Consideration and act upon a Resolution of the City of Lawton, Oklahoma (the “City”) authorizing and approving the incurring of indebtedness by the trustees of the Lawton Water Authority (herein the “Authority”) to be accomplished by the issuance of its Line of Credit Note, Series 2024C or other evidences of indebtedness in one or more series designations on a tax-exempt or taxable basis, at a premium or discount, in the aggregate principal par amount of not to exceed Ten Million Dollars ($10,000,000) (herein the “Note”) for the purpose of securing funding for the closure and post-closure cost estimates regarding the statutory required financial assurance mechanism for the City of Lawton’s landfill facilities as required by the Oklahoma Department of Environmental Quality, said facilities being part of the “Utility Systems” of the Authority within the City of Lawton, Oklahoma (the “City”); and pay costs of issuance related thereto; providing that the organizational document creating the Authority is subject to the provisions of the indenture authorizing the issuance of said Note; approving the award of the sale of said Note on a negotiated basis, approving the waiver of competitive bidding with respect to the sale of said Note; and approving the proceedings of the Authority pertaining to the sale of said Note; approving and authorizing a Sales Tax Agreement (the “Sales Tax Agreement”) by and between the City and the Authority pertaining to the year-to-year pledge of certain sales tax revenues; and all matters related thereto, including execution of all related documents thereto.

Committee

City Council

Introduced

September 13, 2024

On agenda

September 24, 2024

Where it was heard

City Council Sep 24, 2024