Broken Arrow Municipal Authority
Meeting of: 11/03/2026
Title:
title
Consideration, discussion, and possible approval of Resolution No. 1781, a Resolution authorizing the Broken Arrow Municipal Authority (the “Authority”) to issue its Sales Tax Revenue Note, Series 2026 (the “Note”) in the aggregate principal amount of not-to-exceed $29,985,000.00; waiving competitive bidding and authorizing the Note to be sold on a negotiated basis; 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 revenue; approving and authorizing execution of a Note Indenture authorizing the issuance and securing the payment of the Note; providing that the organizational document creating the Authority is subject to the provisions of the Note Indenture; authorizing and directing the execution of the Note and other documents relating to the transaction, including professional services agreements; and containing other provisions relating thereto
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Background:
The Municipal Service Building is scheduled to go out for bid in spring 2027. Given uncertainty in the interest-rate environment, staff believes securing financing now is in the City’s best interest. If rates continue to rise, delaying the financing could increase the City’s interest costs. After the financing closes, staff will invest the proceeds to maximize earnings and help cover any additional project needs.
Cost: $481,775 in issuance costs
Funding Source: Proceeds from the Sales Tax Revenue Note
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1781
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1781
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