Broken Arrow Municipal Authority
Meeting of: 08/05/2024
Title:
title
Consideration, discussion, and possible approval of Resolution No. 1596 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 $21,450,000; approving the issuance of a Series 2024A Promissory Note to Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $21,450,000, 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
End
Background:
Broken Arrow Municipal Authority has a list of projects that would qualify for the FAP Loan Program from the Oklahoma Water Resource Board. Resolution 1596 authorizes application of the Loan and authorizes the acceptance of the loan and issuance of the 2024A Promissory Note not to exceed $21,450,000.
Cost: Estimated $297,720
Funding Source: Proceeds from the OWRB loans
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution No. 1596. List of projects, Public Law Firm PLLC contract
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1596
end