ITEM TITLE:
Consider and take action with respect to a resolution of the Lawton Water Authority (the "Borrower") agreeing to file application the Oklahoma Water Resources Board (the "Board") for financial assistance through Financial Assistant Program (FAP) loan program, with the loan proceeds being for the purpose of financing certain water system improvements (Alternate Water Supply Projects); approving and authorizing a Financial Assistant Program (FAP) loan from the Oklahoma Water Resources Board in the total aggregate principal amount of not to exceed $50 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 $50 million;, secured by a pledge of revenues and authorizing its execution; approving and authorizing the execution of a loan agreement for Financing Assistant program (FAP) loan; 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 December 9, 2014, the City Council approved a contract for a feasibility study for development of an Alternative Water Supply study and report. The Alternate Water supply method identified to supplement water availability during drought conditions was identified as ground wells from the Arbuckle Timbers Aquifer. The consultant design engineer has completed the design Groundwater Supply Well Installation Project PU2301On March 28,2023 the City Co...
Click here for full text