Broken Arrow City Council
Meeting of: 06/03/2024
Title:
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Consideration, discussion and possible approval of amended Resolution No. 1582 approving the incurrence of indebtedness by the Broken Arrow Economic Development Authority (the "Authority") issuing its Sales Tax Revenue Note(s) , Series 2024 in one or more series or subseries (collectively, the "Notes"); providing that the organizational document creating the Authority is subject to the provisions of the Indenture authorizing the issuance of said Notes; waiving competitive bidding with respect to the sale of said Notes and approving the proceedings of the Authority pertaining to the sale of said Notes; approving and authorizing execution of a Sales Tax Agreement by and between the City of Broken Arrow, Oklahoma (the "City") and the Authority pertaining to a year-to-year pledge of certain sales tax revenues; and containing other provisions relating thereto
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On October 3rd, 2023 Broken Arrow City Council and Broken Arrow Economic Development Authority entered into an Economic Development Agreement with Sunset of Broken Arrow, LLC. The terms and conditions of that Agreement require that the parties to that Agreement take certain actions inclusive of the Authority constructing and completing or causing the construction or completion of the Project Site Improvements. Resolution #1582 authorizes the incurrence of indebtedness by the Broken Arrow Economic Development Authority to fund the required improvements.
The Resolution provides approval of an incurrence of indebtedness not to exceed $26,500,000 per amount of one or more series of Notes, at an interest rate not to exceed 8.0% for a term not to exceed 15 years (June 1, 2039). The exact sizing will be determined and approved by the Chairman (Certificate of Determination) and will also designate the bank or banks purchasing the Notes. The not to exceed sizing is based on a $22 million project fund, preliminarily allocated $7.2 million taxable and $1...
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