Broken Arrow Municipal Authority
Meeting of: 06/02/2025
Title:
title
Consideration, discussion, and possible approval of Resolution 1664, a Resolution of the Broken Arrow Municipal Authority (the “Borrower”) authorizing a loan from the Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $26,400,000; approving the issuance of a Series 2025A Promissory Note to Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $26,400,000, secured by a pledge of revenues and authorizing its execution; designating a Local Trustee; approving and authorizing the execution of a Trust Agreement; approving and authorizing the execution of a Loan Agreement; approving and authorizing the execution of a Security Agreement; ratifying and confirming a Lease Agreement; ratifying and confirming a Sales Tax Agreement; approving and authorizing a Note Purchase Agreement; approving various covenants; approving and authorizing application to the Oklahoma Water Resources Board; approving and authorizing professional services agreements; approving and authorizing payment of fees and expenses; and containing other provisions relating thereto
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Background:
The Broken Arrow Municipal Authority has a list of projects that would qualify for the FAP (Financial Assistance Program) loan program through the Oklahoma Water Resource Board. A full list of projects is attached. Resolution No. 1664 authorizes application of the loan and authorizes the loan and issuance of the 2025A Promissory Note not to exceed $26,400,000.
Cost: Estimated $360,000
Funding Source: Proceeds from of the OWRB loans
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1664, List of projects, Public Law Finance law Group PLLC
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1664
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