City Council

SPECIAL IVIEETiNG NOTICE AND AGENDA Sand Springs City CounciI Februa「y 21, 2018‑5:00 p"m" Sand Sp血gs MunicipaI Building lOO East B「oadway ‑ Room 2O3 Sand Springs, Oklahoma 74O63 WW.sandsDrinasok.or〇 1. Ca= to Order ¶me 3. GeneraI Obliaation Limited Tax Bonds. Series 2018 A) Awa「d ofBid to Se= Counc" may ∞nSider app「ovaI of the awa「d of bid to se= $6,180,000.00, Cfty of Sand Springs, Oklahoma, Generai Ob噂ation Limited Tax Bonds, Series 2018, tO the iowest qua圃ed bidde「. (P「esented by: Bond CounseI John Weidman) Motion Second B) O「dinance No・ 1314 Counc" may conside「 adoption of O「dir旧nce No. 1314 p「OViding fo「 the issuance Of Gene「ai Ob噂ation山mited Tax Bonds in the sum of Six M=iion One Hund「ed Eighty Thousand and no/100s do=a「s ($6,180,000.00) by the City of Sand Springs, OkIahoma, au皿orieed at an eiection duly calied and heid fo「 SuCh PurPOse; PreSCribing form of Bonds; PrOVIdIng fo「 「egistration the「e(of; P「OViding for a system of registration fo「 unce輔cated 「egiste「ed publlC O帥gations; P「OViding levy of an annuai tax for payment of p血Cipai and interest on the same; 帥ng other detaiis of the lSSue; and decにlring an emergency. (P「esented by: Bond CounseI John Weidman)  C3A THE CITY COUNCIL OF THE CITY OF SAND SPRINGSI STATE OF OKLAHOMA, MET IN SPECIAL SESSION IN THE COUNCIL CHAMBERS AT THE CITY HALL, 100 E. BROADWAY STREET〕 IN SAID CITY ON THE 21ST DAY OF FEBRUARY, 2018, AT 5:00 0‑CLOCK P.M. PRESENT: ABSENT: Notice of this special meeting having been given in writing to the City Clerk of the City Of Sand Springs, Oklahoma at least forty eight (48) hours prior to紺ch meeting, and public notice and agenda was posted in prominent public view at血e City Hall, 100 E. Broadway Street in said City at least twenty‑four (24) hours prior to this meeting, eXCluding Saturdays, S皿days and legal holidays, all in compliance with the OklahQma Open Meeting Act. (OTHER PROCEEDINGS) It appearing that due and legal notice had been given that Sand Springs, Oklahoma, would o挽r for sale on this date and at血s hour and at this place its $6,180,000 0f General Obligation Limited Tax Bonds, Series 201 8;¥、maturing $325,000.00 in two years from their date and $325,000.00 amually ea中辛ear therea錐跡、until paid exc野I that the last installment shall be for $330,000.00, the goveming body、Ofthe City proceeded to consider血e bids received for the PurChase of said Bonds. The follpwing bids ¥Were reCeived and considered by the goveming body ofthe City: 一丁R前官 ENTEREST RATE BID The goveming body ofthe City required each bidder to submit with his bid a sum in cash Or its equivalent equal to two percent of his bid, and after due consideration of all bids received City Clerk ( SEAL)  I, the undersigned, the duly qualified and acting City Clerk of the City of Sand Springs, Oklahoma hereby certify′ that the foregoing is a true and complete copy of an Ordinance authorizing the issuance of general obligation bonds for the purpose therein set out adopted by the goveming body of said City and Transcript of Proceedings of said goveming body at a regular meeting thereof held on the date therein set out insofa∫ aS the same relates to the introduction, reading and adoption thereof as the same appears of record in my office. 宣fu血er certify that attached hereto as Exhibit A一一is a tme and complete copy of the public notice and agenda of this Special meeting which was given in writing to the Sand Springs City Clerk at least forty eight (48) hours prior to s芥d meeting and which was posted in prominent public view at the City Hall, 100 E. Broadway Street, in said City at least twentyrfeur (24) hours prior to the date of the meeting therein described, eXCluding S競urdays, Sundays and legal holidays, all in compliance with the Oklahoma Open Meeting Act. WITNESS my hand and seal this 2lst day ofFebruary, 2018. Cily C獲erk, City of Sand Springs, Oklahoma (SEAL)  C3B THE CITY COUNCIL OF THE CITY OF SAND SPRINGS, STATE OF OKLAHOMA, MET IN SPECIAL SESSION IN THE COUNCIL CHAMBERS AT THE CITY HALL, 100 E. BROADWAY STREET, IN SAID CITY ON THE 21ST DAY OF FEBRUARY, 2018, AT 5:00 O CLOCK P.M. PRESENT: ABSENT: Notice ofthis special meeting having been given in writing to the City Clerk of the City Of Sand Springs, Oklahoma at least forty eight (48) hours prior to such meeting, and public notice and agenda was posted in prominent public view at the City Ha11, 100 E. Broadway Street in said City at least twenty‑four (24) hours prior tQ this meeting, eXCluding Sattrys, Sundays and legal holidays, all in compliance with the Oklahoma Ope職Meeting Act. THEREUPON, an Ordinance was introduced which was read in full by the Council  ORDINANCE NUMBER 1314 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION LIMITED TAX BONDS IN THE SUM OF SIX MILLION ONE HUNDRED AND FIGHTY THOUSAND AND NO/100S DOLLARS ($6,180,000.00) BY THE CITY OF SAND SPRINGS, OKLAHOMA AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCR重BING FO則M OF BONDS; PROVIDING FOR REGISTRATION THEREOF; PROVIDING 《 FOR A SYSTEM OF REGISTRATION FOR UNCERTIF重CATED REGISTERED PUBLIC OBLIGATIONS; PROVIDING L圏VY OF AN ANNUAL TAX FOR PAYMENT OF PRTNCIPAL AND INTEREST ON THE SAME; FIXING OTHER DETAILS OF ¥ THE ISSUE; AND DECLARING AN HMERGENCY. WHEREAS, On the 14th day of November, 2017, PurSuant tO nOtice duly given, an election was held in the City of Sand Springs, State of Oklchoma, for the purpose of submitting to血e registered, qualified electors of said City也equestion轟the issuance ofthe bonds of said City in the sun of Six Million, One Hundred ind Eighty Thou組nd Dollars ($6,180,000.00) to provide funds for purposes‑Of economic development wi触in or near said City and acquiring necessary property and land也ere斑r; and / WHEREAS, as Shown by the ;canvass of血e retuns by the County Election Board of Tulsa County, Oklahorm, at Said election there wefe cast by the registered, qualified electors of said City ba1lots ofwhich 865 were in瓦vor and 6う5 were against the issuance of said Bonds and O were m融l靴ed, SPOiled or not voted ballots; and WHEREAS, a¥ lawful m鴻ority of血e registered, qualified electors voting on said proposition cast their ballots in favor of the issuance of a11 of said bonds and the issuance thereof has been duly authorized; and wHEREAs, th。 City 6f Sand Springs, Oklahoma has not previously issued general obligation bonds for any of血d above propositions. WHEREAS, The Council of the City of Sand Springs, Oklahoma desires to issue at this time $6,180,000.00 in General Obligation Limited Tax Bonds, Series 2018 for the purpose of securing and developing industry within or near said City; and BE IT ORDAINED BY THE COUNCIL OF THE CITY OF SAND SPRINGS, OKLAHOMA : 2  SECTION l. That there are hereby ordered and directed to be issued the bonds of said City言n accordance with the fom as hereinafter set out, in the aggregate amount of Six Mi11ion One Hundred and Eighty Thousand and No/100s Dollars ($6,180,000.00), Which Bonds shall be designated General Obligation Limited Tax Bonds, Series 2018 . (the Bonds一一), Sha11 be dated Apri1 1, 2018 and shall become due and payable and shall bear interest from their date until paid as fbllows: Maturing Principal %%%%%%%%%%%%%%%%%%% ADri1 1 Amount 2020 $325,000.00 202 1 $325,000.00 2022 $32う,000.00 2023 $325,000.00 2024 $325,000.00 2025 $32う,000.00 2026 $325,000.00 2027 $325,000.00 2028 $325,000.00 2029 $325,000.00 2030 $32㌔00年00 2031 ‑ $325,000.00 2032 臆 $325,000.00 2033 $325,000.00 2034 $3為000.00 2035 $325,000.00 203 6 $3 25,000:00 203T $325,000.00 2038 ¥ ¥$330,000.00 。。血書霊蕊苗韓が霊謹忠霊霊豊‡宝器書芸霊器 $100.00 or any whole multiple thereof The Bonds maturing in the years 2020 through 2026, inclusive, Sha11 not be su切ect to redemption prior to maturity. The Bonds maturing in the years 2027 and thereafter sha11 be Sul)ject to redemption at the option of the City, in whole or in part, in inverse order of maturity and by lot within a maturity, On any date on or after Apri1 1, 2026, at the principal amount thereof plus accrued interest to the date fixed for redemption, Plus a premium equa=o the PerCentage Of principal amount called for redemption as set forth in the following schedule‥ 3  Notice of any such redemption shall be sent by registered or certified mail not less血an thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the Registered Holder of each Bond to be redeemed at the address shown on the Registration Books ofthe City maintained by the Regis仕ar or at such other address as is fumished in writing by such Registered Holder to the Registrar. When so ca11ed for redemption, this Bond will cease to bear interest on the specified redemption date, PrOVided funds for redemption are on deposit at the Place of payment at that time, and shall not be deemed to be outstanding. SECTION 2. That each of said Bonds and the endorsements and certificates thereon sha11 be in substantially the fo11owing fom: Unless this Bond is presented by an authorized /r印reSentative of The Depository Trust Company to the Registrar for registr叫ch of transfer, eXCha鴇e or payment and any bond issued is registered in the nalme Of Cede & Co., Or SuCh other name as requested by an authorized representative of The Depository Trust Corxpeny and any payment is made to Cede & Co., ANY TRANSF駅, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof; Cede & Co., has an interest herein・ UN宣TED STÅTES OF AMERICA No. OKLAHOMA $ KNOW ALL MEN BY THESE PRESENTS: That the City ofSand Springs, State ofOk皿oma, by its City Council, hereby acknowledges itself indebted tQ and for value received, Promises to pay the principal amount set forth above to the person named below: CEDE & CO.. INC. or registered assigns,ひereinafter ca獲led the Registered Holder ), for the bond nunber(s) set forth above, together with interest thereon at the rate specified hereon, from the date hereof until paid, Payable semi‑amually on the lst day ofApril, and the lst day ofOctober reSPeCtively, in each year, begiming Apri=, 2019. The principal ofand interest on this Bond are payable in lawful money ofthe United States ofAmerica which, at the time ofpayment, Sha11 be legal tender for the payment ofpublic and private debts. Payments ofinterest hereon shall be paid by check ofBank ofOklahoma, National Association, Tulsa, Oklahoma (herein called the 一Bank 一) payable to the order of the 4 Registered Holder and mailed to the address shown in the Registered Holder on or before the date on which each such payment is due. Payment ofprincipal ofthis Bond sha11 be payable Only upon surrender ofthis Bond to血e Bank. THE FULL FAITH, CREDIT, AND RESOURCES of said City are hereby irrevocably Pledged to血e payment of this Bond. THIS BOND is one ofan issue oflike date and tenor, eXCePt aS te date ofmaturity, rate Of interest, and denomination, tOtaling the principal sum of Six Million One Hundred and Eighty Thousand and No/100s Dollars ($6,1 80,000.00) and is issued pursuant to an election held on November 14, 2017, for the purpose ofsecuring and developぬg industry within or near said City under Section 35, Article X ofthe Constitution, and Title 62, Oklahoma離加utes (Supp. 2007) Sections 800 to 804, and statutes of the State of Oklahoma inclusive and acts comp[ementary, SuPPlementary, and enacted pursuant thereto. No person shall be entitled to any right or benefit provided in this Bond unless the name of SuCh person is registered by the Bank as the Registrar ofthe City on the Registration Record. This Bond shall be transferable only upon delivery of this Bond to the Registrar, duly endorsed Or aCCOmPanied by a written instrument Qf飯msfer in fom satisfactory to the Bank, duly executed by the Registered Holder hereof or his祖omey du宣y authorized in writing, and such transfer registered on the Registration Record. The Registrar shall not be required to make such transfer afler the珊eenth (1 5) day preceding iny iuterest payment date until after said latter date. The name ofthe Registered Holder end餌sed hereon sh剃be deemed the correct nane of the owner ofthis Bond for all purposes whatsoever. The Registrar will keep the Registration 至宝霊霊霊諸芸宝器喜怒誌砦慧語霊罵豊請書 Certified United States Mail沖ostage prepaid主o the Registered Holder at the address shown in the Registration Re∞rd, and such notice shall be effective 。n t転date Qfnlailing and su飾cient as to all persons. Bonds ofthe issue ofwhich thi轡Bond is one, maturing in the years 2020 through 2026, inclusive, Shall not be subject tp redemption prior to maturity. Said Bonds maturing in the years 2027 and th餌eafter shall be su助ect to redemption at血e option ofthe City, in whole or in part, in inverse order ofmaturity and by lot within a maturity, On any date on or after Apri1 1, 2026, at the principal amount thereofplus accrued interest to the date fixed for redemption. Notice of any such redemption sha11 be sent by registered or certified mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the Registered Holder of each Bond to be redeemed at the address shown on the Registration Books Ofthe City maintained by the Registrar or at such other address as is fumished in writing by SuCh Registered Holder to the Registrar. When so called for redemption, this Bond will cease to bear interest on the specified redemption date, ProVided funds for redemption are on deposit at the place ofpayment at that time, and shall not be deemed to be outstanding. 5  IT IS HEREBY CERTIFIED AND RECITED that all acts, COnditions and things required to be done, PreCedent to and in the issuance of this Bond have been properly done, happened and been perfomed in regular and due fom and time as required by law, and that the total indebtedness ofsaid City, including this Bond, and the series ofwhich it foms a part, does not exceed any constitutional or statutory limitation; and that due provision has been made for the collection ofan amual tax su純cient to pay the interest on this Bond as it falls due and also to constitute a sinking fund for the payment of the principal hereof at maturity, Which tax shall not be in excess offive mills on the dollar for all bonds issued under Section 35, Article X ofthe Oklahoma C onstitution. IN WITNESS WHEREOF, Said City has caused this Bond to be signed by the Mayor, attested by its City Clerk, and sealed with the seal血ereof也is Ist day ofA関il, 201 8. Mayor of仙e City of Sand Sp垂ugs, City Clerk, City of Sand Spring§, Oklahoma 、 (Se討) AUTHENTICAT重ON CERTIFICATE This Bond is one of the Bonds qfthe issue described in the Transc五pt of Proceedings prepared fdr this Bond issue, and is one 。fthe Genein」 Obligation Bonds, Series 201 8, ofthe City of Sand Springs, Oklahoma. 一 Date of Registration and Authentication. Authorized Of鞘cer (ENDORSEMENT NO. 1) Fom ofcertificate by the District Attomeys and County Clerks to be endorsed on each Bond. STATE OF OKLAHOMA ) ) ss. COUNTIES OF OSAGE, and TULSA ) We, the undersigned, District Attomeys and County Clerks, reSPeCtively, Of said Counties, in said State, in which the within named City is situated, hereby certify that the within Bond is 6  Tulsa County Clerk (Seal) のs鶏群Cou血中C脆rk ¥ (Se封) FO則M OF ASS量GNM皿ⅣT (Cust) (Minor) Gifts to Minors Act of Oklahoma Additional abbreviations may also be used though not in above list. A S SIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, aSSigns and transfers unto (Please insert S低ial Security or Taxpayer identification nunber of assignee)̲ (Please Print or Typewrite Name and Address of Assignee) the within Bond, and a11 rights thereunder, and hereby does irrevocably constitute and appoint ̲ attomey to transfer the wi血in Bond on the books kept for registration thereof; with full power of Substitution in the premises. Dates: (Si gnature guaranty) NOTICE: The signature to this Legal Opinion (ENDORSEMENT NO. 2) Form of certificate by the City Treasurer to be endorsed on each Bond. City Treasurer (ENDORSEMENT NO. 3) Certificate of apprQVal by the Attomey General to be endorsed on each Bond.  A備Omey Gener農I, Ex‑0簡cio Bond Commissioner of the State of Ok喜ahoma SECT量ON 3. That each ofsaid Bonds sha11 be signed by the Mayor and the corporate seal ofthe City a怖xed thereto and attested by the City Clerk ofthe City; that such o餌cers be and hereby are authorized and directed to cause said Bonds to be prepared and to execute the same for and on behalfofthe City, have血e same registered by the Treasurer, endorsed by the District Attomeys and County Clerks and presented to the Att mey General Ex‑Officio Bond Commissioner, tOgether with a certified transcript of all proceedings had in connection with their issue for his approval and endorsement; that thereafter said Bonds cha11 be delivered to the purchaser upon payment of the purchase price thereof; which shall not be less than par and accrued interest. The proceeds derived from the sale ofsaid Bonds sha= be placed in a special fund and used solely forthe purposes set out in血e Bond in Section 2 hereof ¥ SECTION 4. Whe勝ver any registered Bond or Bonds shall be exchanged for another registered Bond or Bonds of different denomination, the Registrar sha11 cancel the Bond or Bonds su重丁endered in s調ch exchange on the face thereof and on血e Registration Record. Ifthe supply of registered Bonds for making exchanges sha11 have been exhausted the Registrar sha= cause additional registered Bonds to be prepared at the expense ofthe City. The City covenants that upon request of the Regishar, its appropriate officers promptly wi11 execute such additional registered Bonds on behalf ofthe City. SECTION 5. The Registrar for a11 registered Bonds issued pursuant to this Ordinance shall be BOKF, National Association, Tulsa, Oklahoma, Which shall maintain a Registration Record for the pu呼ose ofregistering the name and address ofthe Registered Holder ofeach registered Bond. The Registrar will keep the Registration Record open for registrations during its business hours. In the event ofa change ofRegistrar, nOtice thereofshall be mailed registered or certified United State Mail, POStage PrePaid, tO the Registered Holder of each registered Bond. The name and address ofthe Registered Holder as the same appear on the Registration Record sha= be conclusive evidence to a= persons and for a11 purposes whatsoever and no person other than the Registered Holder shown on the Registration Record shall be entitled to any right or benefit in relation to the Bond so registered; PrOVided that the foregoing shall not apply to any successor by operation oflaw ofsuch Registered Holder. Registered 9 Bonds shal喜be transferable only upon delivery of such Bonds to the Registrar, duly endorsed or accompanied by a written instrument of transfer in fom satisfactory to the Registrar, eXeCuted by the Registered Holder thereof or his attomey duly authorized in writing, and such transfer registered on the Registration Record. Ifthe Fom ofAssignment on such Bonds is exhausted, such Registered Bonds delivered to the Registrar for registration of transfer sha11 be canceled by the Registrar on the face thereof and the Registrar sha11 authenticate and deliver to the transferee Bonds in aggregate principal amount equal to the unpaid principal of the surrendered Bonds in new registered Bonds, in denominations of$1,000.00 0r any multiple$thereof The Registrar shall not be required to make such transfer after the fifteenth (1 5th) day preceding any interest Payment date until after said latter date. SECTION 6. There is hereby created and established a system ofregistration for uncertificated registered public obligations with respect to the Bonds as provided in the Registered Public Obligations Act of Oklahoma, Title 62, Oklahoma Statutes 20 1 l , Section 582(13)(b), Whereby books sha11 be maintained on behalfofthe City by The Depository Trust Company, New York, New York, for the purpose of registration of transfer of the uncertificated registered public obligations with respect to the Bonds which specify the persons entitled to the uncertificated registered public obligations with respect to血e Bonds and the rights evidenced thereby and which provide that the transfer of the uncerdficated registered public obligations with respect to the Bonds and the rights evidenced thereby shall be registered upon such books, and the Mayor and City Clerk are hereby authorized and directed to execute such documents and instruments as may be required to implement the foregoing system of registration. SECTION 7. That beginning with the year 201 8うa COntinuing amual tax su珊cient to pay the interest on sald Bonds when due and for血e puIPOSe Ofproviding a sinking fund with which to pay the principal ofsaid Bonds when due shall be and is hereby ordered levied upon a11 taxable property in said City言n addition to a11 other taxes, Said sinking fund to be designated "GENERAL OBLIGATION BONDS, SERIES 2018, SINKING FUND. Said Tax shall be and is hereby ordered certified levied and extended upon the rolls and co11ected by the same officers, in the same mamer and at the same time as the taxes for general purposes in each of said years are cer描ed, levied, eXtended狐d co=ected; that a= funds derived from said tax shall be placed in said sinking f血d which, together with any interest collected on same, Sha= be irrevocably pledged to the pay叩ent of the interest on and principa宣of said Bonds when and as the same fall due. SECTION 8・ The City covenants and agrees that it shall at all times perfom all acts and things necessary or appropriate under any valid provision of law to ensure that interest paid on the Bonds shall not be included in gross income ofthe owners thereof for Federal income tax purposes under the Intemal Revenue Code of 1986 aS amended. SECTION 9. The City hereby covenants and agrees that it will comply with and cal丁y out all of the provisions of the Continuing DiscIosure Certificate. Notwithstanding any other provision of this Resolution failure of the City to comply with the Continuing DiscIosure Certificate sha11 not be considered an event ofdefault on the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate including seeking mandate or specific perfomance by court order, tO CauSe the City to comply with its obligations under this 10 City Clerk (SEAL) ‡ !  I, the undersigned・ the duly qua聞ed and acting City Clerk ofthe City ofSand Springs, Oklahoma hereby certify血at the foregoing is a true and complete copy of an Ordinance authorizing the issuance of general obligation bonds for the purpose therein set out adopted by the goveming body ofsaid City and Transcript ofProceedings ofsaid goveming body at a regular meeting thereof held on the date therein set out, insofar as the same relates to the introduction reading and adoption thereof as the same appears of record in my o餓ce. I further certify that attached hereto as Exhibit A当s a true and complete copy of the Public notice and agenda ofthis Special meeting which was given in writing to the Sand Springs City Clerk at least forty eight (48) hours prior to said meeting and which was posted in PrOminent public view at the City Hall, 100 E. Broadway Street, in said City at least twentyrfeur (24) hours prior to the date of the meeting血erein described, eXCluding Saturdays, Sundays and legal ho獲idays, all in compliance with the Oklahoma Open Meeting Act. WITNESS my hand and seal this 21st day ofFebruary, 2018. City Clerk, City of Sand Springs, Oklahoma (SEAL)