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RESOLUTION NO. R-1314-121: A RESOLUTION APPROVING AND AUTHORIZING A CLEAN WATER SRF LOAN FROM THE OKLAHOMA WATER RESOURCES BOARD IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF $50,300,000; APPROVING THE ISSUANCE OF A PROMISSORY NOTE IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF $50,300,000, SECURED BY A PLEDGE OF REVENUES AND AUTHORIZING ITS EXECUTION; APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT FOR CLEAN 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 AN AMENDED LEASE AGREEMENT WHEREBY THE CITY OF NORMAN LEASED ITS WATER AND SANITARY SEWER SYSTEMS TO THE NORMAN UTILITIES AUTHORITY; APPROVING VARIOUS COVENANTS; APPROVING AND AUTHORIZING PAYMENT OF FEES AND EXPENSES; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
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BACKGROUND: The Norman Utilities Authority (NUA) and the City of Norman adopted a Wastewater Master Plan (WWMP) in 2001. The WWMP identified needed capital projects and courses of action to develop Norman's Water Reclamation ("Wastewater", "Sewer") Utility systems to serve customers of the Utility in 2000 ("current obligations customers") and "future" customers (those sewer obligations added to the system after 2000). The WWMP called for expansion of the Wastewater Utility's sewage treatment capacity from 12 million gallons per day (MG/D) to 21.5 MG/D in two phases: the construction of a treatment facility in the Little River sewage basin in north Norman and expansion of the existing Water Reclamation Facility (WRF) in the South Canadian sewage basin of southern Norman from 12 MG/D to 17 MG/D.
The NUA adopted a series of actions and policies to implement the WWMP and directed millions of dollars of capital projects to be completed. These projects were financed through three major sources of funding, approved by the voters of Norman on August 14, 2001: a temporary, 5-yea...
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