qTt, JOINT RESOLUTION A JOINT RESOLUTION OF THE CITY OF OKLAHOMA CITY (CITY) AND THE OKLAHOMA CITY MUNICIPAL FACILITIES AUTHORITY (OCMFA) MEMORIALIZING THE AGREEMENT OF THE CITY AND THE OCMFA RELATING TO THE OCMFA'S PURCHASE OF RIGHT OF WAY AND OTHER...
qTt, JOINT RESOLUTION A JOINT RESOLUTION OF THE CITY OF OKLAHOMA CITY (CITY) AND THE OKLAHOMA CITY MUNICIPAL FACILITIES AUTHORITY (OCMFA) MEMORIALIZING THE AGREEMENT OF THE CITY AND THE OCMFA RELATING TO THE OCMFA'S PURCHASE OF RIGHT OF WAY AND OTHER LAND ACQUISITIONS, ADMINISTRATIVE/ENGINEERING SERVICES AND AI\TY TANGIBLE ITEMS NECESSARY FOR THE COMPLETION OF CITY GENERAL OBLIGATION BOND PROJECTS; AND THE CITY'S MORAL PLEDGE TO PURCHASE SAID LAND, SERVICES AND TANGIBLE ITEMS AT SUCH TIMB AS SAID BOND PROJECTS ARE FULLY FUNDED AND ALL OF THE CITY'S ADMINISTRATIVE PROCEDURES, WITH REGARD TO EXPENDITT]RE OF GENERAL OBLIGATION BOND FUNDS, HAVE BEEN FOLLOWED. WHEREAS, in order to expedite the timely completion of G.O. Bond projects, it is sometimes necessary to initiate from other funding sources the purchase of items essential to the completion of G.O. Bond projects: and WHEREAS, funds are available in the OCMFA to provide a temporary advance funding source for the purchase of items essential to the completion of G.O. Bond projects and the OCMFA is agreeable to making temporary advance purchases of said items for G.O. Bond projects when OCMFA funds are available; and WHEREAS, in consideration of the agreement of the OCMFA to fund necessary items for G.O. Bond projects with OCMFA funds, the City morally pledges to buy said items from the OCMFA for a particular bond project at the time the project is fully funded but no later than 90 days after the City Council has approved the final acceptance of the G.O. Bond project but only when there are sufficient available funds; and WHEREAS, it is the intent and understanding of both parties that the advartrce funds from the OCMFA are not meant to permanently supplant the use of G.O. Bond fundb fbr the bond projects, but are merely a temporary means of providing advance funding for certain bond projects and will not be used to reduce the amount of bond funds to be expended on a particular bond project; and WHEREAS, items essential to completion of a G.O. Bond project which may be temporarily purchased by the OCMFA and later bought by the City with G.O. Bond funds may include: plans and specifications, engineering and administrative senrices, right of way and other land acquisitions, and purchases of other tangible items; and WHEREAS, when paying the OCMFA for essential items, the City will comply with the General Obligation Bond Administrative Procedures adopted by the City Council on February 2, 2001, where applicable; and WHEREAS, the City Council further desires to authorize the City Manager to take all administrative actions necessary to accomplish the purposes of this Resolution, including but not limited to the establishment of all necessary accounting and other procedures. NOW, THEREFORE, BE IT RESOLVED by the City Council of The City of Oklahoma City and the Trustees of the OCMFA that: l. The OCMFA agrees that when funding is available it will provide temporary advance funding for the purchase of administrative and engineering services and tangible items that are essential to the completion of G.O. Bond projects; and 2. The City morally pledges to buy said items from the OCMFA at the time when the G.O. Bond project is fully funded but no later than 90 days after City Council has approved final acceptance of the G.O. Bond project when there are available bond funds to do so; and 3. In purchasing said items from the OCMFA, the City will comply with all G.O. Bond Administrative Procedures; and 4. The City Manager shall take all administrative actions necessary to accomplish the purposes of this Resolution. ADOPTED by the Council and SIGNED by the Mayor of The City of Oklahoma City 61s 2nd day of August ,2071 ,til lilttt ATTEST (Seal) T HE l- CITY CLERK MAYOR lltllttt REVIEWED for form and legality A4) AS SISTANT M LINIC 1PAL COLN SELO R ADOPTED by the Trustees and SIGNED by the Chairman of the Oklahoma City Municipal Facilities Authority this 2nd day of August ,2011 ATTEST: (Seal) .r.r:$irfiiii;, ,$2-- S.f..' v C z \' -- 4_.- SECRETARY --/-. )'.- CHAIRMAN ' .e,rlt .\ 'r'On. * -tt'' Council Agenda MEMORANDI]M Item No. VI.AM 8l2l20lt The City of OKLAHOMA CITY TO: Mayor and City Council FROM: James D. Couch, City Manager Joint Resolution with the Oklahoma City Municipal Facilities Authority memorializing the agreement of the City and the Oklahoma City Municipal Facilities Authority relating to the Authority's purchase of right-of-way and other land acquisitions, administrative/engineering services and any tangible items necessary forthe completion of City General Obligation Bond projects; and the City's moral pledge to purchase said land, services and tangible items at such time as said bond projects are fully funded and all of the City's administrative procedures, with regard to expenditure of General Obligation Bond Funds, have been followed. Background In order to expedite the timely completion of General Obligation Bond projects, it is sometimes necessary to initiate from other funding sources the purchase of items essential to the completion of General Obligation Bond projects. The Oklahoma City Municipal Facilities Authority (OCMFA) has agreed to fund essential items for the City with OCMFA funds for specific General Obligation Bond projects. The City intends to buy these essential items and services from the OCMFA through the General Obligation Bond Funds at the time the project is fully funded, but no later than 90 days after the City Council has approved the final acceptance of the General Obligation Bond project. This Resolution further clarifies the use of OCMFA funding for administrative/engineering services necessary for the completion of City General Obligation Bond projects. Previous Action Joint Resolution memorializing the agreement of the City and the OCMFA relating to the OCMFA's purchase of right-of-way and other land acquisitions and any other tangible items necessary for the completion of City General Obligation Bond projects adopted September 23, 2008 by OCMFA (Item No. MFA. D.) and Council (Item No. vr.AV.) Joint Resolution memorializing the agreement between the City and OCMFA relating to the purchase of advanced architectural and engineering services by the OCMFA for City General Obligation Bond Projects adopted January 18,2005 by OCFMA (Item No. MFA.4.) and Council (Item No. VI.O.) Review Finance Department Recommendation: Joint Resolution be adopted.