(Published in The Norman Transcript May 5, 2016, 1t) PURSUANT TO THE LEGAL NOTICE AS IS REQUIRED BY THE OKLAHOMA OPEN MEETING ACT INCLUDING THE POSTING OF NOTICE AND AGENDA AS IS REQUIRED BY THE TERMS THEREOF, THE MAYOR AND THE CITY COUNCIL OF THE CITY OF NORMAN, OKLAHOMA (THE CITY) MET IN REGULAR SESSION IN CITY HALL, 201 WEST GRAY, IN NORMAN, OKLAHOMA, ON THE 28TH DAY OF APRIL, 2016, AT 6:30 P.M. PRESENT: Councilmembers Allison, Castleberry, Holman, Jungman, Karjala, Lang, Miller, Mayor Rosenthal ABSENT: Councilmember Heiple Notice of the schedule of regular meetings of the governing body of the City for the calendar year 2016 having been given in writing to the City Clerk of the City at 3:00 o'clock p.m. on the 8th day of December, and public notice of this meeting, setting forth the date, time, place and agenda was posted at the entry to City Hall, 201 West Gray, in Norman, Oklahoma, in prominent view and open to the public twenty-four (24) hours each day, seven days each week at 1:48 p.m. on the 26th day of April, 2016, being twenty-four (24) hours or more prior to this meeting, excluding Saturdays, Sundays and State designated legal holidays, all in compliance with the Oklahoma Open Meeting Act. (OTHER PROCEEDINGS) Thereupon, Mayor Rosenthal introduced the proposed municipal resolution set forth hereinbelow, which was read in full by the Clerk or Deputy Clerk and upon motion by Councilmember Holman and seconded by Councilmember Karjala, said Resolution was adopted by the following vote: AYE: Councilmembers Allison, Castleberry, Holman, Jungman, Karjala, Lang, Miller, Mayor Rosenthal NAY: None The Resolution was thereupon signed by the Mayor or Mayor Pro Tem, attested by the City Clerk or Deputy Clerk, sealed with the seal of said municipality, and is as follows: [Resolution No. R-1516-108 Begins on Following Page] R-1516-108 Resolution A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORMAN, OKLAHOMA (THE CITY) ESTABLISHING A FINANCING PLAN, RATIFYING THE PUBLICATION OF A NOTICE OF PUBLIC HEARING; APPROVING PROFESSIONAL SERVICES AGREEMENTS AND AUTHORIZING NEGOTIATION OF A BOND PURCHASE AGREEMENT FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS; AUTHORIZING STAFF TO PROCEED WITH THE DEVELOPMENT OF THE FINANCING, INCLUDING PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT; AND OTHER ACTION RELATED THERETO. WHEREAS, The City of Norman, Oklahoma (the City) has $8,230,000 in aggregate outstanding general obligation bonds described as follows: • The City of Norman, Oklahoma Combined Purpose General Obligation Bonds, Series 2005A which mature June 1, 2017, to June 1, 2025 (the 2005A Bonds) • The City of Norman, Oklahoma Combined Purpose General Obligation Bonds, Series 2007A which mature June 1, 2017, to June 1, 2027 (the 2007A Bonds) WHEREAS, current bond market interest rates for tax-exempt bonds continue to be at historical lows; and WHEREAS, current rates provide the City with the ability to refund the 2005A Bonds and the 2007A Bonds with a significant savings to the City; and WHEREAS, the financing plan attached to this resolution has been developed by the financing team which proposes that the City will issue its Combined Purpose General Obligation Refunding Bonds, Series 2016A (the 2016A GO Refunding Bonds) for the purpose of refunding all of the outstanding 2005A Bonds and the 2007A Bonds; and WHEREAS, the financing team proposes a formal bond approval date of May 10, 2016; and WHEREAS, as required by law, public hearing regarding the refunding of general obligation bonds has been held at the time of or prior to the formal approval of the bonds. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORMAN, OKLAHOMA: SECTION 1. Financing Plan. The attached financing plan is approved and the Citys staff and financing team are authorized to move forward with the implementation of the financing plan. SECTION 2. Public Hearing. A public hearing has been duly held on this 28th day of April, 2016, during the regularly scheduled meeting of the City Council of the City at 6:30 p.m., regarding the refunding of 2005A Bonds and the 2007A Bonds and the issuance of refunding general obligation bonds to accomplish said purpose, and notice thereof was duly published in the Norman Transcript on April 15, 2016. The original hearing date waas rescheduled when inclement weather resulted in the cancellation of the regularly scheduled meeting on April 26, 2016. A second public hearing will be held on May 10, 2016, during the regularly scheduled meeting of the City Council of the City at 6:30 p.m., and the City Clerk is authorized and directed to cause the publication of notice thereof. The scheduling of said public hearing and the notice of the same by City Clerk is hereby ratified and confirmed. SECTION 3. Professional Services Agreements. The City hereby approves and authorizes execution of professional services agreements with Municipal Finance Services, Inc., and First Southwest Company, as Financial Advisor, The Public Finance Law Group PLLC and the Floyd Law Firm, P.C., as Bond Counsel, and Hawkins Delafield & Wood LLP, as Special Tax Counsel. The City further designates Citigroup, Dallas, Texas as Senior Managing Underwriter for the 2016A GO Refunding Bonds, and the City Manager and Financial Advisor are directed to negotiate a bond purchase agreement therewith. SECTION 4. Preparation of Documentation. The Financial Advisor, Bond Counsel, Special Tax Counsel, the City Manager, the staff and the Underwriter are authorized to prepare and mail a preliminary official statement, bond purchase agreement and other documents pertaining to the proposed refunding bonds. SECTION 5. Preliminary Official Statement. That the Preliminary Official Statement pertaining to the 2016A GO Refunding Bonds is deemed by the City Council to be near final in accordance with the requirements of Rule 15c2-12 of the Securities and Exchange Commission promulgated pursuant to the Securities and Exchange Act of 1934. The City Council further authorizes distribution of the Preliminary Official Statement by the Underwriter in connection with the sale of the 2016A GO Refunding Bonds. SECTION 6. Final Approval. This matter shall be presented to the City Council on May 10, 2016, during the regularly scheduled meeting of the City Council of the City at 6:30 p.m. for formal approval pursuant to Resolution, a draft copy of which has been presented at this meeting. [Remainder of Page Left Blank Intentionally] PASSED AND APPROVED the 28th day of April, 2016. THE CITY OF NORMAN, OKLAHOMA (SEAL) s/ Cindy Rosenthal Mayor ATTEST: s/ Brenda Hall City Clerk STATE OF OKLAHOMA COUNTY OF CLEVELAND SS: I, the undersigned, the duly qualified and acting Clerk of The City of Norman, hereby certify that the above and foregoing is a true, correct and complete copy of the Resolution duly adopted by the governing body of said City and of the proceedings of the governing body of said City in the adoption of said resolution on the date therein set out as shown by the records of my office. I further certify that in conformity with Title 25, Oklahoma Statutes 2011, Section 301-314, inclusive, as amended (the Oklahoma Open Meeting Act), notice of this meeting was given in conformity with the requirements of law. WITNESS my hand and seal of said City the 28th day of April, 2016. s/ Brenda Hall City Clerk (SEAL)
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