City Council

THE CITY COUNCIL OF THE CITY OF SAND SPRINGS, STATE OF OKLAHOMA, MET IN REGULAR SESSION IN THE COUNCIL CHAMBERS AT CITY HALL, 100 EAST BROADWAY STREET, IN SAID CITY ON THE 23RD DAY OF SEPTEMBER , 2024, AT 6:00 O'CLOCK P.M. PRESENT: ABSENT: Written notice of the schedule of regular meetings of the Council of the City for calendar year 2024 having been given in writing to the City Clerk of the City of Sand Springs, Oklahoma prior to December 15, 2023 and public notice and agenda of this meeting having been posted in prominent public view at the City Hall, 100 East Broadway Street in said City at least twenty-four (24) hours prior to this meeting, excluding Saturdays, Sundays and legal holidays, all in compliance with the Oklahoma Open Meeting Act. (OTHER PROCEEDINGS) RESOLUTION 25-05 It appearing that due and legal notice had been given that the City of Sand Springs, Oklahoma, would offer for sale on this date and at this hour and at this place its $5,265,000.00 of General Obligation Bonds, Series 2024, maturing $290,000.00 in three years from their date and $290,000.00 annually each year thereafter until paid, except the last installment shall be for $335,000.00, the governing body of the City proceeded to consider the bids received for the purchase of said Bonds. The following bids were received and considered by the governing body of the City: TRUE BIDDERS INTEREST RATE BID PREMIUM The governing body of the 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 by the governing body, a motion was made by Councilman _________ that the bonds were awarded, sold, and delivered to _____________upon fulfillment of the terms set out in said contract and bid for the purchase of said Bonds. Said motion was seconded by Councilman __________, and was adopted by the following vote: AYE: NAY: 150019.24  ADOPTED this 23rd day of September, 2024. Mayor, City of Sand Springs, Oklahoma ATTEST: City Clerk, City of Sand Springs, Oklahoma (SEAL) 2  I, the undersigned, the duly qualified and acting Clerk of the City of Sand Springs, Oklahoma hereby certify that the foregoing is a true and complete copy of the proceedings of the governing body of said City at the time bids were reviewed and considered for the sale of its general obligation bonds, taken at a regular meeting thereof duly held on the date therein set out, as the same appears of record in my office. I further certify that attached hereto as Exhibit "A" is a true and complete copy of the public notice and agenda for said meeting which was posted in prominent public view at the City Hall, 100 E. Broadway Street, in said City at least twenty-four (24) hours prior to the date of the meeting wherein said Resolution was adopted, excluding Saturdays, Sundays and legal holidays. I further certify that attached hereto as Exhibit “B” is a true and complete copy of the regular meeting notice for said meeting which was filed with the City Clerk of the City of Sand Springs, Oklahoma in accordance with the Oklahoma Open Meeting Act. WITNESS my hand and seal this 23rd day of September, 2024. City Clerk, City of Sand Springs, Oklahoma (SEAL) 3 THE CITY COUNCIL OF THE CITY OF SAND SPRINGS, STATE OF OKLAHOMA, MET IN REGULAR SESSION IN THE COUNCIL CHAMBERS AT CITY HALL, 100 EAST BROADWAY STREET, IN SAID CITY ON THE 23RD DAY OF SEPTEMBER, 2024, AT 6:00 O'CLOCK P.M. PRESENT: ABSENT: Written notice of the schedule of regular meetings of the Council of the City for calendar year 2024 having been given in writing to the City Clerk of the City of Sand Springs, Oklahoma prior to December 15, 2023 and public notice and agenda of this meeting having been posted in prominent public view at the City Hall, 100 East Broadway Street in said City at least twenty-four (24) hours prior to this meeting, excluding Saturdays, Sundays and legal holidays, all in compliance with the Oklahoma Open Meeting Act. THEREUPON, an Ordinance was introduced which was read in full by the Council Secretary and considered by sections. Upon motion by Councilman ________, seconded by Councilman ________, the Ordinance was finally passed with the following vote: AYE: NAY: And upon motion of Councilman _________, seconded by Councilman ________, the question of the emergency was ruled upon separately and approved by the following vote. AYE: NAY: THEREUPON, the Ordinance was signed by the Chairman of the Council, forwarded to the Mayor by the City Clerk, signed by the Mayor, attested by the Clerk, sealed with the seal of said municipality and is as follows: 150019.11a 1  ORDINANCE NUMBER 1421 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS IN THE SUM OF FIVE MILLION TWO HUNDRED SIXTY FIVE THOUSAND AND NO/100S DOLLARS ($5,265,000.00) BY THE CITY OF SAND SPRINGS, OKLAHOMA AUTHORIZED AT AN ELECTION DULY CALLED AND HELD FOR SUCH PURPOSE; PRESCRIBING FORM OF BONDS; PROVIDING FOR REGISTRATION THEREOF; PROVIDING FOR A SYSTEM OF REGISTRATION FOR UNCERTIFICATED REGISTERED PUBLIC OBLIGATIONS; PROVIDING LEVY OF AN ANNUAL TAX FOR PAYMENT OF PRINCIPAL AND INTEREST ON THE SAME; FIXING OTHER DETAILS OF THE ISSUE; AND DECLARING AN EMERGENCY. WHEREAS, on the 28th day of June, 2022, pursuant to notice duly given, an election was held in the City of Sand Springs, State of Oklahoma, for the purpose of submitting to the registered, qualified electors of said City the question of the issuance of the bonds of said City in the following amounts: $4,325,000.00 of General Obligation Bonds by the City of Sand Springs, Oklahoma, to provide funds (either with or without state or federal aid) for the purpose of acquiring, constructing, reconstructing, extending, enlarging, improving, and repairing streets within said City of Sand Springs, Oklahoma, as authorized by Section 27, Article X of the Constitution and Statutes of the State of Oklahoma, and acts complimentary, supplementary and enacted pursuant thereto; and $3,775,000.00 of General Obligation Bonds by the City of Sand Springs, Oklahoma, to provide funds (either with or without state or federal aid) for the purpose of purchasing, constructing, equipping, improving, extending, renovating, repairing and beautifying public parks and park lands, cultural and recreation facilities, all to be owned exclusively by said City of Sand Springs, Oklahoma, as authorized by Section 27, Article X of the Constitution and Statutes of the State of Oklahoma, and acts complementary, supplementary and enacted pursuant thereto; and WHEREAS, as shown by the canvass of the returns by the County Election Board of Tulsa County, Oklahoma, at said June 28, 2022 election there were cast by the registered, qualified electors of said City: On the question of the issuance of said street bonds, 3,206 votes, of which 2,138 were in favor of and 1,068 were cast against the issuance of said bonds, and 0 were mutilated, spoiled or not voted ballots; On the question of the issuance of said public parks bonds, 3,194 votes, of which 2,011 were in favor of and 1,183 were cast against the issuance of said bonds, and 0 were mutilated, spoiled or not voted ballots; and 2  WHEREAS, a lawful majority of the registered, qualified electors voting on each of said Propositions cast their ballots in favor of the issuance of all of said bonds and the issuance thereof has been duly authorized; and WHEREAS, of the $3,775,000.00 of General Obligation Bonds by the City of Sand Springs, Oklahoma, to provide funds (either with or without state or federal aid) for the purpose of purchasing, constructing, equipping, improving, extending, renovating, repairing and beautifying public parks and park lands, cultural and recreation facilities, all to be owned exclusively by said City of Sand Springs, Oklahoma, as authorized by Section 27, Article X of the Constitution and Statutes of the State of Oklahoma, and acts complementary, supplementary and enacted pursuant thereto, the City has previously issued bonds in the amount of $2,835,000.00 in its Series 2022 Bonds, leaving $940,000.00 authorized but not issued; and WHEREAS, of the $4,325,000.00 of General Obligation Bonds by the City of Sand Springs, Oklahoma, to provide funds (either with or without state or federal aid) for the purpose of acquiring, constructing, reconstructing, extending, enlarging, improving, and repairing streets within said City of Sand Springs, Oklahoma, as authorized by Section 27, Article X of the Constitution and Statutes of the State of Oklahoma, and acts complimentary, supplementary and enacted pursuant thereto, the City has not previously issued any general obligation bonds, leaving $4,325,000.00 authorized but not issued; and; WHEREAS, The Council of the City of Sand Springs, Oklahoma, pursuant to Title 62, Oklahoma Statutes 2021, Section 354, desires to issue at this time $5,265,000.00 in General Obligation Bonds consisting of a combined issuance of $4,325,000.00 bonds for the purpose of acquiring, constructing, reconstructing, extending, enlarging, improving, and repairing streets within said City of Sand Springs, Oklahoma; and $940,000.00 for the purpose of purchasing, constructing, equipping, improving, extending, renovating, repairing and beautifying public parks and park lands, cultural and recreation facilities, all to be owned exclusively by said City of Sand Springs, Oklahoma. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF SAND SPRINGS, OKLAHOMA: SECTION 1. That there are hereby ordered and directed to be issued the bonds of said City, in accordance with the form as hereinafter set out, in the aggregate amount of Five Million Two Hundred Sixty Five Thousand and No/100s Dollars ($5,265,000.00), which Bonds shall be designated "General Obligation Bonds, Series 2024" (the "Bonds"), shall be dated November 1, 2024, and shall become due and payable and shall bear interest from their date until paid as follows: Maturing Principal Interest November 1 Amount Rate 2027 $290,000 % 2028 $290,000 % 2029 $290,000 % 2030 $290,000 % 2031 $290,000 % 3  2032 $290,000 % 2033 $290,000 % 2034 $290,000 % 2035 $290,000 % 2036 $290,000 % 2037 $290,000 % 2038 $290,000 % 2039 $290,000 % 2040 $290,000 % 2041 $290,000 % 2042 $290,000 % 2043 $290,000 % 2044 $335,000 % Interest shall be payable semi-annually on the first day of May and November of each year, commencing on May 1, 2026. The Bonds are issuable as registered Bonds in denominations of $1,000.00 or any whole multiple thereof. The Bonds maturing in the years 2027 through 2032, inclusive, shall not be subject to redemption prior to maturity. The Bonds maturing in the years 2033 and thereafter shall be subject 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 November 1, 2032, at the principal amount thereof plus accrued interest to the date fixed for redemption. Notice of any such redemption shall 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 of the City maintained by the Registrar or at such other address as is furnished 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 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 shall be in substantially the following form: Unless this Bond is presented by an authorized representative of The Depository Trust Company to the Registrar for registration of transfer, exchange or payment and any bond issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, 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. 4  UNITED STATES OF AMERICA No. STATE OF OKLAHOMA $ CITY OF SAND SPRINGS General Obligation Bond, Series 2024 % Due November 1, 20 Dated: November 1, 2024 CUSIP: KNOW ALL MEN BY THESE PRESENTS: That the City of Sand Springs, of Tulsa County, Oklahoma, hereby acknowledges itself indebted to and for value received, promises to pay the principal amount set forth above to the person named below: CEDE & CO., INC. or registered assigns, (hereinafter called the "Registered Holder"), for the bond number(s) set forth above, together with interest thereon at the rate specified hereon, from the date hereof until paid, payable semi-annually on the 1st day of May, and the 1st day of November, respectively, in each year, beginning May 1, 2026. The principal of and interest on this Bond are payable in lawful money of the United States of America which, at the time of payment, shall be legal tender for the payment of public and private debts. Payments of interest hereon shall be paid by check of BOKF, National Association, Tulsa, Oklahoma (herein called the "Bank") payable to the order of the 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 of principal of this Bond shall be payable only upon surrender of this Bond to the Bank. THE FULL FAITH, CREDIT, AND RESOURCES of said City are hereby irrevocably pledged to the payment of this Bond. THIS BOND is one of an issue of like date and tenor, except as to date of maturity, rate of interest, and denomination, totaling the principal sum of Five Million Two Hundred Sixty Five Thousand and No/100s Dollars ($5,265,000.00) consisting of a combined issuance of: $4,325,000.00 of General Obligation Bonds by the City of Sand Springs, Oklahoma for the purpose of acquiring, constructing, reconstructing, extending, enlarging, improving, and repairing streets within said City of Sand Springs, Oklahoma; and $940,000.00 bonds for the purpose of purchasing, constructing, equipping, improving, extending, renovating, repairing and beautifying public parks and park lands, cultural and recreation facilities, all to be owned exclusively by said City of Sand Springs, Oklahoma; all pursuant to Section 27, Article X of the Constitution and statutes of the State of Oklahoma, and acts complementary, 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 of the 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 of transfer in form satisfactory to the Bank, duly executed by 5 the Registered Holder hereof or his attorney duly authorized in writing, and such transfer registered on the Registration Record. The Registrar shall not be required to make such transfer after the fifteenth (15) day preceding any interest payment date (the “Record Date”), until after said latter date. The name of the Registered Holder endorsed hereon shall be deemed the correct name of the owner of this Bond for all purposes whatsoever. The Registrar will keep the Registration Record open for registration of ownership of registered Bonds during its business hours. In the event of a change of Registrar for any reason, notice thereof shall be mailed, by registered or certified United States Mail, postage prepaid, to the Registered Holder at the address shown in the Registration Record, and such notice shall be effective on the date of mailing and sufficient as to all persons. Bonds of the issue of which this Bond is one, maturing in the years 2027 through 2032, inclusive, shall not be subject to redemption prior to maturity. Said Bonds maturing in the years 2033 and thereafter shall be subject 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 November 1, 2032, at the principal amount thereof plus accrued interest to the date fixed for redemption. Notice of any such redemption shall 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 of the City maintained by the Registrar or at such other address as is furnished 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 of payment at that time, and shall not be deemed to be outstanding. 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 performed in regular and due form and time as required by law, and that the total indebtedness of said City, including this Bond, and the series of which it forms a part, does not exceed any constitutional or statutory limitation; and that due provision has been made for the collection of an annual tax sufficient 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. 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 thereof this 1st day of November, 2024. Mayor of the City of Sand Springs, Oklahoma Attest: City Clerk, City of Sand Springs, Oklahoma (Seal) 6  AUTHENTICATION CERTIFICATE This Bond is one of the Bonds of the issue described in the Transcript of Proceedings prepared for this Bond issue, and is one of the General Obligation Bonds, Series 2024, of the City of Sand Springs, Oklahoma. Date of Registration and Authentication. BOKF, National Association By: Authorized Officer (ENDORSEMENT NO. 1) Form of certificate by the District Attorneys and County Clerks to be endorsed on each Bond. STATE OF OKLAHOMA ) ) ss. COUNTIES OF OSAGE, and TULSA ) We, the undersigned, District Attorneys 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 one of a series of Bonds issued by the within named City pursuant to law, and that the entire issue of said Bonds is within the debt limit imposed upon said City by the Constitution and laws of the State of Oklahoma. WITNESS our respective official hands and the seals of said Counties this 1st day of November, 2024. District Attorney Tulsa County Clerk District Number 14 (Seal) District Attorney Osage County Clerk District Number 10 (Seal) FORM OF ASSIGNMENT The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM-- as tenants in common 7 TEN ENT-- as tenants by the entireties JT TEN-- as joint tenants with the right of survivorship and not as tenants in common UNIF GIFT MIN ACT– (Cust) Custodian for (Minor) under Uniform Gifts to Minors Act of Oklahoma Additional abbreviations may also be used though not in above list. ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Please insert Social Security or Taxpayer identification number of assignee) (Please Print or Typewrite Name and Address of Assignee) the within Bond, and all rights thereunder, and hereby does irrevocably constitute and appoint attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dates: (Signature guaranty) NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Legal Opinion (ENDORSEMENT NO. 2) Form of certificate by the City Treasurer to be endorsed on each Bond. STATE OF OKLAHOMA ) ) ss. COUNTY OF TULSA ) I, the undersigned, the duly qualified and acting Treasurer of the within named City in said County and State, hereby certify that I have duly registered the within Bond in my office on this day of November, 2024. 8  WITNESS my hand the date above written. City Treasurer (ENDORSEMENT NO. 3) Certificate of approval by the Attorney General to be endorsed on each Bond. STATE OF OKLAHOMA OFFICE OF THE ATTORNEY GENERAL BOND DEPARTMENT , 2024. I HEREBY CERTIFY that I have examined a certified copy of the record of proceedings taken preliminary to and in the issuance of the within Bond; that such proceedings and such Bond show lawful authority for the issue and are in accordance with the forms and method of procedure prescribed and provided by me for the issuance of Bonds of like kind and that said Bond is a valid and binding obligation, according to its tenor and terms and, under the provisions of Title 62, Oklahoma Statutes 2021, Section 11, 13, and 14, requiring the certificate of the Bond Commissioner of the State of Oklahoma thereon, is incontestable in any court in the State of Oklahoma unless suit thereon shall be brought in a court having jurisdiction of the same within thirty days from the date of this approval of said Bond appearing in the caption hereto. Attorney General, Ex-Officio Bond Commissioner of the State of Oklahoma SECTION 3. That each of said Bonds shall be signed by the Mayor and the corporate seal of the City affixed thereto and attested by the City Clerk of the City; that such officers be and hereby are authorized and directed to cause said Bonds to be prepared and to execute the same for and on behalf of the City, have the same registered by the Treasurer, endorsed by the District Attorneys and County Clerks and presented to the Attorney 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 shall 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 of said Bonds shall be placed in a special fund and used solely for the purposes set out in the Bond in Section 2 hereof. SECTION 4. Whenever any registered Bond or Bonds shall be exchanged for another registered Bond or Bonds of different denomination, the Registrar shall cancel the Bond or Bonds surrendered in such exchange on the face thereof and on the Registration Record. If the supply of registered Bonds for making exchanges shall have been exhausted, the Registrar shall cause additional registered Bonds to be prepared, at the expense of the City. The City covenants that upon request of the Registrar, its appropriate officers promptly will execute such additional registered Bonds on behalf of the City. 9  SECTION 5. The Registrar for all registered Bonds issued pursuant to this Ordinance shall be BOKF, National Association, Tulsa, Oklahoma, which shall maintain a Registration Record for the purpose of registering the name and address of the Registered Holder of each registered Bond. The Registrar will keep the Registration Record open for registrations during its business hours. In the event of a change of Registrar, notice thereof shall be mailed, registered or certified United State Mail, postage prepaid, to the Registered Holder of each registered Bond. The name and address of the Registered Holder as the same appear on the Registration Record shall be conclusive evidence to all persons and for all 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 of law of such Registered Holder. Registered Bonds shall be transferable only upon delivery of such Bonds to the Registrar, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar, executed by the Registered Holder thereof or his attorney duly authorized in writing, and such transfer registered on the Registration Record. If the Form of Assignment on such Bonds is exhausted, such Registered Bonds delivered to the Registrar for registration of transfer shall be canceled by the Registrar on the face thereof and the Registrar shall 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 or any multiples thereof. The Registrar shall not be required to make such transfer after the fifteenth (15th) day preceding any interest payment date until after said latter date. SECTION 6. There is hereby created and established a system of registration for uncertificated registered public obligations with respect to the Bonds as provided in the Registered Public Obligations Act of Oklahoma, Title 62, Oklahoma Statutes 2021, Section 582(13)(b), whereby books shall be maintained on behalf of the 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 the Bonds and the rights evidenced thereby and which provide that the transfer of the uncertificated 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 2025, a continuing annual tax sufficient to pay the interest on said Bonds when due and for the purpose of providing a sinking fund with which to pay the principal of said Bonds when due shall be and is hereby ordered levied upon all taxable property in said City, in addition to all other taxes, said sinking fund to be designated "GENERAL OBLIGATION BONDS, SERIES 2024, SINKING FUND." Said Tax shall be and is hereby ordered certified, levied and extended upon the rolls and collected by the same officers, in the same manner and at the same time as the taxes for general purposes in each of said years are certified, levied, extended and collected; that all funds derived from said tax shall be placed in said sinking fund which, together with any interest collected on same, shall be irrevocably pledged to the payment of the interest on and principal of said Bonds when and as the same fall due. SECTION 8. The City covenants and agrees that it shall at all times perform all acts and things necessary or appropriate under any valid provision of law to ensure that interest paid on the 10 Bonds shall not be included in gross income of the owners thereof for Federal income tax purposes under the Internal Revenue Code of 1986, as amended. SECTION 9. The City hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. Notwithstanding any other provision of this Resolution, failure of the City to comply with the Continuing Disclosure Certificate shall not be considered an event of default on the Bonds; however, any Bondholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Section. "Continuing Disclosure Certificate" shall mean that certain Continuing Disclosure Certificate executed by the Mayor and City Clerk of the City and dated the date of issuance and delivery of the Bonds, as originally executed and as it may be amended from time to time in accordance with the terms thereof. SECTION 10. The Council of the City reasonably anticipates that the aggregate amount of "qualified tax-exempt obligations" [as defined in Section 265(b)(3)(B) of the Internal Revenue Code of 1986 (the "Code")], which will be issued by the City and all subordinate entities thereof during calendar year 2024 does not exceed $10,000,000.00, and hereby covenants and agrees, as a material inducement and consideration to the purchase of its Bonds by the Purchaser, that neither it nor any subordinate entity thereof will, during calendar year 2024, issue "qualified tax-exempt obligations" [as defined in Section 265(b)(3)(B) of the Code], in an aggregate amount exceeding $10,000,000.00. SECTION 11. It is the purpose and intent of this Resolution that the Bonds shall constitute and are hereby designated as "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of the Code, in order that the purchasers of the Bonds may avail themselves of the exception contained in said Section 265(b)(3)(B) of the Code with respect to interest incurred to carry tax-exempt bonds. SECTION 12. The Council of the City hereby covenants and agrees that it will not designate as "qualified tax-exempt obligations" more than $10,000,000.00 in aggregate amount of obligations issued by the City or any subordinate entity thereof during calendar year 2024. SECTION 13. That by reason of the City of Sand Springs being without adequate public streets, public safety equipment, parks and municipal facilities, it is deemed and hereby declared necessary for the preservation of the public health, peace and safety that this Ordinance shall become operative immediately; wherefore, an emergency is hereby declared to exist, and this Ordinance shall be in full force and effect immediately from and after its passage and approval. 11  ADOPTED this 23rd day of September, 2024. ADOPTED as an emergency measure this 23rd day of September, 2024. Mayor, City of Sand Springs, Oklahoma ATTEST: City Clerk, City of Sand Springs, Oklahoma (SEAL) 12  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 governing body of said City and Transcript of Proceedings of said governing 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 office. I further certify that attached hereto as Exhibit "A" is a true and complete copy of the public notice and agenda for said meeting which was posted in prominent public view at the City Hall, 100 East Broadway Street, in said City at least twenty-four (24) hours prior to the date of the meeting wherein said Resolution was adopted, excluding Saturdays, Sundays and legal holidays. I further certify that attached hereto as Exhibit “B” is a true and complete copy of the regular meeting notice for said meeting which was filed with the City Clerk of the City of Sand Springs, Oklahoma in accordance with the Oklahoma Open Meeting Act. WITNESS my hand and seal this 23rd day of September, 2024. City Clerk, City of Sand Springs, Oklahoma (SEAL) 13