Broken Arrow Industrial Trust
Meeting of: 7-25-17
To: Trustees
From: Office of the City Attorney
Title:
title
Approval of and authorization to execute Resolution No. 1028, a Resolution of the Broken Arrow Industrial Trust, an Oklahoma Public Trust, approving and authorizing a First Amendment to the Trust Indenture of the Broken Arrow Industrial Trust, which provides for clarification of the language describing the trust estate; which further provides that the trustees shall be the members of the Broken Arrow City Council, as said Council from time to time constituted; which further provides that the Mayor of the City of Broken Arrow shall be the Chairman of the Trust and the Vice -Mayor shall be the Vice-Chairman of said Trust; which further provides for the clarification and expansion of the powers and duties of the trustees in accordance with the purposes set forth in said Trust Indenture; and which further provides for addition of a new section providing for a secretary, treasurer, and a manager of the Trust; to reaffirm and re-accept the Trust herein created for and provided for; to agree to carry out the provisions for the Trust Indenture and all amendments thereto; and finding that such actions are in the best interests of the City of Broken Arrow and the health, safety, and welfare of the City and residents within and near the City
End
Background:
The Broken Arrow Industrial Trust (the "Trust") was created pursuant to a Trust Indenture dated November 1, 1962. The Broken Arrow City Council accepted sole and exclusive beneficial interest in the Trust on the same date. According to the indenture, the Trust was formed for the purpose of permitting the City of Broken Arrow to own, acquire, construct, reconstruct, extend, equip, improve, maintain, sell, lease, contract concerning or otherwise deal in or dispose of any lands, buildings or facilities of any and every nature that can be used ...
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