Broken Arrow City Council
Meeting of: 08-16-2016
To: Mayor and City Council
From: Office of the City Attorney
Title:
title
Consideration, discussion, and possible approval of and authorization to execute a Capital Improvements Agreement by and between the Board of County Commissioners of Tulsa County, Oklahoma, and the City of Broken Arrow related to Sanitary Sewer System Improvements Project
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Background:
On July 7, 2003, the Tulsa County Board of Commissioners adopted a resolution calling for a special election to levy and collect a sales tax for the purpose of funding capital improvements for the purpose of promoting economic development. Voters approved the sales tax at an election held on September 9, 2003. Pursuant to the terms of the resolution, the Tulsa County Vision Authority, an Oklahoma public trust (the "Vision Authority") was created to determine the projects to be funded by excess sales tax.
On June 6, 2016, the City Council approved the submission of an application for funding in a maximum amount of Eight Hundred Three Thousand dollars ($803,000.00) for the installation of five thousand seven hundred and thirty-one (5,731) linear feet of sanitary sewer system improvements. The improvements will be made within the City of Broken Arrow limits from Florence (111th Street) to Tucson (121st Street) and between Aspen (145th Street) and Olive (129th Street).
On June 16, 2016 the Vision Authority adopted a Resolution approving the application and awarding funds.
In the event the Tulsa County Industrial Authority issues bonds or notes payable from the excess sales tax for the purpose of funding additional projects, the City would be required to pay 1.76% of the cost of the issuance of such bonds or notes and the interest accruing on such bonds or notes.
Cost: No cost to City unless bonds are required
Prepared By: Beth Anne Wilkening, City Attorney
Reviewed By: Assistan...
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