Broken Arrow City Council
Meeting of: 11/05/2019
Title:
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Consideration, discussion and possible approval of and authorization to execute Resolution 1281, a Resolution of the City of Broken Arrow, Oklahoma (the “City”) approving the incurrence of indebtedness by the Broken Arrow Municipal Authority (the “Authority”) issuing its Utility System and Sales Tax Revenue Note, Taxable Series 2019 (the “Note”); providing that the organizational document creating the Authority is subject to the provisions of the Indenture authorizing the issuance of said Note; waiving competitive bidding with respect to the sale of said Note and approving the proceedings of the Authority pertaining to the sale of said Note; ratifying and confirming a Lease Agreement by and between the City and the Authority pertaining to the City’s water, sanitary sewer, and solid waste disposal systems; ratifying and confirming a Security Agreement by and between the City and the Authority pertaining to pledge of certain sales tax revenues, and approving and authorizing execution of a Sales Tax Agreement; and containing other provisions relating thereto
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Background:
The City must approve any debt incurred by the Broken Arrow Municipal Authority (BAMA) Resolution No. 1281 approves the action taken by BAMA under Resolution No. 1280 authorizing the refinancing the 2009 Drinking Water SRF and the 2011 Clean Water SRF with the interest rate not to exceed 2.6% and the aggregate principal amount of $5,800,000.
Cost: $0
Funding Source: Proceeds from the refunding of the OWRB loans
Requested By: Cynthia S. Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Resolution #1281
Recommendation:
recommend
Approve and authorize execution of Resolution No.1281
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