HomeMy WebLinkAbout2004 08_Promissory Note OK Water Resource Board_2004.05.1009 I 211 0 , =1
WHEREAS, The Owasso Public Works Authority (the "Authority") did, by its Resolution
adopted on May 10, 2004, authorize the issuance, sale and delivery of its Series 2004 Promissory
Note to Oklahoma Water Resources Board, in order to refinance the outstanding principal amount
of the Authority's Series 1993A Promissory Note to Oklahoma Water Resources Board, which
financed improvements to the Authority's water and wastewater systems; and
WHEREAS, the Mayor and City Council hereby determine that the actions taken by the
Authority should be authorized and approved.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OWASSO, OKLAHOMA THAT:
Section 1. Issuance of Note. That the issuance, sale and delivery of The Owasso Public
Works Authority, Tulsa County, Oklahoma, Series 2004 Promissory Note to Oklahoma Water
Resources Board in the principal amount of $2,350,000 (the "2004 Note"), all as approved by said
Authority on May 10, 2004, be and hereby is authorized, approved and ratified.
Section 2. Approval. That all actions heretofore taken by the Authority in connection with
the issuance, sale and delivery of the 2004 Note, and all other aspects of the transaction be and are
hereby authorized, approved and ratified.
Section 3. Lease. The Lease dated July 31, 1973, as amended by an Amendment to Lease
dated as of July 1, 1996, between the City and the Authority, whereby the City leases its water,
sanitary sewer, garbage and trash collection systems and the Bailey Ranch Golf Club to the
Authority, is hereby ratified and confirmed and the term of said Lease, as amended, shall extend
until the 2004 Note is paid.
Section 4. Sales Tax Pledge. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and are hereby authorized to execute and deliver any and all documentation on behalf
of the City pertaining to a year-to-year pledge of certain sales tax revenue levied by the City.
Section 5. Necessary Action. That the Mayor or Vice Mayor and City Clerk or Assistant
City Clerk be and hereby are authorized and empowered to execute and deliver for and on behalf of
the City any and all other documents or instruments reasonably necessary to accomplish the
issuance, sale and delivery of the 2004 Note and all other aspects of the transaction.
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"Ii'lo"Z" no) III JIM-14ma I&F
Clerk
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D. Cates, City Attorney
Susan Kimball, Mayor
STATE OF OKLAHOMA )
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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.
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Sherry Bis City Clerk