Broken Arrow City Council
Meeting of: 07-07-2015
To: Mayor and City Council
From: Information Services Department
Title:
title
Consideration, possible approval of, and authorization to execute Resolution Number 886, a resolution approving action taken by the Broken Arrow Municipal Authority authorizing the issuance of its promissory note in principal amount not to exceed $12,500,000 to the Oklahoma Water Resources Board; ratifying and confirming a lease agreement and operation and maintenance contract and a security agreement between the City and the Authority and containing other provisions relating thereto
End
Background:
The City Council must approve any debt incurred by the Broken Arrow Municipal Authority ("BAMA"). Resolution Number 886 approves the action taken by BAMA under Resolution Number 885 authorizing the issuance of a Financial Assistance Plan promissory note in the principal amount not to exceed $12,500,000 to the Oklahoma Water Resources Board. Staff recommends that the Council approve Resolution Number 886 and authorize its execution.
Cost: $0
Prepared By: Thomas L. Caldwell, Finance Director
Reviewed By: Legal Department
Assistant City Manager
Approved By: Russell M. Gale, Acting City Manager
Attachments: Resolution Number 886
Recommendation:
Approve Resolution Number 886 and authorize its execution.