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RESOLUTION R-1718-105: A RESOLUTION OF THE NORMAN UTILITIES AUTHORITY (THE "BORROWER") AGREEING TO FILE APPLICATION WITH THE OKLAHOMA WATER RESOURCES BOARD (THE "BOARD") FOR FINANCIAL ASSISTANCE THROUGH THE STATE LOAN PROGRAM, WITH THE LOAN PROCEEDS BEING FOR THE PURPOSE OF FINANCING CERTAIN WATER SYSTEM IMPROVEMENTS; AUTHORIZING A LOAN FROM THE OKLAHOMA WATER RESOURCES BOARD IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $12,000,000; APPROVING THE ISSUANCE OF A PROMISSORY NOTE IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $12,000,000, SECURED BY A PLEDGE OF REVENUES AND AUTHORIZING ITS EXECUTION; DESIGNATING A LOCAL TRUSTEE; APPROVING AND AUTHORIZING THE EXECUTION OF A TRUST AGREEMENT; APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT; APPROVING AND AUTHORIZING THE EXECUTION OF A SECURITY AGREEMENT; RATIFYING AND CONFIRMING AN AMENDED LEASE AGREEMENT AND OPERATION AND MAINTENANCE CONTRACT BETWEEN THE BORROWER AND THE CITY OF NORMAN, OKLAHOMA (THE "CITY"); APPROVING AND AUTHORIZING A NOTE PURCHASE AGREEMENT; APPROVING VARIOUS COVENANTS; APPROVING AND AUTHORIZING PROFESSIONAL SERVICES AGREEMENTS AND PAYMENT OF FEES AND EXPENSES; AND CONTAINING OTHER PROVISIONS RELATING THERETO.
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BACKGROUND: On June 24, 2014, the City Council, acting as Trustees of the Norman Utilities Authority (NUA), adopted Resolution 1314-146 which directed the pursuit of "Portfolio 14" as the preferred course for providing the City's long-term water supply needs as discussed in the 2060 Strategic Water Supply Plan (SWSP). Among the intermediate water supply sources in the SWSP was the addition of ground water wells and distribution lines to add an estimated two million gallons per day (2 MG/D) of additional water supply.
The NUA's adopted budget for fiscal year 2017-2018 included anticipated debt financing of approximately $10.8 million for the implementation of the interim ground water supply solution.
The Oklahoma Water Resources Board (OWRB), ...
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