ITEM TITLE:
Consider approving a Resolution of the City of Lawton, Oklahoma (the "City") authorizing and approving the incurring of indebtedness by the trustees of the Lawton Economic Development Authority (herein the "Authority") to be accomplished by the issuance of its Sales Tax Revenue Refunding Note, Series 2021 or other evidences of indebtedness in one or more series on a tax-exempt or taxable basis, at a premium or discount, in the aggregate principal par amount of not to exceed Twenty-Seven Million, Five Hundred Thousand Dollars ($27,500,000) (herein the "Note") for the purpose of refunding the outstanding portion of the Authority's Tax Apportionment Note Series 2019 (Taxable) and the outstanding portion of the Authority's Comanche County Industrial Development Authority Note the proceeds of which were used to provide development assistance to the City; and pay costs of issuance related thereto; providing that the organizational document creating the Authority is subject to the provisions of the note 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: Richard Rogalski - Deputy City Manager
STAFF INFORMATION SOURCE: Richard Rogalski - Deputy City Manager; Tim Wilson - Deputy City Attorney
BACKGROUND: On October 11, 2006, the City approved the Lawton Downtown Economic Development Project Implementation Agreement directing the Lawton Economic Development Authority (LEDA) and the Lawton Urban Renewal Authority (LURA) to proceed with implementation an...
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