: Craig Thoendel, Stephen Cataudella, Brent Colgan and Ronnie
Wayne Guevara
ABSENT: Susan Kimball
(OTHER PROCEEDINGS)
Thereupon, the following resolution was introduced and caused to be read by the City
Clerk. Councilmember Colgan moved passage of the Resolution and Councilmember Guevara
seconded the motion. The motion carrying with it the approval of said Resolution was approved by
the following vote:
AYE: Thoendel, Cataudella, Colgan and Guevara
NAY: None
The Resolution so approved is as follows:
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 Sales Tax Revenue
Note, Series 2005, in the amount of $10,000,000, according to the terms and conditions of a Note
Indenture dated as of December 1, 2004, as supplemented and amended by a Supplemental Note
Indenture dated as of October 1, 2005, both by and between the Authority and RCB Bank, as
Trustee (collectively, the "Note Indenture "), provided that said Note shall never constitute a debt of
the City of Owasso, Oklahoma (the "City"),
SECTION 2. Organizational Document Subject to Note Indenture. The organizational
document creating the Authority, is hereby made subject to the terms of the Note Indenture
authorizing the issuance and securing the payment of the Note as more fully described in Section I
hereof.
SECTION 3. Waiving Competitive Biddin °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., is hereby approved.
SECTION 4. Sales Tax Agreement. The Sales Tax Agreement dated as of December 1,
2004, between the City and the Authority (the "Sales Tax Agreement "), which Sales Tax
Agreement pertains to a year -to-year pledge of certain sales tax revenue as security for the Note, is
hereby ratified and confirmed.
SECTION 5. City's Expectations. The City anticipates that the total amount of tax-exempt
obligations (other than private activity bonds) issued by The Owasso Public Works Authority or
other issuers on behalf of said City, will not exceed $10,000,000 for calendar year 2005, and the
City hereby designates the Note 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, and authorizes the Mayor or Vice Mayor to execute and deliver on behalf of the City a
Certificate of Designation to that effect.
SECTION 6. 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.
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Ad-I
A 1,
By:
Name: Sherry �Iishop
Title: City Clerk v
CITY OF OWASSO, OKLAHOMA
By:
Name:
Title: Mayor
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hoendel
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 18TH DAY OF OCTOBER, 2005.
AV
City Clerk
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