Broken Arrow City Council
Meeting of: 3-20-2018
To: Mayor and City Council
From: Finance Department
Title:
title
Consideration, discussion, and possible approval of and authorization to execute Resolution No. 1094, a resolution fixing the amount of Series 2018A bonds to mature each year, Fixing the time and place the bonds are to be sold and authorizing the Clerk to give notice of said sale as required by law; Approving the Preliminary Official Statement pertaining to said bonds; and approving a Legal Services agreement and a Financial Advisor Services agreement and ratification of an Engagement Letter for Legal Services and containing other provisions with respect to the issuance of General Obligation Bonds
End
Background:
The City Council approved at its October 4, 2016 meeting the sale of $18,755,000 in General Obligation Bonds for the projects listed in the exhibit Series 2018A Project Listing. This resolution sets the amount of bonds to be issued, the time and place of the sale and approval of Legal Service and Financial Advisor Services agreements. These bonds will be referred to as Series 2018A. The bonds are scheduled to be awarded at the April 17, 2018 City Council meeting and anticipated to close in May 2018. There has been no change in the projects previously approved.
The proposed sale represents the fourth series of bonds to be issued pursuant to the election held August 26, 2014 at which the qualified electors of the City approved an aggregate amount of $59,935,000 in general obligation bonds for specified capital improvements. The previous series were in the amounts of $18,720,000 dated December 1, 2016, $6,625,000 dated January 1, 2016 and $5,850,000 dated December 1, 2014. The bonds sold January 1, 2016 included $5,855,000 in bonds originally approved in the May 11, 2004 election and repurposed in the 2014 election, making the total sale $11,705,000. These bonds will have a term of twenty (20) years
Cost: $100,000, estimated issuance costs
Prepared By: Tom Cook Jr, Acting Finance Director
Reviewed By: Legal Department
Assistant City Manager, Administration
Assistant City Manager, Operations
Approved By: Michael L. Spurgeon, City Manager
Attachments: Resolution Number 1094
Series 2018A Project Listing
Legal Services Agreement
Financial Advisor Agreement
Preliminary Official Statement
Recommendation:
Approval of and authorization to execute Resolution 1094