ITEM TITLE:
Consider and take action with respect to a resolution of the Lawton Water Authority (the "Borrower") agreeing to file application with the Oklahoma Water Resources Board (the "Board") for financial assistance through the Clean Water State Revolving fund loan program, with the loan proceeds being for the purpose of financing certain sewer system rehabilitation; approving and authorizing a Clean Water SRF loan from the Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $80 million (the Loan 1, FY24 $30 million, the Loan 2, FY25 $25 million, and the Loan 3, FY26 $25 million); approving the issuance of a promissory note or notes in one or more series in the total aggregate principal amount of not to exceed $80 million ,secured by a pledge of revenues from the 2019 Propel CIP 1/2 percent Water/Wastewater sales tax and other revenues and authorizing its execution; approving and authorizing the execution of a loan agreement for Clean Water SRF loans; designating a local trustee and approving and authorizing the execution of a trust agreement; approving and authorizing the execution of a security agreement; ratifying and confirming a lease agreement, as amended pertaining to certain water, sanitary sewer, and refuse systems; approving various covenants; approving and authorizing the establishment of a project costs disbursement account; and containing other provisions relating thereto.
INITIATOR: Rusty Whisenhunt, Director of Public Utilities
STAFF INFORMATION SOURCE: Tim Wilson, Acting City Attorney; Joe Dunham, Finance Director; Rusty Whisenhunt, Director of Public Utilities
BACKGROUND: On March 28, 2023 the City Council received a condition update on the Water and Wastewater System. A plan was presented for the rehabilitation of both the water system and sewer system. The plan outlined the use of the non-expiring 1/2 percent Water and Wastewater 2019 Propel CIP funds to repay the financing of the proposed rehabili...
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