.. , C-oqncrl Agenda tA A. , I 1 k7a/$-*l4I* Ix; ,, " 5 TIIE CIIY OF OKTAHO}A CIIY Januar y ZO, l}7 OFFICE OF TITS MUNICIPAL COTJNSEIOR TO: t[ayor and Council DATE: Januar;l 9 , 7Olntt ao \9'10 oouNolL FROM: Roy H. Semtrrer RE: Central okla$gn*r" -)t...
.. , C-oqncrl Agenda tA A. , I 1 k7a/$-*l4I* Ix; ,, " 5 TIIE CIIY OF OKTAHO}A CIIY Januar y ZO, l}7 OFFICE OF TITS MUNICIPAL COTJNSEIOR TO: t[ayor and Council DATE: Januar;l 9 , 7Olntt ao \9'10 oouNolL FROM: Roy H. Semtrrer RE: Central okla$gn*r" -)t"_ ld.rnicipal CounseLor I::liil'i?,i;zww"{ cril d"t' tlnder the terms of the Trust Indenture creating the CentraL Oklahoma Transportation and Parking Authority dated February l, L966, the follorving provisions are pertinenE to the kind and quality of conErol of the City Council over the activities of the Authority: A. The Council must approve any indebtedness incurred in excess of $1001000 in any one year, both as to purpose and amounE. B. The Tnrstees of the Authority Eray agree to seek CounciJ- approval of any or all actions raken by the Authority. c. The Mayor, City lhnager, and Finance Director are auto- uatically trusEees of Ehe Authority by virEue of their office. There are a Eotal of eight trustees and any action taken reusE be pursuanE to a vote of aE least five trustees. The other five trustees are appointed by the Council upon nominaEion of the l,layor for a Eern of five years. These five can be renoved only for cause by the District Court of Oklahona County" D. Compensation for trusEees, if sDyr nrust be approved by 314 vote of the membership or Ehe Council, There is no cbmpensati.on for the three trustees rsho are public officers. E a T t rnust file a er1 financia r ort and surunar o .*!he- gu-a-rqer tivities wit the I'fa or il, There is also an'annua au d t and annual operating and capital budget to be filed. tr'. The City has power to conduct a cornplete audit of the funds, accounEs and fiscal affairs of the Authority at any tfuae. l,layor and Councll 'Page Ttlo January 9, 1970 Your attention is further directed to: 8c Article VII which provides, anong other things, that the Trrrstees shall have and exercise exclusive managenent and control of che properEies of the Trrrst EsEate for the use and benefic of the beneficiary; b. Article VIII which provides: "(1) The Beneficiary of this Trust shall be the City of Oklahorna CiEy, Oklahorna, a lDunicipal corporation, under and pursuant to Title 60, oklahoma Statutes 1951, Sections L76 to 180, both inclusive, as aarended, and other sEatutes of the State of Oklahoma as presently in force and effecto TnrsEors no$, declare that this TrusE Indenture shall be irrevocable from the momenE it is signed by him and delivered Eo the Trustees, and that ic shall thereafter sEand without any Po\rer vrhaEsoever at any time to alEer, amend, revise, modify, revoke or terminate any of the provisions of this Trust Indenture, except ruith the consent of all parties in interesto" "(2) Subject to the provisions of Article III (5) set forth above, the Beneficiary shaIl have no lega1 title, claim or right to the Trust Estate, its incone, or to any part thereof or Eo Cemand or require any Partition or distribution thereof" NeiEher sha1l the Beneficiary have any authority, pogrer or right \.rhatsoever, Eo do or transact any business for, or on behalf of, or binding upon the TrusEees or upon the Trust EsEate, nor the rieht to conErol- or direct the actions of the Trustees 'Irusl- pertainin_q to t:ie Escate r or an:/ parE tnereof " The Beneficiary shaii be enEitled soiely to the benefits of this Trust, BS adrninistered by the Trustees hereunder, and at the ternination of the Trust, as provided herein, and then only Ehe Beneficiary sha1l receive Ehe residue of t,he Trust Estate.rr (Eruphasis adcied) The lease between the City and the CenEral Oklahoma Transportation and Parking Authority for operaEion of the Convention CenEer Parking, dated Septenrber 8, 1968, provides: ,l,tayor and Cotrrrcil Page Three January 9, 1970 1 a that all parking rates, fees, costs and rentals for parking during Convention Center ltEventsrr must be Lpproved by the City and Ehat COTPA sri}l charge rates on thl whole parking system vrhich will be adequate to neet operation and naintenance, debt service and conEingency rlquirernents of the system. Generally, the Council controls the amounEs to be charged for event parking as opposed Eo general publie parking at Ehe ConvenEion Clnter as well as the general condition of the premises. 2. that COTPA will file wiEh the CiEy an annual report cofl- taining facts relating to the Trust Estate, suggestions in regard Eo operaEions and debt, and estimated j.ncome. 3. coTPA will keep books on the revenue flow in for:u, ,xroved by Finance Director of the City" Respect 11 tted, !. Semtner Itunic al Counselor RHS:ILF:pl I