Broken Arrow City Council
Meeting of: 09-01-2015
To: Mayor and City Council
From: Finance Department
Title:
title
Consideration and possible approval of Resolution Number 891, a resolution approving action taken by the Broken Arrow Municipal Authority authorizing the issuance of its promissory note in the principal amount of $2,045,000 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 891 approves the action taken by BAMA under Resolution Number 890 authorizing the issuance of a Clean Water State Revolving Fund promissory note in the principal amount of $2,045,000 to the Oklahoma Water Resources Board. Staff recommends that the Council approve Resolution 891 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 891
Recommendation:
Approve Resolution 891 and authorize its execution.