Broken Arrow City Council
Meeting of: 09/16/2025
Title:
title
Consideration, discussion, and possible approval of Resolution 1702, 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 $6,280,000; approving the issuance of a Series 2025B Promissory Note to Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $6,280,000, 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:
Broken Arrow Municipal Authority has a 2015 FAP Promissory note dated July 30, 2015, in the original amount of $11,900,000 that has an opportunity to be refinance with a new FAP loan that will be Series 2025B with the principal amount not to exceed $6,280,000. Should the authority approve Resolution 1702, there will be savings of approximately $125,000 Net Present Value (after fees) and will shorten the loan period by one year.
Cost: Estimated $110,0000 in issuance costs
Funding Source: Proceeds from the refunding of the OWRB loan
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager's Office
Attachments: Resolution No. 1702, Public Finance Law Group Contract
Recommendation:
recommend
Approve and authorize execution of Resolution No. 1702
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