ITEM TITLE:
Consideration and action upon Resolution of the City of Lawton, Oklahoma (the "City") authorizing and approving the incurring of indebtedness by the trustees of the Lawton Industrial Development Authority (herein the "Authority") to be accomplished by the issuance of its Sales Tax Revenue 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 Forty Million Dollars ($40,000,000) (herein the "Note") for the purpose of financing all or a portion of the cost of the acquisition, construction, equipping, renovating, and improving of certain public infrastructure and capital improvement projects for the benefit of 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.
INITIATOR: John Ratliff, City Manager
STAFF INFORMATION SOURCE: John Ratliff, City Manager; John Andrew, City Attorney
BACKGROUND: In order to continue with the timely implementation of certain capital improvement projects, an additional loan is required to allow projects to move forward. This resolution authorizes and approves the incurring of indebtedness by the trustees of the Lawton Industrial Development Authority (herein the "Authority") to be accomplished by the issuance of its Sales Tax Reven...
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