ITEM TITLE:
Approve and ratify the action of the Lawton Water Authority in approving a “Purchase and Sale Agreement and Settlement Agreement” between School House Slough, Inc. and the Lawton Water Authority in the amount of $2,875,000.00.
INITIATOR: Timothy Wilson - Acting City Attorney
STAFF INFORMATION SOURCE: Timothy Wilson - Acting City Attorney; John Ratliff - City Manager; Joe Dunham - Finance Director
BACKGROUND: The Lawton Water Authority is expected on this day to consider and possibly approve a “Purchase and Sale Agreement and Settlement Agreement” between School House Slough, Inc. [“SHS Inc.”] and the Lawton Water Authority [“Authority’] in the amount of $2,875,000.00. The requested action of the Lawton City Council with this item is simply to approve and ratify the action of the Lawton Water Authority in approving a “Purchase and Sale Agreement and Settlement Agreement” between School House Slough, Inc. and the Lawton Water Authority in the amount of $2,875,000.00. Please see the companion Lawton Water Authority agenda item for a more detailed explanation of this transaction.
EXHIBIT: Proposed “Purchase and Sale Agreement and Settlement Agreement” with exhibits between Lawton Water Authority and School House Slough Inc.
KEY ISSUES: N/A
FUNDING SOURCE: The Lawton Water Authority’s Utility System Revenue Note, Series 2023, which was issued in December 2023 in the principal amount of $2,940,000.
STAFF RECOMMENDED COUNCIL ACTION: Approve and ratify the action of the Lawton Water Authority in approving a “Purchase and Sale Agreement and Settlement Agreement” between School House Slough, Inc. and the Lawton Water Authority in the amount of $2,875,000.00.