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RESOLUTION R-1213-142: A RESOLUTION AUTHORIZING THE NORMAN MUNICIPAL AUTHORITY (THE "AUTHORITY") TO ISSUE ITS SANITATION SYSTEM REVENUE NOTE, SERIES 2013 (THE "NOTE") IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,620,000, WAIVING COMPETITIVE BIDDING AND AUTHORIZING THE NOTE TO BE SOLD ON A NEGOTIATED BASIS; APPROVING AND AUTHORIZING EXECUTION OF A SERIES 2013 SUPPLEMENTAL NOTE INDENTURE, AS IT SUPPLEMENTS AND AMENDS A GENERAL BOND INDENTURE (COLLECTIVELY, THE "INDENTURE"), AUTHORIZING THE ISSUANCE AND SECURING THE PAYMENT OF THE NOTE; PROVIDING THAT THE TRUST INDENTURE CREATING THE AUTHORITY IS SUBJECT TO THE PROVISIONS OF THE INDENTURE; RATIFYING AND CONFIRMING A LEASE AGREEMENT AND OPERATION AND MAINTENANCE CONTRACT BETWEEN THE AUTHORITY AND THE CITY OF NORMAN, OKLAHOMA (THE "CITY") PERTAINING TO THE LEASING OF THE CITY'S SANITATION SYSTEM TO THE AUTHORITY; AUTHORIZING AND DIRECTING THE EXECUTION OF THE NOTE AND OTHER DOCUMENTS RELATING TO THE TRANSACTION; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
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BACKGROUND: On March 26, 2013, the Council, acting as the Norman Municipal Authority (NMA), approved a contract with Allied Waste Systems for the curbside collection of recyclable materials using 95-gallon rolling polycarts. It was agreed at this time that the City of Norman would purchase and own the polycarts, to replace the recycling bins provided by the previous curbside recycling collection contractor. On May 14, 2013, the NMA awarded a bid in the amount of $1,584,748 to Rehrig Pacific Company for the purchase and delivery of the specified polycarts.
DISCUSSION: In discussions leading to the award of the curbside recycling collection contract, the NMA directed that the Sanitation Utility enter into a financing arrangement to pay for the recycling polycarts. Financing bid proposals and specifications were sent to local, regional and national banking and financing firms for bids on financing packages for the purchase of the polycarts. B...
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