THE TRUSTEES OF THE SHAWNEE MUNICIPAL AUTHORITY OF THE CITY OF SHAWNEE, COUNTY OF POTTAWATOMIE, STATE OF OKLAHOMA, MET IN REGULAR SCHEDULED SESSION IN THE COMMISSION CHAMBERS AT CITY HALL, 9TH AND BROADWAY, SHAWNEE, OKLAHOMA, MONDAY, DECEMBER 5, 2011, FOLLOWING THE BOARD OF CITY COMMISSIONERS MEETING AT 6:30 P.M., PURSUANT TO NOTICE DULY POSTED AS PRESCRIBED BY LAW. UPON ROLL CALL, A QUORUM WAS DECLARED WITH THE FOLLOWING MEMBERS IN ATTENDANCE:
PRESENT: Stephens, Sims, Harrod, Peterson, Collier, Winterringer, Smith
ABSENT: None
Call to Order
Declaration of a Quorum
AGENDA ITEM NO. 1: Consider and take action with respect to a resolution authorizing the Shawnee Municipal Authority (the “authority”) to issue its (I) sales tax revenue note, series 2011A in the aggregate principal amount of $1,885,000.00 (the “2011A note”), and (II) sales tax revenue note, taxable series 2011B in the aggregate principal amount of $1,960,000.00 (the “2011B note”, and together with the 2011A note, the “notes”); waiving competitive bidding and authorizing the notes to be sold on a negotiated basis; approving and authorizing execution of a sales tax agreement by and between the City of Shawnee, Oklahoma (the “city”) and the authority pertaining to a year-to-year pledge of certain sales tax revenue; approving and authorizing execution of a note indenture authorizing the issuance and securing the payment of the notes; providing that the organizational document creating the authority is subject to the provisions of the note indenture; authorizing and directing the execution of the notes and other documents relating to the transaction; establishing the authority’s reasonable expectation with respect to the issuance of tax-exempt obligations by the authority in calendar year 2011, and designating the 2011A note as a qualified tax-exempt obligation; and containing other provisions relating thereto.
Mr. Chris Gander of BOSC, Inc.reported that he received bids on notes (a) tax exempt $1,885,000.00 and (b) taxable $1,960,000.00 for a total amount of $2,365,000.00. A total of five bids were received with Chase Bank being the lowest bidder at 1.55%.
2011A 2011B ($1,960,000) 2011B ($2,365,000)
Rate Interest Cost Rate Interest Cost Rate Interest Cost
Chase 1.55% $ 81,499.22 2.45% $ 134,175.61 2.45% $ 163,305.43
First United Bank 1.83% 96,221.65 2.83% 154,986.52 2.83% 188,634.44
Bank of Oklahoma 1.93% 101,479.67 2.74% 150,057.62 2.74% 182,635.46
Bank of America 2.08% 109,366.69 3.22% 176,345.09 3.22% 214,629.99
BancFirst 2.15% 113,047.30 3.25% 177,988.06 3.25% 216,629.65
Mr. Allan Brooks of The Public Finance Law Group stated that on Friday afternoon they increased the amount for the Expo alternative amounts as requested by City staff.
Due to a scribner’s error regarding the amount listed on the Shawnee Municipal Authority resolution, Mr. Brooks recommended that the Board not vote during the Shawnee Municipal Authority meeting but to recess the Authority and vote on the companion resolution in the City Commission meeting. He noted that a Special Called meeting would need to convene soon to approve a corrected SMA resolution.
AGENDA ITEM NO. 2: Consider recess of Shawnee Municipal Authority to reconvene the Board of City Commissioners.
CITY COMMISSION RECESSED BY POWER OF THE MAYORAL CHAIR.
Mayor Peterson declared the Shawnee Municipal Authority meeting at recess.
AGENDA ITEM NO. 3: Consider reconvening the Shawnee Municipal Authority.
CITY COMMISSION RECONVENED BY POWER OF THE MAYORAL CHAIR.
AGENDA ITEM NO. 4: Consider approval of Consent Agenda
a. Minutes from the November 21, 2011 meeting.
b. Confirm action taken by City Commission on Agenda Item Number 4-f regarding authorization to negotiate contract with Smith Roberts Baldischwiler for Shawnee Municipal Authority Comprehensive Master Plan. (City Commission Approved.)
c. Confirm action taken by City Commission on Agenda Item Number 15-b regarding opening bid for Truck Mounted CCTV Multi-Conductor Inspection System. (City Commission Approved.)
A motion was made by Trustee Collier, seconded by Trustee Harrod, to approve the Consent Agenda Items a-c. Motion carried 7-0.
Retrieved from http://old.shawneeok.org/Documents/Archive/DocFull-Inc.asp on 11/14/2024 4:59:19 PM by 18.220.63.83 NOTICE: This is NOT an official document. All official documents are maintained by the Shawnee City Clerk at Shawnee City Hall. This document is provided as a public information device. Please contact City Hall at 405-878-1604 for official documents.
