In a short regular meeting on January 15, Enid City Commission unanimously voted to authorize a $57.7 million loan to pay for a portion of the Kaw Lake water pipeline project.
Commissioners unanimously approved both companion agenda items pertaining to the authorization of the loan.
One of the items involved Enid Municipal Authority authorizing the $57.2 million loan from Oklahoma Water Resources Board. The unanimous approval completes all actions and execution of loan documents.
The vote included authorization and approval of issuing a 2019A promissory note secured by a pledge of revenues; designation of a local trustee; the execution of a trust agreement; the execution of a loan agreement, execution of a security agreement; ratification and confirmation of a lease agreement; ratification and confirmation of a sales tax agreement pertaining to a year-to-year pledge of certain sales tax revenue of the city, a note purchase agreement, approval of various covenants; payment of fees and expenses; and other related provisions, according to the city.
Approval of the loan by commissioners means that an upcoming part of the Kaw Lake project will be financed.
The other approved Kaw Lake item was a resolution approving and ratifying EMA’s issuance of the 2019 A promissory note.
Also included with the vote was an emergency clause “due to the timing of the loan transactions,” with the emergency requiring five affirmative votes from commissioners along with a separate motion declaring the need, which was done with another unanimous vote.
Story provided by Enid News & Eagle