HomeMy WebLinkAbout2004 03_Treasurer Authorization_2004.02.17WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that the City
presently maintains funds that have reserves which have reached a level that would allow for
investments of a significant nature and for long term investments that might produce a higher
yield;
WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that investment
opportunities are problematical due to the low level of interest rates presently existing in the
market as well as legal restrictions placed upon the placement of public funds in the market;
WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that after
exploration of several investment opportunities and the discovery that the return on investments
of a traditional nature would not be significant, alternatives to traditional investments that would
produce a higher Yield in an otherwise depressed investment climate have been ascertained;
WHEREAS, the City Council of the City of Owasso, Oklahoma, has determined that the
Owasso Public Works Authority, an Oklahoma Public Trust, having the City of Owasso,
Oklahoma, as its beneficiary, has a present need to raise additional funds for Capital
Improvement Projects;
WHEREAS, the City Council of the City of Owasso, Oklahoma, finds that a present
need in the amount not to exceed Four Million Dollars ($4,000,000) exists on the part of the
Owasso Public Works Authority, and that the Owasso Public Works Authority, is desirous of
obtaining such funding from the City of Owasso, Oklahoma in a manner that would produce for
the City higher yield on its investments while at the same time assisting the Owasso Public
Works Authority in completing the Capital Improvement Projects; and,
WHEREAS, under the public finance provisions of the statutes of the State of
Oklahoma, relating to municipal investment of funds, 68 O.S. Section 348.1 /Authorized
Investments/Disposition of Income, the City Treasurer of the City, when authorized by the City
Council by written investment policy, ordinance or resolution, is authorized to invest monies in
the custody of the City Treasurer in Revenue Anticipation Notes issued by a public trust for
which such City is a beneficiary thereof,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OWASSO, OKLAHOMA, THAT TO-WIT:
SECTION ONE. The City Treasurer of the City of Owasso, Oklahoma, is hereby
authorized to invest certain unappropriated and unencumbered monies of the City of Owasso,
Oklahoma, surplus to the present needs of said City, in the custody of the City Treasurer of the
City of Owasso, Oklahoma, in a Revenue Anticipation note to be issued by the Owasso Public
Works Authority, an Oklahoma Public Trust having the City of Owasso, Oklahoma as its
beneficiary, in an amount not to exceed Four Million Dollars ($4,000,000). The City Council of
the City of Owasso, Oklahoma, hereby approves the OPWA indebtedness as represented by the
proposed Agreement and Revenue Anticipation Note to be issued by the Owasso Public Works
Authority, a copy thereof being attached hereto, made a part hereof and marked as Exhibit "A".
SECTION TWO. The Mayor, or Vice-Mayor as the case may be, the City Clerk or
the Deputy City Clerk as the case may be, and the City Treasurer or Deputy Treasurer as the case
may be, of the City of Owasso, be and they hereby are, authorized and empowered for and on
behalf of the City of Owasso, Oklahoma, to execute, deliver and receive the Agreement and
Revenue Anticipation Note of the Owasso Public Works Authority exhibited hereto and such
further agreements and documents and to take such actions as such officer or officers may deem
necessary or desirable in order to carry out and perform the investment and to effect the purposes
thereof and to consummate the transaction contemplated thereby.
SECTION THREE. That in accordance with public finance provisions of the
Statutes of the State of Oklahoma relating to municipal investment of funds, 68 O.S. Section
348.1(5), the income received by the City of Owasso from the investment herein contemplated
shall be placed, on a pro rata basis as hereinafter set forth, in the Contributing Funds within the
City of Owasso, Oklahoma Consolidated Cash Account. Such pro rata distribution of income
shall be made on the percentage basis that the Contributing Fund within the Consolidated Cash
Account of the City of Owasso, Oklahoma, bears to the Contributing Funds within the
Consolidated Cash Account of the City of Owasso, Oklahoma. Any Contributing Fund within
the Consolidated Cash Account of the City of Owasso, Oklahoma, subsequently closed by the
City Council of the City of Owasso, Oklahoma, shall receive no further pro rata distributions of
income.
F"ASSED AND APPROVED t
D. Cates, City Attorney