Broken Arrow City Council
Meeting of: 10/20/2020
Title:
title
Consideration, discussion, and possible approval of Resolution 1348, a Resolution of the City Council of the City of Broken Arrow, Oklahoma (the "City") providing for the sale and issuance of General Obligation Refunding Bonds in the sum of not to exceed Ten Million Two Hundred Fifty Thousand Dollars ($10,250,000.00) by the City of Broken Arrow, State of Oklahoma, for the purpose of refunding certain outstanding general obligation bonds including the outstanding portions of the General Obligation Bonds, Series 2011A of the City and the General Obligation Bonds, Series 2011B of the City; waiving competitive bidding for the bonds; prescribing form of bonds; providing for a bond issue designated "General Obligation Refunding Bonds, Taxable Series 2020A"; providing for registration thereof; designating the registrar for the issue; providing levy of an annual tax for payment of principal and interest on the bonds; approving the forms of a Continuing Disclosure Agreement, an Escrow Agreement, and an Official Statement; and fixing other details of the issue
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Background:
The City has two General Obligation Bonds outstanding (General Obligation Bonds, Series 2011A and the General Obligation Bonds, Series 2011B) that are subject to optional redemption within the next year which provides the City an opportunity to refinance or refund the bonds to reduce future interest costs. These two issues are good candidates for a refunding in which the City would issue new General Obligation Refunding Bonds and pay off the 2011A and the 2011B bonds, resulting in a reduction in the ad valorem taxes necessary to repay the bonds. Low interest rates available in today's bond market make the refunding an economical transaction, providing significant benefits to the City and its taxpayers. The two issues are as follows:
A. General Obligation Bonds, Series 2011A
* Date of Bonds: August 1, 2011
* Original Amount: $5,000,...
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