ITEM TITLE:
Consider and take action with respect to a resolution of the Lawton Water Authority (the "Borrower") agreeing to file application with the Department of Environmental Quality from the Oklahoma Water Resources Board (the "Board") for financial assistance through the drinking water state revolving (DWSRF) fund loan program, with the loan proceeds being for the purpose of financing certain water system rehabilitation; approving and authorizing a drinking 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 (the note 1 FY24 for $30 million, note 2 FY25 for $25 million, and note 3 FY26 for $25 million);, secured by a pledge of revenues and authorizing its execution; approving and authorizing the execution of a loan agreement for Drinking Water SRF 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 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 the non-expiring 1/2 percent Water and Wastew...
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