tuesday, april 19, 2016 7:30 pm

Transcription

Agenda posted on the front door of City Hall and the bulletin board in the lobby of City Hall at 5:00 P.M., Friday, April 17, 2016. The
City of Bethany encourages participation from all its citizens. If participation at any public meeting is not possible due to a disability,
notification to the City Clerk at least 48 hours prior to the scheduled meeting is encouraged to make the necessary
accommodations. The City may waive the 48 hour rule if signing is not the necessary accommodation. TUESDAY, APRIL 19, 2016
7:30 P.M.
BETHANY CITY HALL
6700 NW 36TH ST, BETHANY, OKLAHOMA
Call to Order
Invocation
Flag Salute
1.
Consent Docket:
A.
Approval of Minutes from the April 5, 2016 Regular Meeting.
B.
Approval of Minutes from the April 12, 2016 Special Called Meeting.
C.
Approval of Claims: These claims have been found to be in order by staff and
proper as to form and procedure and are recommended for payment. A copy
of the Claims List is included in the agenda packet.
2.
Call to the Public.
3.
PUBLIC HEARING ITEM: Consideration and possible action to approve a request
by Steven Hamilton and Fawn Sanchez, Applicants, and Fawn Sanchez, Property
Owner for the purpose of building a 900 sq. ft. accessory building at 6808 NW 31st
Street.
4.
Receive and open bids for two surplus fire trucks and refer to staff for
recommendation.
5.
Consideration and possible adoption of Resolution No. 1407 designating April 10th
through April 16th, 2016 as National Telecommunicator Week in the City of
Bethany.
6.
Consideration and possible action to approve of Resolution No. 1408 pertaining to
the City's $8,180,000 Library General Obligation Bonds, Series 2016; including
fixing the amount of bonds to mature each year; fixing the time and place the
bonds are to be sold; approving the preliminary official statement and distribution
thereof and authorizing the clerk to give notice of said sale as required by law.
7.
Consideration and Possible action to approve a professional services agreement
with BancFirst, Oklahoma City, OK to serve as registrar and paying agent on the
City's $8,180,000 Library General Obligation Bonds, Series 2016.
8.
Consideration and possible action for nominations for the election of two trustees
for Board of Trustees with the Oklahoma Municipal Assurance Group.
9.
Discussion of water rates and Bethany water usage.
10. Consideration and possible action to accept the Financial Audit Report for FY2015
as presented by the City’s external auditor.
11. Discussion, consideration and possible action on an economic development
proposal for vacant property in Bethany and the creation of a Tax Increment
Financing District to assist with development costs. The public disclosure of the
details of the proposal would interfere with the development proposal and violate
the confidentiality of the developer. (Proposed executive session as authorized
by the Oklahoma Open Meeting Act, 25 Oklahoma Statutes Section 307
B which provides for an executive session for purposes of conferring on
matters pertaining to economic development, including the transfer of
property, financing, or the creation of a proposal to entice a business to
remain or to locate within their jurisdiction if public disclosure of the matter
discussed would interfere with the development of products or services or if
public disclosure would violate the confidentiality of the business.)
12. City Attorney’s Report.
13. City Manager’s Report.
A.
Financial Report.
14. Council Members Announcements, Comments, and Proposals.
15. New Business.
16. Adjourn until May 3, 2016.
1.
Consent Docket:
A.
B.
2.
New Business.
3.
Adjourn until May 3, 2016.
1.
Consent Docket:
A.
B.
2.
New Business.
3.
1.
Consent Docket:
A.
B.
Acceptance of Financial Report.
C.
2.
New Business.
3.
Public Participation Note: The City Council and Staff of the City of Bethany strongly encourages the input and involvement of the
citizens to help insure that the City government provides the highest level of services to meet the public needs and desires. If you
have any concerns or comments about an agenda item, or any other issue, please contact the Mayor, your Ward Council Members
or City Hall Staff. You may also contact the City Manager’s office if you would like to have an item placed on a future agenda to
address the Council as a whole. (Guidelines are available in the Council Chambers and in City Hall Lobby.) AGENDA: 04/19/2016 ITEM: Consent 1 (B) NOTICE: Agenda posted on the front door of City Hall and on the bulletin board in the
lobby of City Hall at 5:00 P.M., Monday, April 4, 2016.
MINUTES
SPECIAL CALLED MEETING
OF THE
BETHANY CITY COUNCIL
APRIL 12, 2016
6:30 P.M. AT
BETHANY CITY HALL
6700 NW 36TH ST, BETHANY OK
MEMBERS PRESENT:
Jeff Knapp
Randy Luinstra
Kathi Holloway
Arlita Harris
Kathy Larsen
John Herren
Phil Shirey
Vice Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
Council Member
MEMBERS ABSENT:
Bryan Taylor
Curtis Moore
Mayor
Council Member
OTHERS PRESENT:
David Davis
Steve Katen
Linda Martin
Mark Hemingway
City Attorney
City Engineer
Attorney
Environmental Consultant
Vice Mayor Knapp called the meeting to order at 6:37 p.m.
Invocation was given by Council Member Holloway.
Flag salute was given by Council Member Holloway.
ITEM NO. 1 on the agenda was CONSIDERATION AND POSSIBLE ACTION
CONCERNING LEGAL ACTIONS AND CLAIMS AGAINST THE RESPONSIBLE
PARTIES CONCERNING CONTAMINATION OF PUBLIC WATER SUPPLY OF THE
CITY OF BETHANY CAUSED BY CONTAMINANTS MIGRATING FROM THE
OKLAHOMA CITY AIRPORT PROPERTY INCLUDING CONFIDENTIAL
COMMUNICATIONS FROM ENVIRONMENTAL SCIENTIST EXPERT AND
ENVIRONMENTAL ATTORNEY. (PROPOSED EXECUTIVE SESSION
RECOMMENDED BY CITY ATTORNEY FOR DISCUSSION AS AUTHORIZED BY
THE OKLAHOMA OPEN MEETING ACT SECTION 307B(4) WHICH PROVIDES
THAT EXECUTIVE SESSIONS ARE PERMITTED FOR CONFIDENTIAL
COMMUNICATIONS BETWEEN A PUBLIC BODY AND ITS ATTORNEY
CONCERNING A PENDING INVESTIGATION,CLAIM, OR ACTION IF THE PUBLIC
BODY, WITH THE ADVICE OF ITS ATTORNEY, DETERMINES THAT DISCLOSURE
WILL SERIOUSLY IMPAIR THE ABILITY OF THE PUBLIC BODY TO PROCESS THE
CLAIM OR CONDUCT A PENDING INVESTIGATION, LITIGATION, OR
PROCEEDING IN THE PUBLIC INTEREST.)
Motion was made by Council Member Holloway and seconded by Council
Member Harris to take Item 1 to executive session. Yes votes: Luinstra, Holloway,
Harris, Larsen, Herren, Shirey, Knapp. Motion passed.
Motion was made by Council Member Luinstra and seconded by Council
Member Shirey to include the OTHERS PRESENT at the meeting in the executive
session. Yes votes: Luinstra, Holloway, Harris, Larsen, Herren, Shirey, Knapp. Motion
passed.
Vice Mayor Knapp recessed the Special Called Meeting at 6:42 p.m.
Vice Mayor Knapp reconvened the Special Called Meeting at 8:35 p.m.
No action taken.
Vice Mayor Knapp adjourned the Special Called Meeting at 8:35 p.m.
__________________________
MAYOR
__________________________
CITY CLERK
04/19/2016
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AGENDA: 04/19/2016
ITEM:
4
TO: Mayor and City Council FROM: Steve Harzman, Assistant City Manager DATE: 04/19/2016 SUBJECT: Receive bids for two surplus fire trucks. BACKGROUND: On March 15th, 2016 the Council authorized the City Manager to surplus and sell two fire trucks by competitive bid pursuant to Bethany Code of Ordinances. Property was advertised as required and are present to be opened. RECOMMENDATION ACTION
Refer to staff to determine appropriate buyer and provide required
documentation.
Additional Comments:
Agenda: 04/19/2016
Item: 5
From:
Date:
Subject:
Steve Harzman, Interim City Manager
04/19/2016
Consideration and possible action designating the week of April 10th through
April 16th, 2016 as National Telecommunicator Week in the City of Bethany.
BACKGROUND
The Association of Central Oklahoma Governments reminds the City of Bethany that in
1991 the U.S. Congress named the second full week in April each year as National
Telecommunicator Week.
Our central dispatch professionals staff our call center 24 hours a day. They are the heart
of our public safety system for our citizens and are the lifeline for our emergency
responders.
Approving the resolution honors our men and women who serve our citizens and
employees in this vital capacity.
RECOMMENDATION
1.
Approve the resolution designating April 10th through April 16th, 2016 as National
Telecommunicator Week.
ADDITIONAL COMMENTS
RESOLUTION NO. 1407
WHEREAS, in 1991 Congressional resolution named the second full week in April of
every year, National Telecommunicator Week; and
WHEREAS, emergencies can occur at anytime or any place and require the assistance
of police, fire or emergency medical services; and
WHEREAS, 9-1-1 is the Hotline for Help for people in emergency situations, and the 91-1 call taker’s voice is the first assurance that help is on the way; and
WHEREAS, 9-1-1 professionals regularly meet the challenges of extremely stressful
situations with calmness and efficiency; and
WHEREAS, when an emergency occurs, the prompt response of police officers,
firefighters and paramedics is critical to the protection of life and preservation of property; and
WHEREAS, the safety of these emergency responders is dependent upon the quality
and accuracy of information obtained from citizens who telephone the 9-1-1 communication
center; and
WHEREAS, Public Safety Dispatchers are the “heart of public safety,” providing
assistance before any other emergency services arrive on scene; and
WHEREAS, Public Safety Dispatchers are a vital link for our emergency responders by
monitoring their activities by radio, providing them information and insuring their safety; and
WHEREAS, Public Safety Dispatchers contribute substantially to the apprehension of
criminals, suppression of fires and treatment of injuries and illnesses on a daily basis; and
WHEREAS, each dispatcher has exhibited compassion,
professionalism during the performance of his or her daily job duties;
understanding
and
NOW, THEREFORE, BE IT RES OLVED, that the City of Bethany, Oklahoma declares
the week of April 10-16, 2016 to be National Telecommunicator Week in honor of the men and
women whose diligence and professionalism keep our region’s citizens and emergency
responders safe.
**END**
The foregoing Resolution was duly adopted and approved by the Mayor and City Council of the
City of Bethany on the _______ day of _________________, 2016, after compliance with notice
requirements of the Open Meeting Law (25 OSA, Sections 301, et seq.)
________________________________
MAYOR
ATTEST:
________________________________
CITY CLERK
6 and 7
1408
NOTICE TO BIDDERS
Enclosed are the Instructions to Bidders, Preliminary Official Statement* and Bid Form for the following issue:
$8,180,000
CITY OF BETHANY, OKLAHOMA
GENERAL OBLIGATION BONDS, SERIES 2016
SELLING:
Tuesday, May 17, 2016 AT 11:00 O'clock, A.M. Central Time
ELECTRONIC BIDS ACCEPTED THROUGH PARITY
* The Preliminary Official Statement is available electronically by contacting Linda Scoggins
at [email protected] and Anissa Campbell at [email protected]
NOTE: These Bonds are Qualified Tax-Exempt Obligations
FINANCIAL ADVISOR
MUNICIPAL FINANCE SERVICES, INC.
3933 E. COVELL RD.
EDMOND, OKLAHOMA 73034-6909
(405) 340-1727
(405) 340-3607 fax
The Notice of Sale and Instructions to Bidders do not alone constitute an offer to sell but is merely
notice of sale of the Bonds described herein. The offer to sell such Bonds is being made by means of the
Notice of Sale and Instructions to Bidders, the Official Bid Form and the Preliminary Official Statement*.
NEW ISSUE
NOTICE OF SALE
AND
INSTRUCTIONS TO BIDDERS
FOR THE SALE OF
$8,180,000
*The Preliminary Official Statement is available electronically by contacting
Linda Scoggins at [email protected] and Anissa Campbell at
[email protected]
LEGAL OPINION:
Attorney General of the State of Oklahoma
_________________,Bond Counsel
BIDS RECEIVED UNTIL:
May 17, 2016, 11:00 O'Clock, A.M., Central Time
Steve Harzman, Acting City Manager
City of Bethany
6700 N.W. 36th Street
Bethany, Oklahoma 73008
BIDS CONSIDERED:
May 17, 2016, 7:30 O'Clock, P.M., Central Time
City Hall
6700 N.W. 36th Street
Bethany, Oklahoma 73008
► ELECTRONIC BIDS ACCEPTED THROUGH PARITY ◄
F I N A N C I A L
A D V I S O R
INSTRUCTIONS TO BIDDERS
$8,180,000
TIME AND PLACE OF SALE
The City Council of the City of Bethany, Oklahoma County, State of Oklahoma (the "City"), will receive sealed
bids, facsimile bids, electronic (Parity®) bids or similar secure electronic bids on the 17th day of May, 2016, at 11:00
O'clock, A.M., Central Time, at City Hall located at 6700 N.W. 36th Street, Bethany, Oklahoma, for the purchase of
$8,180,000 General Obligation Bonds, Series 2016 (the "2016 Bonds" or the "Bonds") in accordance with the terms of the
Notice of Sale and Instructions to Bidders. The City Council intends to convene at 7:30 O'clock, P.M., on said date and at
said location to consider and take action on the bids.
SEALED BIDS
Sealed bids for the Bonds, plainly marked "Bid for 2016 Bonds", may be mailed or hand delivered to Mr. Steve
Harzman, Acting City Manager, City of Bethany, 6700 N.W. 36th Street, Bethany, Oklahoma, 73008, or in care of
Municipal Finance Services, Inc., to the attention of Mr. Rick A. Smith, President, 3933 E. Covell Rd., (73034-6909), P.O.
Box 747 (73083-0747), Edmond, Oklahoma, (405) 340-1727. Sealed bids must be submitted in duplicate on the Official
Bid Form furnished herein. Bids may also be faxed to Municipal Finance Services, Inc. at (405) 340-3607.
ELECTRONIC BIDDING AND BIDDING PROCEDURES
NOTICE IS HEREBY GIVEN electronic (as explained below) bids will be received via PARITY, in the manner
described below, until 11:00 O'clock, A.M., Central Time, on May 17, 2016. Bids must be submitted electronically
through PARITY in accordance with the Notice of Sale and Instructions to Bidders until 11:00 A.M., Central Time, but no
bid will be received after the time for receiving bids specified herein. To the extent any instructions or directions set forth
in PARITY conflict with the Notice of Sale and Instructions to Bidders, the terms of the Notice of Sale and Instructions to
Bidders shall control. For further information about PARITY, potential bidders may contact the Financial Advisor to the
City or i-Deal LLC at 1359 Broadway, 2nd Floor, New York, NY 10018, telephone 212/849-5021. No other provider of
electronic bidding services will be accepted.
Registration to Bid
The City does not have a registration requirement for prospective bidders who intend to submit their bid
electronically. However, prospective bidders must be contracted clients of the PARITY Competitive Bidding System prior
to the time of sale. By becoming a contracted PARITY client, a prospective bidder is not obligated to submit a bid. To
become a contracted PARITY client, please call 212/849-5021.
By submitting a bid for the Bonds, a prospective bidder represents and warrants to the City that such bidder’s bid
for the purchase of the Bonds is submitted for and on behalf of such prospective bidder by an officer or agent duly
authorized to bind the prospective bidder to a legal, valid and enforceable contract for the purchase of the Bonds. An
electronic bid shall be deemed to incorporate the provisions of the Instructions to Bidders, shall be deemed an irrevocable
offer to purchase the Bonds on the terms provided herein and shall be binding on the bidder as if made by a signed, sealed
bid delivered to the City.
Disclaimer
The use of PARITY electronic bidding shall be at the bidder’s risk and expense and neither the City nor its
Financial Advisor shall have any liability with respect thereto. Each qualified prospective bidder shall be solely responsible
to make the necessary arrangements to access PARITY for purposes of submitting its bid in a timely manner and in
compliance with the requirements of the Official Notice of Sale and Instructions to Bidders. Neither the City nor PARITY
shall have any duty or obligation to undertake such registration to bid for any prospective bidder or to provide or assure
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such access to any qualified prospective bidder. Furthermore, neither the City nor PARITY shall be responsible for proper
operation of, or have any liability for any delays or interruptions of, or any damages caused by PARITY. The City is using
PARITY as a communications medium and PARITY is not acting as the City’s agent. The City is not bound by any advice
or determination of PARITY as to whether any bid complies with the terms of the Official Notice of Sale or Instructions to
Bidders.
MATURITY SCHEDULE
The 2016 Bonds in the principal amount of $8,180,000 are to be dated June 1, 2016, and will be due serially on
June 1 in each of the years and in the principal amounts as follows:
Due June 1
Amount
Due June 1
Amount
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
2028
2029
2030
2031
2032
2033
2034
2035
2036
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$430,000
$440,000
PAYMENT OF INTEREST
Interest will be payable semi-annually on each June 1 and December 1, commencing June 1, 2017.
PLACE OF PAYMENT
Agent").
Principal and interest on the Bonds will be payable at BancFirst, Oklahoma City, Oklahoma (the "Registrar/Paying
BOOK ENTRY ONLY
The Bonds will be issued by means of a book-entry-only system with no physical delivery of bond certificates
made to the public. One bond certificate for each maturity will be issued to the Depository Trust Company ("DTC") or its
nominee, CEDE & Co., and immobilized in its custody. The book-entry-only system will evidence ownership of the Bonds
in the principal amount of $1,000 or multiples thereof, with transfer of ownership effected on the records of DTC and its
participants pursuant to rules and procedures of DTC and its participants. Bond certificates registered in the name of
CEDE & Co. will be deposited with DTC. Interest, principal, and redemption premium (if any) will be payable to DTC or
its nominee as registered owner of the Bonds. Transfer of principal, interest, and redemption premium (if any) to
participants of DTC will be the responsibility of DTC and transfer of principal, interest, and redemption premium (if any)
to beneficial owners of the Bonds by participants of DTC will be the responsibility of such participants and other nominees
of beneficial owners. The City will not be responsible or liable for such transfers of payments or for maintaining,
supervising, or reviewing the records maintained by DTC, its participants or persons acting through such participants.
DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to
the City and discharging its responsibilities with respect thereto under applicable law. The City may also determine to
discharge DTC from its duties by giving notice to DTC. In either situation, the City may attempt to locate another qualified
securities depository. If the City fails to locate another qualified securities depository to replace DTC or if the City
determines that it is in the best interest of the City or that the interests of the beneficial owner might be adversely affected if
the book-entry-only system of transfer is continued (the City undertakes no obligation to make any investigation to
determine the occurrence of any events that would permit it to make such determination), the City will deliver definitive
Bonds to each beneficial owner, or its nominee, as provided in the resolution pursuant to which the Bonds are issued.
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PURPOSE
The 2016 Bonds are being issued pursuant to an election held April 5, 2016, at which the qualified electors of the
City approved an aggregate amount of $8,180,000 in general obligation bonds for the purposes of constructing, furnishing
and equipping a new public library on the existing public library site, within the City, to be owned exclusively by the City.
TERMS OF REDEMPTION
The 2016 Bonds are not subject to redemption prior to maturity.
TYPES OF BIDS AND INTEREST RATES
The Bonds will be sold in one block, all or none, and no bid of less than par and accrued interest will be
considered. The premium bid, if any, shall not exceed $163,600.00 (2% of the par amount). Bidders must specify the
rate or rates of interest the Bonds will bear. However, no interest rate in excess of ten percent (10%) will be
considered. Bidders shall specify the rate or rates of interest in multiples of one-eighth (1/8) or one-twentieth (1/20) of one
percent per annum. Bidders are not restricted as to the number of rates that may be named, provided that the same rate
shall be specified for all bonds of the same maturity AND PROVIDED THE MAXIMUM SPREAD BETWEEN THE
HIGHEST AND LOWEST RATE SHALL NOT EXCEED 3%.
BASIS FOR AWARD
The Bonds shall be sold to the bidder bidding the lowest true interest cost (TIC) the Bonds shall bear, and
agreeing to pay par and accrued interest for the Bonds. For the purpose of awarding the Bonds, the lowest true interest cost
will be determined by doubling the semi-annual interest rate necessary to discount the debt service on the Bonds and
deducting therefrom the premium bid, if any, to the price bid for the Bonds. The date from which the annual true interest
cost will be calculated is June 1, 2016. The Bonds, if sold, will be awarded to the bidder whose bid, on the basis of the
above computation, produces the lowest true interest cost to the City. THE CITY RESERVES THE RIGHT TO REJECT
ALL BIDS AND TO WAIVE ANY MINOR IRREGULARITIES.
GOOD FAITH DEPOSIT
Each bid must be accompanied by a Good Faith Deposit (“Deposit”) in the form of a Wire Transfer, Certified or
Cashier's Check or a Financial Surety Bond made payable to "City of Bethany, Oklahoma” in the amount of two
percent (2%) of the par value of the Bonds, or $163,600. If a Financial Surety Bond is used, it must be from an insurance
company licensed to issue such a bond in the State of Oklahoma, and such bond must be submitted to the City or the
Financial Advisor prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is
guaranteed by such Financial Surety Bond. The Deposit of the successful bidder will be retained by the City to assure
performance of the contract on the part of said bidder. If the Bonds are awarded to a bidder utilizing a Financial Surety
Bond, then that purchaser (“Purchaser”) is required to submit their Deposit to the City in the form of a wire transfer not
later than 3:30 P.M., Central Time, on the next business day following the award, in accordance with wiring instructions
provide by the City or Financial Advisor. If such Deposit is not received by that time, the Financial Surety Bond may be
drawn by the City to satisfy the Deposit requirement.
If a wire transfer is used, the wire transfer along with confirmation of the wire transfer must be received by
the City no later than the time of the sale. Please contact Municipal Finance Services for the City's Good Faith
Deposit wiring instructions if you intend to wire your good faith deposit. The City intends to wire back the Deposit
of the losing bidders on the same day or as soon as possible after the bid deadline. The Deposit of the successful
bidder will be retained by the City to assure performance of the contract on the part of said bidder.
The Deposit of the successful bidder will be retained by the City to assure performance of the contract on the part
of said bidder. In the event said bidder should fail or refuse to take up and pay for the Bonds in accordance with his bid,
then said check will be cashed as full liquidated damages. Otherwise, said check will be returned to the Purchaser upon
payment for the Bonds, or credited to the purchase price. No interest will be allowed on said check. Checks of
unsuccessful bidders will be promptly returned.
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RATINGS
Certain information has been submitted to Standard & Poor's Corporation to obtain a rating on the Bonds. The
City will pay any fees charged by the rating agencies for such ratings.
BOND INSURANCE
No information has been submitted to qualify the Bonds for bond insurance.
PRINTED BONDS
The printing of the Bonds and a complete transcript of the legal proceedings had in connection with the issuance
of the Bonds will be furnished to the Purchaser at no expense.
LEGAL OPINION
Bids may be submitted subject to the opinion of the Attorney General of the State of Oklahoma, and the
approving opinion of a recognized bond attorney which shall be designated by the Purchaser, the fee of which shall
be paid by the Purchaser.
QUALIFIED TAX EXEMPT OBLIGATIONS
The City anticipates that the aggregate amount of "qualified tax-exempt obligations" [as defined in Section
265(b)(3)(B) of the Internal Revenue Code of 1986 (the "Code")], which will be issued by the City during calendar year
2016 will not exceed $10,000,000, and will covenant and agree by resolution at the time of sale that, as a material
inducement and consideration to the purchase of its Bonds by the successful bidder, it will not, during calendar year 2016,
issue "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of the Code in an aggregate amount exceeding
$10,000,000 in order that the Purchaser of the Bonds may avail itself of the exception contained in Section 265(b)(3)(B) of
the Code with respect to interest incurred by Financial Institutions (as that term is defined in the Code) to carry tax-exempt
bonds.
STATE OF OKLAHOMA TAX EXEMPTION
Pursuant to Title 68, Oklahoma Statutes Supplement 2011, Section 2358.5, interest on the bonds is exempt
from Oklahoma income taxation.
THE OFFICIAL STATEMENT AND COMPLIANCE WITH SEC RULE 15C2-12
The City has prepared the accompanying Official Statement, and for the limited purpose of complying with SEC
Rule 15c2-12, deems such Official Statement to be "near final" as of its date within the meaning of such Rule for the
purpose of review prior to bidding. The City will furnish to the Purchaser, within seven (7) business days from the sale
date, a maximum of forty (40) copies of the Official Statement including a like number of copies of a supplement reflecting
interest rates and other terms relating to the initial reoffering of the Bonds. The cost of any Official Statement and
Supplement in excess of the number specified shall be prepared and distributed at the cost of the Purchaser. The Purchaser
shall be responsible for providing the initial reoffering prices and other terms, if any, to the Financial Advisor by the close
of the next business day after the sale. Except as noted above, the City assumes no responsibility or obligation for the
distribution or delivery of any copies of the Official Statement in connection with the offering or reoffering of the Bonds.
CONTINUING DISCLOSURE
In order to assist bidders in complying with S.E.C. Rule 15c2-12(b)(5), the City will undertake, pursuant to the
Bond Ordinance and a Continuing Disclosure Agreement, to provide annual reports and notices of certain events. A
description of this undertaking is set forth in the Preliminary Official Statement and will also be set forth in the Final
Official Statement. Such Continuing Disclosure Agreement will be a document required to be delivered at closing by the
City.
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NO-LITIGATION CERTIFICATE
At the time of the delivery of the Bonds, the City will execute and furnish the Purchaser with a certificate to the
effect that no litigation of any nature has been filed or is then pending to restrain or enjoin the issuance or delivery of the
Bonds, or affecting the provisions made for their payment or security, or in any manner questioning the validity of the
Bonds.
CUSIP NUMBERS
It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print the
numbers nor any error with respect thereto shall constitute cause for refusal by the Purchaser to accept delivery of the
Bonds. All expenses in relation to the printing of the CUSIP Service Bureau numbers shall be paid for by the City except
that the CUSIP Service Bureau charge for the assignment of numbers shall be the responsibility of and paid for by the
Purchaser.
DELIVERY
Delivery of the Bonds shall be made at the expense of the Purchaser in New York, New York, through the
Depository Trust Company (DTC) against payment in good funds of the agreed upon purchase price. Delivery of the
Bonds to the Purchaser is anticipated on or about June 29, 2016.
ADDITIONAL INFORMATION MAY BE OBTAINED FROM THE FINANCIAL ADVISOR OF THE CITY:
P.O. BOX 747
EDMOND, OKLAHOMA 73083-0747
(405) 340-1727
(405) 340-3607 FAX
OR:
STEVE HARZMAN, ACTING CITY MANAGER
CITY OF BETHANY
6700 N.W. 36th STREET
BETHANY, OKLAHOMA 73008
(405) 789-2146
(405) 787-5467 FAX
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INSTRUCTIONS TO SUBMIT A BID ELECTRONICALLY VIA BIDCOMP/PARITY
COMPETITIVE BIDDING SYSTEM

You must be a contracted customer of the BidComp/Parity Competitive Bidding System. If you do not have a
contract with BidComp/Parity, call 212/849-5021 to become a customer

In BidComp, select City of Bethany, Oklahoma, General Obligation Bonds, Series 2016 sale among the list of
current sales.

Go on the Maturity screen. Keep notice of the time clock and be sure to read all bid specifications in BidComp.

Upon clicking the Final Bid button, the bidder will see a message box in BidComp that states: “Do you want to
submit this bid to Parity? By submitting this bid electronically via Parity, you represent and warrant that this bid
for the purchase of the Bonds is submitted by the representative who is duly authorized to bind the bidder to a
legal, valid and enforceable contract for the purchase of the Bonds. The Instructions to Bidders is incorporated
herein by reference.” Answering this question in the affirmative submits the bidder’s bid and commits the bidder
to the purchase of the Bonds if the bidder’s bid is determined by the City to be the winning bid.

If, during bid calculation, BidComp warns you that your current bid violates the bid parameters, please consult the
Instructions to Bidders for a description of the bid parameters and make any necessary changes to your bid. The
BidComp system will submit bids which violate the bid parameters, but the City will not consider any bids that do
not comply with the parameters set out in the Instructions to Bidders.

You may now choose to proceed with the submission of the bid or choose to cancel the submission.

If you encounter problems or have any questions about the use of the BidComp and/or Parity systems, contact
BidComp/Parity at 212/849-5021.
NOTE: THESE INTERNET INSTRUCTIONS ARE NOT PART OF THE NOTICE OF SALE OR
INSTRUCTIONS TO BIDDERS. THE USE OF BIDCOMP/PARITY ELECTRONIC BIDDING SHALL BE AT
THE BIDDER’S RISK AND EXPENSE AND THE CITY SHALL HAVE NO LIABILITY WITH RESPECT
THERETO. SEE THE INSTRUCTIONS TO BIDDERS.
6
OFFICIAL BID FORM
Mayor and City Council
City of Bethany
Bethany, Oklahoma
May 17, 2016
11:00 A.M. Central Time
For your issue of General Obligation Bonds, Series 2016 dated June 1, 2016, in the amount of $8,180,000 with principal and semi-annual
interest payable by check or draft mailed to the registered owner of each such 2016 Bond at the address of such owner shown on the Registration Books
to be maintained by BancFirst, Oklahoma City, Oklahoma, as Registrar/Paying Agent, we hereby agree to pay you therefore a price of par and accrued
interest, plus a total premium of
(not to exceed $163,600) for the Bonds bearing interest and maturing as follows:
$430,000 due 6-1-2018 @ _______%
$430,000 due 6-1-2028 @ _______%
$430,000 due 6-1-2019 @ _______%
$430,000 due 6-1-2029 @ _______%
$430,000 due 6-1-2020 @ _______%
$430,000 due 6-1-2030 @ _______%
$430,000 due 6-1-2021 @ _______%
$430,000 due 6-1-2031 @ _______%
$430,000 due 6-1-2022 @ _______%
$430,000 due 6-1-2032 @ _______%
$430,000 due 6-1-2023 @ _______%
$430,000 due 6-1-2033 @ _______%
$430,000 due 6-1-2024 @ _______%
$430,000 due 6-1-2034 @ _______%
$430,000 due 6-1-2025 @ _______%
$430,000 due 6-1-2035 @ _______%
$430,000 due 6-1-2026 @ _______%
$440,000 due 6-1-2036 @ _______%
$430,000 due 6-1-2027 @ _______%
Note: Maximum spread between highest and lowest rate is 3%
Payment therefore in accordance herewith will be made within five days (5) after their tender to us free and clear of any bank charges or
delivery expenses at the Registrar/Paying Agent, under the following stipulations: (1) that said 2016 Bonds are to be in the hands of the Attorney
General for examination within thirty (30) days from this date without litigation pending; (2) that within ten (10) days after the approval of said Bonds
by the Attorney General, we are to be furnished with a complete certified transcript of proceedings covering said Bonds; (3) that the Bonds shall be
tendered to us for payment within thirty-five (35) days after their approval by the Attorney General, which shall not exceed seventy (70) days from this
date; (4) if, prior to the delivery of the Bonds, the income received from the Bonds of the same type and character shall become subject to Federal
taxation by ruling, decision, or law, we may, at our election, be relieved of our obligation under this contract and in such case the deposit will be
returned; (5) after the expiration of the thirty-day statutory contest period, we are to be furnished with such additional showings as may be necessary to
establish legality, legal delivery, and freedom from litigation, all to the satisfaction of
, Bond Counsel, at our expense.
The Issuer will undertake, pursuant to the Ordinance authorizing the issuance of the Bonds and a Continuing Disclosure Certificate, to provide
annual reports and notices of certain events to enable the Purchaser to comply with SEC Rule 15c2-12(b)(5). A description of this undertaking is set
forth in the Preliminary Official Statement and will also be set forth in the Final Official Statement.
We attach hereto Certified or Cashier's Check, confirmation of a wire transfer or surety bond made payable to "City of Bethany, Oklahoma" in
the sum of $163,600 to be held by you and to be forfeited to you as full liquidated damages in the event we fail or refuse to comply with this agreement;
said check, wire transfer or bond to be returned to us (a) immediately if this proposal be rejected or (b) seventy (70) days from this date, if demanded by
us, in the event you are unable to comply with the provisions hereof.
This proposal is made for immediate acceptance or rejection.
Respectfully submitted,
By
At a legal meeting held on the date first above written, the above proposal was considered and upon motion regularly made, seconded and
carried, was accepted and the Bonds sold, awarded and ordered delivered in compliance with the terms and conditions thereof. Receipt is acknowledged
of the good faith deposit above set out.
WITNESS our official hand and seal the date first above written.
(SEAL)
Mayor
ATTEST:
City Clerk
INFORMATION ONLY
True Interest Cost:
%
Gross Interest Cost: $ _____________________________
Less Premium, if any: $ _____________________________
Net Interest Cost: $ _____________________________
This Preliminary Official Statement and the information contained herein are subject to completion and amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the laws of such jurisdiction.
PRELIMINARY OFFICIAL STATEMENT DATED May 3, 2016
NEW ISSUE – Book Entry Only
BANK QUALIFIED OBLIGATIONS
RATINGS: Oklahoma #1
Standard & Poor’s: (Applied For)
In the opinion of Bond Counsel, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i)
interest on the Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the
“Code”), and (ii) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the
Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such
corporations. Furthermore, in the opinion of Bond Counsel, under present law, interest on the Bonds is exempt from Oklahoma income taxation. The Bonds will be
designated by the City as "qualified tax-exempt obligations" within the meaning of Section 265(b) of the Code. See "TAX MATTERS" herein.
$8,180,000
GENERAL OBLIGATION BONDS,
SERIES 2016
DATED: June 1, 2016
DUE: June, as shown below
The 2016 Bonds will be issued, in fully registered form and when issued will be registered in the name of Cede & Co., as nominee of The
Depository Trust Company ("DTC"), New York, New York. Purchases of the 2016 Bonds will be made in book-entry form only, through
brokers and dealers who are, or who act through DTC participants. Purchases of the 2016 Bonds may be made in the denomination of $1,000 or
multiples thereof. Beneficial owners of the Bonds will not receive physical delivery of Bond certificates so long as DTC or a successor
securities depository acts as the securities depository with respect to the Bonds. So long as DTC or its nominee is the registered owner of the
Bonds, payment of the principal of, and premium, if any, on the Bonds will be made by BancFirst, Oklahoma City, Oklahoma, as initial Paying
Agent/Registrar (the " Paying Agent"), directly to DTC or its nominee. Interest on the Bonds is payable June 1 and December 1, commencing
June 1, 2017. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to the
beneficial owners is the responsibility of DTC participants. (See "DESCRIPTION OF THE BONDS--Book-Entry System" herein.) The 2016
Bonds are subject to redemption prior to maturity. (See "DESCRIPTION OF THE BONDS—Redemption Provisions" herein.)
The 2016 Bonds constitute a direct and general obligation of the City of Bethany, Oklahoma, payable as to principal and interest from
ad valorem taxes which may be levied WITHOUT LIMITATION AS TO RATE OR AMOUNT on all taxable property within the City,
excepting homestead exemptions, as prescribed in Article X, Section 27, of the Constitution of the State of Oklahoma. The 2016 Bonds are to
be issued pursuant to an election held April 5, 2016, at which the qualified electors of the City approved an aggregate amount of $8,180,000 in
general obligation bonds for library improvements. Proceeds from the 2016 Bonds will be utilized for the purpose of constructing, furnishing
and equipping a new public library on the existing public library site, within the City, to be owned exclusively by the City. See "DESCRIPTION
OF THE BONDS-Purpose of the Bonds" herein.
MATURITY SCHEDULE – see inside cover
The 2016 Bonds are offered when, as and if issued and received by the original purchaser thereof, subject to prior sale, to withdrawal
or modifications of the offer without any notice, and to the approval of legality of the 2016 Bonds by the Attorney General of the State of
Oklahoma and ________________, _________, Oklahoma, Bond Counsel. It is expected that the 2016 Bonds will be available for delivery
to the original purchaser on or about June 29, 2016.
FINANCIAL ADVISOR
Edmond, Oklahoma
Official Statement dated ______________.
Interest rates, reoffering yields or prices and ratings will be set forth in the Final Official Statement described herein.
(THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST
READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.)
MATURITY SCHEDULE
$8,180,000
CITY OF BETHANY
Due
June 1
Principal
Amount
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
$430,000
430,000
430,000
430,000
430,000
430,000
430,000
430,000
430,000
430,000
Interest
Rate
Yield/
Price
CUSIP*
Due
June 1
Principal
Amount
2028
2029
2030
2031
2032
2033
2034
2035
2036
$430,000
430,000
430,000
430,000
430,000
430,000
430,000
430,000
440,000
Interest
Rate
Yield/
Price
CUSIP*
* CUSIP is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned to the issue by
CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC, on behalf of the American Bankers
Association, and are included solely for the convenience of the Owners of the Bonds. Neither the City nor the Underwriter
shall be responsible for the selection or correctness of the CUSIP numbers set forth above.
2
The Bonds are offered only by means of this Official Statement. This Official Statement does not constitute an
offering of any security other than the Bonds specifically offered hereby. This Official Statement does not constitute an
offer to sell or a solicitation for an offer to buy the Bonds in any state or jurisdiction to any person to whom it is unlawful
to make such offer, solicitation or sale, and no dealer, broker, salesman or other person has been authorized to make such
unlawful offer, solicitation or sale. No dealer, broker, salesman or other person has been authorized to give any
information or to make any representations other than those contained in this Official Statement in connection with the
offering of the Bonds and if given or made, such other information or representatives must not be relied upon.
In governmental matters with respect to any filing or use of "prospectus" in any state or jurisdiction, this
Official Statement may be deemed to be such a prospectus. The Bonds are not registered under the United States
Securities Act of 1933, as amended, pursuant to an exemption under Section 3(a) of that Act. Furthermore, the City and
the Purchaser of the Bonds do not intend to list the Bonds on any stock or other securities exchange. The U.S. Securities
and Exchange Commission has not passed upon the accuracy or adequacy of this Official Statement.
Any statements contained in this Official Statement, including the Exhibits hereto, involving matters of opinion,
estimates or projections, whether or not expressly so stated, are intended as such and not as representations of fact. The
Underwriters have reviewed the information in this Official Statement in accordance with, and as a part of, their
responsibilities to investors under the Federal Securities Laws as applied to the facts and circumstances of this
transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. Such information
is subject to change and/or correction without notice, and neither the delivery of this Official Statement nor any sale
made hereunder shall create any implication that the information contained herein is complete or accurate in its entirety
as of any date after the date hereof. This Official Statement is not to be construed as a contract with the purchasers of the
Bonds.
For purposes of compliance with Rule 15c2-12(b)(1) of the Securities and Exchange Commission, this
Preliminary Official Statement is deemed final as of the date hereof; however, it is subject to revision, amendment and
completion as a Final Official Statement.
TABLE OF CONTENTS
ECONOMIC AND DEMOGRAPHIC INFORMATION ................ 15
Population ............................................................................. 15
Population by Age................................................................. 16
Per Capita Income ................................................................. 16
Employment Data ................................................................. 16
Sales Tax Collections ............................................................ 17
Building Permits ................................................................... 18
CITY OFFICIALS AND OTHERS ................................................... ii
SUMMARY STATEMENT..............................................................iii
INTRODUCTION.............................................................................. 1
DESCRIPTION OF THE BONDS ..................................................... 1
The Bonds ............................................................................... 1
Redemption Provisions ........................................................... 1
Book-Entry System ................................................................. 1
Interest Computation ............................................................... 4
Record Date ............................................................................ 4
Authorization of the Bonds ..................................................... 4
Purpose of the Bonds .............................................................. 4
Security for the Bonds............................................................. 4
Tax Levy Collection Process .................................................. 4
RATINGS ........................................................................................ 18
TAX MATTERS .............................................................................. 18
Opinion of Bond Counsel ..................................................... 18
State of Oklahoma Tax Exemption ....................................... 19
Financial Institutions ............................................................. 19
Certain Ongoing Federal Tax Requirements
and Covenants ..................................................................... 19
Certain Collateral Federal Tax Requirements ....................... 19
Original Issue Discount ......................................................... 19
Bond Premium ...................................................................... 20
Information Reporting and Backup Withholding .................. 20
Miscellaneous ....................................................................... 20
CITY OF BETHANY ........................................................................ 6
General .................................................................................... 6
Major Area Employers ............................................................ 7
Municipal Services.................................................................. 7
FINANCIAL INFORMATION.......................................................... 8
Financial Management and Control ........................................ 8
Governmental Fund Types ...................................................... 8
Proprietary Fund Types ........................................................... 8
Fiduciary Fund Types ............................................................. 8
General Fund Highlights ........................................................ 9
Net Assessed Valuation ........................................................ 10
Largest Ad Valorem Taxpayers ............................................ 12
Levy History ......................................................................... 12
Sinking Fund Tax Collection History ................................... 13
UNDERWRITING ........................................................................... 21
FINANCIAL STATEMENTS ......................................................... 21
FINANCIAL ADVISOR.................................................................. 21
CLOSING DOCUMENTS ............................................................... 21
CERTIFICATIONS ......................................................................... 21
PRELIMINARY OFFICIAL STATEMENT
DEEMED FINAL ............................................................................ 21
INDEBTEDNESS ............................................................................ 13
Payment Record .................................................................... 13
Existing Indebtedness ........................................................... 13
Estimated Levy Requirements .............................................. 14
Statement of Indebtedness..................................................... 14
Net Direct, Underlying and Overlapping
Indebtedness.......................................................................... 14
City Related Indebtedness ..................................................... 15
Authorized But Unissued Bonds ........................................... 15
CONTINUING DISCLOSURE ....................................................... 22
LEGAL MATTERS ......................................................................... 22
ABSENCE OF MATERIAL LITIGATION .................................... 22
MISCELLANEOUS ........................................................................ 22
EXHIBITS
A Excerpts from Independent Auditor’s Report and Financial
Statements For The Fiscal Year Ended June 30, 2015
B
i
Summary of Continuing Disclosure Certificate
MAYOR AND CITY COUNCIL
Name
Position
Mr. Bryan Taylor
Mr. Jeff Knapp
Mr. Randy Luinstra
Mr. Curtis Moore
Dr. Arlita Harris
Ms. Kathi Holloway
Ms. Kathy Larsen
Mr. John Herren
Mr. Phill Shirley
Mayor
Vice-Mayor
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
ADMINISTRATION
Name
Position
Mr. Steve Harzman
Mr. Jon Robinson
David A. Davis, Esq.
Acting City Manager
Finance Director/City Clerk/Treasurer
City Attorney
FINANCIAL ADVISOR
Municipal Finance Services, Inc.
Edmond, Oklahoma
ii
SUMMARY STATEMENT
The following information is furnished solely to provide limited introductory information regarding the City of
Bethany, Oklahoma, (the "City") $8,180,000 General Obligation Bonds, Series 2016 (the "2016 Bonds" or the "Bonds"),
and does not purport to be comprehensive. All such information is qualified in its entirety by reference to the more
detailed descriptions appearing in this Official Statement.
Issuer:
City of Bethany, Oklahoma
Security:
The Bonds constitute direct and general obligations of the City, payable as
to principal and interest from ad valorem taxes which may be levied
WITHOUT LIMITATION AS TO RATE OR AMOUNT on all taxable
property within the City, excepting homestead exemptions, as prescribed in
Article X, Section 27, of the Constitution of the State of Oklahoma.
Purposes:
The 2016 Bonds are to be issued pursuant to an election held April 5, 2016,
at which the qualified electors of the City approved an aggregate amount of
$8,180,000 in general obligation bonds for constructing, furnishing and
equipping of a new public library on the existing public library site, within
said City, to be owned exclusively by the City. Proceeds from the 2016
Bonds will be utilized for constructing the new public library. See
"PURPOSE OF THE BONDS" herein.
Redemption Provisions:
The 2016 Bonds are subject to optional redemption prior to maturity at the
option of the City on any date on or after June 1, 2026, at par plus accrued
interest to the date of redemption upon thirty (30) days’ notice as provided
herein.
Denominations:
$1,000 or multiples thereof.
Record Date:
The close of business on the fifteenth (15th) day preceding any interest
payment date.
Principal Payments:
Annually commencing June 1, 2018, by check, draft or wire of the PayingAgent to the owner as of the record date.
Interest Payments:
Semi-annually on June 1 and December 1, commencing June 1, 2017, by
check, draft or wire of the Paying Agent to the owner as of the record date.
Tax Matters:
In the opinion of _______________________,_________, Oklahoma, Bond
Counsel, under existing statutes and court decisions and assuming
continuing compliance with certain tax covenants described herein, (i)
interest on the Bonds is excluded from gross income for Federal income tax
purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as
amended (the "Code"), and (ii) interest on the Bonds is not treated as a
preference item in calculating the alternative minimum tax imposed on
individuals and corporations under the Code; such interest, however, is
included in the adjusted current earnings of certain corporations for
purposes of calculating the alternative minimum tax imposed on such
corporations. Furthermore, in the opinion of Bond Counsel, interest on the
Bonds is exempt from Oklahoma income taxation. The Bonds will be
designated by the City as "qualified tax-exempt obligations" within the
meaning of Section 265(b) of the Code. See "TAX MATTERS" herein.
iii
Legal Matters:
Legal matters incident to the authorization and issuance of the Bonds are
subject to the approving opinion of the Attorney General of the State of
Oklahoma and ______________________________, ________, Oklahoma,
Bond Counsel.
Authority for Issuance:
The Bonds are issued under the provisions of Article X, Section 27, of the
Constitution of the State of Oklahoma, as amended, and laws of the State of
Oklahoma supplementary thereto, including without limitation, Title 62,
Oklahoma Statutes 2011, Sections 353 and 354, as amended. The Bonds
were authorized at an election on April 5, 2016.
Conditions Affecting Issuance
of the Bonds:
The Bonds are offered when, as and if issued, subject to the approving
certificate of the Attorney General of the State of Oklahoma and the legal
opinion of __________________________, _______________, Oklahoma,
Bond Counsel.
Delivery:
Expected on or about June 29, 2016, in New York, New York, through the
Depository Trust Company (DTC), payable in immediately available funds.
No Other Representations:
No dealer, broker, salesman or other person has been authorized by the
City, the Financial Advisor or the Purchaser to give any information or to
make any representations other than those contained in this Preliminary
Official Statement or the final Official Statement and, if given or made,
such information and representations must not be relied upon as having
been authorized by the City or the Financial Advisor.
Limitations on Offering or
Reoffering Securities:
No Litigation:
Neither this Preliminary Official Statement nor the final Official Statement
constitutes an offer to sell or solicitation of an offer to buy, nor shall there
be any sale of the Bonds by any person in any jurisdiction in which it is
unlawful for such person to make such offer, solicitation or sale.
There is no litigation now pending or, to the knowledge of City officials,
threatened, which questions the validity of the Bonds or of any proceedings
of the City taken with respect to the issuance or sale thereof.
The Official Statement is in a form deemed final as of its date for purposes of Securities and Exchange
Commission rule 15c2-12 (the "Rule"), but is subject to minor revision or amendment in accordance
with the Rule. Not later than seven business days following the award of the Bonds, the Issuer shall
provide copies of the Final Official Statement, as that term is used in the Rule, to the Purchaser of the
Bonds. The Purchaser will be supplied with Final Official Statements in a quantity sufficient to meet its
request. Up to 40 copies of the Final Official Statement will be furnished without cost.
Questions regarding the Bonds or the Official Statement can be directed to and additional copies of the Official Statement
and the City's audited financial reports may be obtained from Municipal Finance Services, Inc., 3933 E. Covell Rd.,
Edmond, Oklahoma 73034-6909, (405/340-1727), the City's Financial Advisor, or Jon Robinson, Finance Director/City
Clerk/Treasurer, City of Bethany, P.O. Box 219, Bethany, Oklahoma 73008-0219 or 6700 N.W. 36th Street, Bethany,
Oklahoma 73008-3311, (405/789-2146).
iv
OFFICIAL STATEMENT
relating to
$8,180,000
INTRODUCTION
This Official Statement, including the cover page and Exhibits hereto, is being provided by the City of Bethany,
Oklahoma (the "City"), in connection with the issuance of its $8,180,000 General Obligation Bonds, Series 2016, dated
June 1, 2016 (the "2016 Bonds" or the "Bonds"). The Bonds are issued pursuant to the provisions of and in full
compliance with the Constitution and Laws of the State of Oklahoma, particularly Article X, Section 27, of the
Constitution of Oklahoma and Title 62, Oklahoma Statutes 2011, Sections 353 and 354, as amended.
The 2016 Bonds are to be issued pursuant to an election held April 5, 2016, at which the qualified electors of
the City approved the aggregate amount of $8,180,000 in general obligation bonds for library improvements. The 2016
Bonds will be utilized for constructing, furnishing and equipping of a new public library on the existing public library
site, within said City, to be owned exclusively by the City.
DESCRIPTION OF THE BONDS
The Bonds
The Bonds are dated June 1, 2016, and are issuable in fully registered form without coupons in denominations
of $1,000 or multiples thereof. The Bonds will mature June 1 of the year and in the principal amounts and interest rates
shown on the cover page of this Official Statement. Interest is payable June 1 and December 1 of each year,
commencing June 1, 2017, by check, wire or draft mailed to the registered holders of thereof. Principal and premium, if
any, on the Bonds is payable at the principal corporate office of the Paying Agent.
Redemption Provisions
The 2016 Bonds maturing in the years 2018 to 2036, inclusive, shall not be subject to redemption prior to
maturity. Bonds maturing in the years 2027 and thereafter shall be subject to redemption at the option of the City
Council, in whole or in part, on any date, but upon thirty (30) days’ notice, on or after June 1, 2026 at a price of par plus
accrued interest on the principal amount called for redemption to the date fixed for redemption.
In the event any of the Bonds or portions thereof (which shall be $1,000 or multiples thereof) are called for
redemption as aforesaid, notice thereof identifying the Bonds or portions thereof to be redeemed will be given by the
Paying Agent-Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not less than 30
days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed in whole or in part at the
address shown on the registration books. All Bonds so called for redemption will cease to bear interest after the
specified redemption date provided funds for their redemption are on deposit at the place of payment at that time.
Book-Entry System
The following description of the procedures and record-keeping with respect to beneficial ownership interests
in the Bonds, payment of principal of, and premium, if any, and interest and other payments with respect to the Bonds to
Direct Participants (as defined below) or Beneficial Owners (as defined below), confirmation and transfer of beneficial
ownership interests in such Bonds and other related transactions by and among DTC, the Direct Participants and the
Beneficial Owners is based solely on information provided by DTC. Accordingly, no representations can be made
concerning these matters and neither the Direct Participants nor the Beneficial Owners should rely on the following
information with respect to such matters, but should instead confirm the same with DTC or the Direct Participants, as
the case may be. Information concerning DTC and the Book-Entry Only System has been obtained from DTC and is not
guaranteed as to accuracy or completeness by, and is not to be construed as a representation by, the Underwriter, the
Issuer or the Participants.
The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the Bonds (the
"Bonds"). The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s
partnership nominee) or such other name as may be requested by an authorized officer of DTC. One fully-registered
bond certificate will be issued for each maturity of each series of the Bonds, each in the aggregate principal amount of
such maturity, and will be deposited with DTC at the office of the Paying Agent on behalf of DTC utilizing the DTC
FAST system of registration.
DTC and its Participants. DTC, the world’s largest depository, is a limited-purpose trust company organized
under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a
member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform
Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities
Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity
issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC
participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct
Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry
transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of
securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository
Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing
Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by
the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and nonU.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a
custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard
& Poor's rating of AA+. The DTC Rules applicable to DTC’s Participants are on file with the Securities and Exchange
Commission. More information about DTC can be found at www.dtcc.com.
Purchase of Ownership Interests. Purchases of the Bonds under the DTC system must be made by or through
Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual
purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records.
Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however,
expected to receive written confirmations providing details of the transaction, as well as periodic statements of their
holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction.
Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect
Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their
ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the
name of DTC’s partnership nominee, Cede & Co. or such other name as may be requested by an authorized
representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other
DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners
of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are
credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible
for keeping account of their holdings on behalf of their customers.
Notices. Conveyance of notices and other communications by DTC to Direct Participants, by Direct
Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be
governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time
to time.
2
Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity of a series are being
redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to
be redeemed.
Neither DTC nor Cede & Co. (or such other DTC nominee) will consent or vote with respect to Bonds unless
authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails
an Omnibus Proxy to the Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s
consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date
(identified in a listing attached to the Omnibus Proxy).
Payments of, Principal, Premium, if any, and Interest. Redemption proceeds, distribution, and dividend
payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized
representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and
corresponding detail information from the Issuer or Paying Agent, on payable date in accordance with their respective
holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or
registered in "street name," and will be the responsibility of such Participants and not of DTC, Paying Agent or the
Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption
proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an
authorized representative of DTC) is the responsibility of the Issuer or Paying Agent. Disbursement of such payments to
Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall
be responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as securities depository with respect to any series of the Bonds at
any time by giving reasonable notice to the Issuer or Paying Agent. Under such circumstances, in the event that a
successor securities depository is not obtained, the Bond certificates are required to be printed and delivered as described
in the applicable Ordinance.
The Issuer may decide to discontinue the use of the system of book-entry only transfers through DTC (or a
successor securities depository). In that event, Bond certificates will be printed and delivered to DTC.
THE ISSUER, THE PARTICIPANTS AND THE PAYING AGENT CANNOT AND DO NOT GIVE ANY
ASSURANCES THAT DTC WILL DISTRIBUTE TO THE DIRECT PARTICIPANTS OR THAT THE DIRECT
PARTICIPANTS OR THE INDIRECT PARTICIPANTS WILL DISTRIBUTE TO THE BENEFICIAL OWNERS OF
THE BONDS (I) PAYMENTS OF PRINCIPAL OR PREMIUM, IF ANY, OR INTEREST ON THE BONDS, (II)
CERTIFICATES REPRESENTING AN OWNERSHIP INTEREST OR OTHER CONFIRMATION OF BENEFICIAL
OWNERSHIP INTERESTS IN BONDS OR (III) REDEMPTION OR OTHER NOTICES SENT TO DTC OR CEDE &
CO., ITS NOMINEE, AS THE REGISTERED OWNER OF THE BONDS, OR THAT THEY WILL DO SO ON A
TIMELY BASIS OR THAT DTC, DIRECT PARTICIPANTS OR INDIRECT PARTICIPANTS WILL SERVE AND
ACT IN THE MANNER DESCRIBED IN THIS OFFICIAL STATEMENT.
NEITHER THE ISSUER, THE PARTICIPANTS NOR THE PAYING AGENT WILL HAVE ANY
RESPONSIBILITY OR OBLIGATIONS TO ANY DIRECT PARTICIPANT, INDIRECT PARTICIPANT OR ANY
PERSON CLAIMING A BENEFICIAL OWNERSHIP INTEREST IN THE BONDS UNDER OR THROUGH DTC
OR ANY DIRECT PARTICIPANT, OR ANY OTHER PERSON WHO IS NOT SHOWN IN THE REGISTRATION
BOOKS OF THE RESPECTIVE AGENCY KEPT BY THE APPLICABLE PAYING AGENT/REGISTRAR AS
BEING A BONDHOLDER. THE ISSUER, THE PARTICIPANTS AND THE PAYING AGENT/REGISTRARS
SHALL HAVE NO RESPONSIBILITY WITH RESPECT TO (I) ANY OWNERSHIP INTEREST IN THE BONDS;
(II) THE PAYMENT BY DTC TO ANY PARTICIPANT OR BY ANY DIRECT OR INDIRECT PARTICIPANT OF
ANY AMOUNT DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE PRINCIPAL OR PREMIUM, IF
ANY, OR INTEREST ON THE BONDS; (III) THE DELIVERY TO ANY PARTICIPANT OR ANY BENEFICIAL
OWNER OF ANY NOTICE WHICH IS PERMITTED OR REQUIRED TO BE GIVEN TO BONDHOLDERS UNDER
THE APPLICABLE ORDINANCE; (IV) THE SELECTION BY DTC OR ANY PARTICIPANTS OF ANY PERSON
TO RECEIVE PAYMENT IN THE EVENT OF A PARTIAL REDEMPTION OF THE BONDS; OR (v) ANY
CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC OR CEDE & CO. AS BONDHOLDER.
3
SO LONG AS CEDE & CO. IS REGISTERED OWNER OF THE BONDS, AS NOMINEE OF DTC,
REFERENCES HEREIN TO THE OWNERS OR REGISTERED OWNERS OF THE BONDS SHALL MEAN CEDE
& CO., AS AFORESAID, AND SHALL NOT MEAN THE BENEFICIAL OWNERS OF THE BONDS.
Transfer Fees. For every transfer and exchange of Bonds, Owners requesting such transfer or exchange may
be charged a sum sufficient to cover any tax, governmental charge or transfer fees that may be imposed in relation
thereto, which charge may include transfer fees imposed by such Paying Agent/Registrar, DTC or the DTC Participant in
connection with such transfers or exchanges.
Use of Certain Terms in Other Sections of this Official Statement; Certain Disclaimers. In reading this
Official Statement it should be understood that while the Bonds are in the book-entry-only system, references in other
sections of this Official Statement to registered owners should be read to include the person for which the DTC
Participant acquires an interest in the Bonds, but (i) all rights of ownership must be exercised through DTC and the
book-entry-only system, and (ii) except as described above, notices that are to be given to registered owners under the
applicable Ordinance will be given only to DTC.
Interest Computation
Interest on the Bonds will be computed on a 360-day year, 30-day month basis. Payments coming due on a
non-business day will be paid the following business day.
Record Date
The record date ("Record Date") means the close of business on the fifteenth (15th) day preceding any interest
payment date.
Authorization of the Bonds
The Bonds are issued pursuant to the provisions of and in full compliance with the Constitution and Laws of the
State of Oklahoma, particularly Article X, Section 27, of the Constitution of the State of Oklahoma and Title 62 of the
Oklahoma Statutes 2011, Sections 353 and 354, as amended, and an Ordinance of the City Council to be adopted on May
17, 2016. The Bonds were approved by the qualified electors of the City at an election held on April 5, 2016, for the
purpose of constructing, furnishing and equipping of a new public library on the existing public library site, within the
City, to be owned exclusively by the City.
Purpose of the Bonds
The 2016 Bonds will be utilized for the for constructing, furnishing and equipping of a new public library on the
existing public library site, within the City, to be owned exclusively by the City.
Security for the Bonds
Under state laws, cities and towns in Oklahoma cannot become indebted beyond one year or for an amount in
excess of the income and revenue provided in such year without authorization from the voters. Under Article X, Section
27, cities may issue obligations within an amount and for such purpose(s) only upon approval by a simple majority of the
voters voting in an election. The 2016 Bonds are secured by ad valorem or property taxes levied annually Without
Limitation As To Rate Or Amount to pay principal of and interest on the Bonds.
Ad valorem taxes for bond payments are deposited into a sinking fund held by the City. The tax rate for sinking
fund purposes is determined annually by ascertaining the actual revenue required for payment of principal and interest on
indebtedness and judgments. Such total amount may then be reduced by any surplus from the prior fiscal year. A
reserve for delinquent taxes is then added to the net requirements to derive the actual taxes to be levied. The City has
traditionally levied a five percent delinquency. The actual levy amount is then apportioned by the total net assessed
valuation to determine the appropriate tax rate for each taxpayer. Under state law, tax collections for a sinking fund
cannot be placed in any fund of a City other than the sinking fund.
4
Tax Levy Collection Process
Oklahoma Statutes require that each year the City makes an ad valorem tax levy for a sinking fund which shall,
with cash and investments in the fund, be sufficient to pay all the bonded indebtedness, interest and one-third of all
outstanding judgments coming due in the following year.
After review and approval by the City Council, copies of the sinking fund estimates are submitted to the county
excise board to determine the ad valorem tax levy appropriations. This submission is required to be made by August 27
of each year. The estimates are for the purposes of determining ad valorem taxes required to fund the sinking fund. The
amounts contained in the Estimate of Needs are verified by the county excise board and, upon verification, the levies
contained therein are ordered to be certified to the county assessor in order that the county assessor may extend said
levies upon the tax rolls for the year for which the Estimate of Needs is being submitted. The county excise board
further certifies that the appropriations contained in the Estimate of Needs and the millage rate levies are within the
limitations provided by law. In accordance with Title 68, Oklahoma Statutes 2011, Section 3007, the County Excise
Board may make adjustments to the Estimate of Needs as deemed appropriate.
Cities and counties in Oklahoma are limited to a total of ten (10) mills from ad valorem taxes for operating
purposes between them. Traditionally, the Oklahoma County Excise Board has not approved any millage for the City for
operating purposes since the ten (10) mills have gone to Oklahoma County for its operating fund. For purposes of the
general obligation bond debt service, however, there is no limitation as to the mill levy for debt issued under Section 27,
Article X of the Oklahoma Constitution.
State statutes make it mandatory for any unit of local government to annually provide for a tax sufficient to pay
the principal and interest as they become due on any outstanding debt. If the proper officer whose duty it is to annually
provide the necessary tax for debt service fails to do so, it becomes the duty of the county clerk, who serves as secretary
of the county excise board. Failure by either the particular unit of government or the county clerk to levy the necessary
taxes for debt service makes it the duty of the state auditor to certify the proper amount to the county treasurer who is
then required to make the necessary levy.
The county assessor is required to file a tax roll report on or before October 1 of each year with the county
treasurer indicating the net assessed valuation for each governmental entity within the county. This report includes the
assessed valuation for all real, personal and public service property (public service property assessed valuations are
determined by the Oklahoma Tax Commission). The county treasurer must begin collecting taxes by November. The
first half of taxes is due and payable on or before December 31. The second half becomes due and payable on or before
March 31. If the first half is not paid by December 31, it all becomes due and payable on January 1.
Ad valorem taxes not paid on or before April 1 are considered delinquent. Interest accrues on delinquent taxes
at the rate of one and one-half percent monthly (18 percent annually) to a maximum of 100 percent of the taxes due and
owing until such time as the delinquent taxes are paid. If not paid by the following October 1, the property is offered for
sale for the amount of taxes due. The purchaser is issued a Certificate of Tax Lien; however, the original owner of the
property has two years in which to redeem the property by paying the taxes and penalties owed. If at the end of two
years the original owner has not done so, the purchaser may then apply for a deed to the property. If there is no
purchaser, then the county acquires the same lien and the property is auctioned after approximately two and one-half
years.
[Remainder of This Page Intentionally Left Blank]
5
CITY OF BETHANY
General
The City of Bethany. Oklahoma (the "City") is located in Oklahoma County (the "County") and is part of the
Oklahoma City Standard Metropolitan Area (SMA). The City lies adjacent to the City of Oklahoma City, the state
capitol, and the City of Warr Acres, with both cities surrounding the Bethany city limits. The City encompasses
approximately 5.2 square miles. According to the 2010 Census, the population of the City and County was 19,051 and
718,633, respectively.
Bethany was incorporated as a town in 1910 and became a city in 1930 with 2,002 persons. Citizens adopted a
Charter in 1953 under which a Council-Manager form of government was established. The City Manager is responsible
for the day-to-day operations of all City functions.
One of the key attractions of the City is Southern Nazarene University (formerly Bethany Nazarene College)
established in 1899 as a private institution. Southern Nazarene University (SNU) offers a nationally recognized higher
education program to approximately 2,256 students representing 31 states and 34 countries. SNU is the oldest liberal
arts granting institution in the metropolitan area. It also serves as one of the City’s largest employers with 640
employees.
The major public school systems in the City is Independent School District No. 1 Oklahoma County, Oklahoma
(Putnam City Public Schools) and Independent School District No. 88 of Oklahoma County, Oklahoma, also known as
the Bethany Public School District. Putnam City Schools represents 84 percent of the City’s valuation with Bethany
Schools encompassing 16%.
Bethany lies adjacent to Wiley Post Airport, the second largest airport facility under control of the Oklahoma
City Airport Trust. Wiley Post functions as a reliever airport for operations at Will Rogers World Airport and maintains
approximately 450 fixed based aircraft, including commercial planes and helicopters.
Medical facilities available to the community include the Integris Bethany Hospital, with a staff of 229 persons
and 82 licensed beds. The Bethany Behavioral Health hospital opened in February 2016 in what used to be Deaconess at
Bethany and is a 57 bed psychiatric hospital. Also located in Bethany is The Children’s Center Rehabilitation Hospital,
which offers wide range of medical services and rehabilitative care and social services to children
In Fiscal Year 2015/2016, the City budgeted approximately 144 full-time employees in various departments and
divisions. Employees by department are shown below:
Administration, Accounting and Finance, Treasury and Legal
Police
Fire
Community Development
Public Works Utility Operations
Streets
Parks, Recreation, Golf, Library and Museum
Fleet Maintenance
Engineering
TOTAL
18.00
45.00
24.00
5.00
36.00
6.00
8.00
1.00
1.00
144.00
The legislative and policy-making body consists of a nine-member City Council, elected by wards with two
year, concurrent terms. The Mayor is elected within the Council membership. The City Manager is responsible for the
day-to-day operations of City government.
6
Bethany Area Major Employers
NAME OF EMPLOYER
TYPE OF BUSINESS
NO. OF
EMPLOYEES
Putnam City Schools
Southern Nazarene University
The Children’s Center Rehabilitation Center
Bethany Public Schools
Southwestern Christian University
Bethany First Nazarene Church
City of Bethany
CashSaver Grocery
Bethany Behavioral Health
Public School System
Private University
Rehabilitation Hospital
Public School System
Private University
Church
Government
Grocer
Private Hospital
650
640
553
200
195
135
130
115
28
Source: Northwest Oklahoma City Chamber
Municipal Services
The City provides basic services affecting all its residents including but not limited to police and fire protection,
parks, streets, water, sewer and refuse collection.
Water System. The City provides municipal water, sewer and sanitation services to approximately 7,208
customers. Water and sewer services are accounted for through The Bethany Public Works Authority.
The City also jointly owns with the City of Warr Acres the Bethany Warr Acres Public Works Authority which
processes sewer effluent for the cities. The primary sources of water for the City are 26 ground water wells located both
within the city limits and outside the City. A water treatment plant built in 1962 treats ground water for softening
purposes prior to distribution.
The City billed approximately 6,911 accounts monthly for water service during 2015. The capacity of the plant
is five 8.4 million gallons per day (mgd) with average daily consumption of 1.68 mgd in 2015 and peak usage of 2.4
mgd. Storage is provided by four towers with a combined capacity of 4.5 million gallons
Sewer System. The sewer system of the City consists of approximately 99.38 miles of collection lines.
Approximately 6,863 customers are served by the City's sewer system.
Solid Waste System. Sanitation services are provided by City employees and equipment. All residents and
businesses are required to use this service. Residential pick-up is twice weekly with commercial customers served as
needed. The City does not own a landfill and hauls all solid waste to landfills outside the city. There are 6,829 accounts
billed monthly for sanitation services.
Other Utilities. Electrical power is supplied by Oklahoma Gas & Electric (OG&E). OG&E is a major investorowned utility service.
Natural gas is provided by Oklahoma Natural Gas Company (ONG). Southwestern Bell Telephone provides
telephone service to the City.
7
FINANCIAL INFORMATION
Financial Management and Control
The accounting and reporting policies of the City of Bethany relating to the fund types included in the financial
statements conform to generally accepted accounting principles. Generally accepted accounting principles for
municipalities are defined as those principles established by the Governmental Accounting Standards Board (GASB).
Governmental Fund Types
General Fund. The General Fund is the primary operating fund of the City that accounts for all financial
transactions not accounted for in other funds and certain Public Trust activities that require separate accountability for
services rendered.
Special Revenue Funds. Special Revenue Funds are used to account for the proceeds of specific revenue
sources that are normally restricted to expenditures for specified purposes.
Debt Service Funds. As prescribed by State law, the Debt Service Funds receive monies for the retirement of
general obligation bonded debt and court-assessed judgments. Such revenues are used for the payment of principal and
interest on the City’s general obligation bonds and judgments which are recorded in the General Long-Term Debt
Account Group.
Capital Projects Funds. The Capital Project Funds account for major capital improvements that are financed
from the City’s general obligation bond proceeds, federal and state grants and other specific receipts.
Proprietary Fund Types
Enterprise Funds. The City’s Enterprise Funds are used to account for the operations that are financed and
operated in a manner similar to private business enterprises – where the intent of the governing body is that costs of
providing goods or services to the general public on a continuing basis be financed or recovered primarily through user
charges.
The City operates four enterprise funds that are set up to account for enterprise activities, including water,
wastewater and sewer, sanitation and golf course operations.
Internal Service Funds. Internal Service Funds account for the financing of services provided by one
department to other departments of the City. The City operates four internal service funds that are set up to account for
the activities of workers compensation, employee health insurance, auto collision insurance and stabilization reserve.
Fiduciary Fund Types
Trust and Agency Funds. Trust and Agency Funds are used to account for assets held by the City in a trustee
capacity or as an agent for individuals, private organizations, and other governmental funds, including Expendable Trust
Funds. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Agency Funds
are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. The City,
however, has only expendable trust and agency funds.
8
General Fund Highlights
Revenues and expenditures for the City’s General Fund as presented in the City’s audited financial statements
for Fiscal Years 2011 through 2015:
For Fiscal Year Ending June 30
REVENUES
2011
Taxes
Licenses & Permit
Intergovernmental
Charges for Services
Fines & Forfeitures
Miscellaneous
Investment Income (Losses)
$
TOTAL REVENUES
$
$
$
TOTAL EXPENDITURES
REVENUES OVER (UNDER)
EXPENDITURES
OPERATING TRANSFERS IN
OPERATING TRANSFERS OUT
REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES
AND OTHER USES
$
$
$
1,779,307
5,429,526
665,485
625,762
$
$
8,500,080
8,798,180
5,799,289
98,304
203,720
503,757
1,133,798
245,094
19,605
$5,885,294
113,980
215,039
469,685
1,191,557
330,014
18,887
$
7,763,820
1,948,509
5,539,952
702,236
607,483
2015
$
5,689,922
131,468
270,389
462,721
1,010,627
181,183
17,510
$
7,746,711
2014
$
$
8,003,567
$
1,927,579
5,711,730
721,882
523,503
$
1,388,398
5,692,279
772,291
984,618
$
8,884,694
8,224,456
8,837,586
($548,801)
($753,369)
($1,034,360)
($881,127)
($613,130)
4,561,499
(4,137,381)
5,118,843
(4,420,216)
5,420,726
(4,617,986)
5,591,467
(4,705,168)
5,339,848
(5,301,848)
$
$
(121,683)
$
PRIOR PERIOD ADJUSTMENT
ENDING FUND BALANCE
8,304,350
$
5,446,909
99,033
220,110
458,564
1,319,785
177,835
24,475
7,758,549
1,746,342
5,278,181
675,504
604,323
2013
$
5,194,157
97,101
232,388
468,975
1,379,962
358,425
27,541
EXPENDITURES
General Government
Public Safety
Public Works
Culture and Recreation
BEGINNING FUND BALANCE
2012
4,673,109
$
(54,742)
4,551,600
174
$
4,551,600
$
$
(1)
$
4,496,858
4,496,857
$
$
4,105,041
Source: Audited Financial Statements
9
$
(231,620)
5,172
4,105,041
$
(575,130)
$
(1)
$
4,110,213
4,110,212
-
$
3,535,082
Net Assessed Valuation
Since ad valorem taxes are correlated to the value of property within the City, trends in property valuations are
an important economic indicator. The assessed valuation of property within the City is comprised of three components:
real, personal and public service. The county assessor in each county determines the real and personal property values
on an annual basis. Public service valuations are compiled annually by the Oklahoma Tax Commission and set by the
State Board of Equalization. Once the valuation is determined, an assessment rate is calculated to provide the assessed
valuation on which the appropriate tax levy is determined.
In accordance with the Oklahoma Constitution, the assessment rate for real and personal property set by each
county must be within a range established by the State Board of Equalization. As a result of passage of State Question
No. 675 on November 5, 1996, the Oklahoma Constitution was amended to provide that the allowable range for real
property be placed between 11 percent to 13 ½ percent and the range for personal property be set between 10 percent and
15 percent. Beginning January 1, 1997, the percentage at which real or personal property is assessed within a county
shall not be increased except upon approval by a majority of the registered voters of the county, voting at an election
called for that purpose by a majority of county commissioners, or upon a petition initiated by not less than ten percent
(10%) of the registered voters of the county based on the total number of votes cast at the last general election for the
county office receiving the highest number votes at the election. In no event shall the percentage be increased by more
than one percentage point per year or increase in excess of the aforementioned assessment ranges for personal and real
property. The percentage at which real or personal property is assessed within a county may be decreased within the
limitations (assessment ranges) without approval of the voters of the county.
Also, as provided by State Question No. 675, all other property (primarily public service property) assessed by
the State Board of Equalization shall be assessed at the percentage of its fair cash value, estimated at the price it would
bring at a fair voluntary sale, at which it was assessed on January 1, 1996. Consequently, the assessment rates on public
service property and on airlines and railroads included in the public service category were set at 22.85% and 11.84%,
respectively.
The Constitution of the State of Oklahoma provides exemptions to real and personal property owners based on
certain qualifications and guidelines. A residential homeowner is allowed a homestead exemption deduction equal to
$1,000 of net assessed valuation.
An exemption on certain household property taxes was approved by the voters of the state in the form of State
Question 648 at an election held November 3, 1992. This exemption applies to "household goods of the heads of
families and livestock employed in support of the family." State Question 648 actually authorized each county to hold an
election approving the exemption. In 1996, Oklahoma County voters approved the household property exemption. The
exemption was effective for tax year 1997.
Table 1 presents the historical net assessed valuation by county for the City of Bethany from 2005 to 2014. Net
assessed valuation increased 17.69 percent during the period shown. The current assessment rates are 11 percent for real
property and 13.75 percent for business personal property.
10
Table 1
Historical Net Assessed Valuation
Fiscal
Year
Net Real
Property*
Personal
Property
Public
Service
Net Assessed
Valuation
Percent
Change
2015 – 16
80,535,125
4,813,447
3,477,858
88,826,430
1.93%
2014 – 15
78,796,659
4,860,505
3,491,525
87,148,689
1.52%
2013 – 14
77,642,937
4,849,288
3,347,564
85,839,789
(1.36%)
2012 – 13
77,591,783
5,079,857
4,351,642
87,023,282
(1.70%)
2011 – 12
78,040,293
4,628,313
5,857,744
88,526,350
(0.94%)
2010 – 11
77,091,615
6,214,740
6,063,457
89,369,812
5.49%
2009 – 10
75,967,576
4,829,434
3,923,663
84,720,673
3.79%
2008 – 09
73,116,625
4,365,171
4,143,029
81,624,825
4.10%
2007 – 08
69,434,015
4,378,673
4,594,385
78,407,073
3.88%
2006 – 07
69,516,339
4,338,854
1,622,743
75,477,936
-.--
* Excludes homestead and veteran’s exemption
Table 2
Estimated Actual Market Valuation
Year
2015/16
2014/15
2013/14
2012/13
2011/12
2010/11
2009/10
2008/09
2007/08
2006/07
Market Valuation
$
819,124,218
804,558,551
794,213,302
800,745,945
808,810,136
813,090,571
783,067,139
754,663,680
723,496,040
711,457,740
11
Percent
Increase
1.81%
1.30
(0.82)
(1.00)
(0.53)
3.83
3.76
4.31
1.69
-.--
Largest Ad Valorem Taxpayers
The ten largest ad valorem taxpayers in the City for Fiscal Year 2015-2016 are shown in Table 3 according to
net assessed valuation.
Table 3
Largest Ad Valorem Taxpayers
(Fiscal Year 2015-2016)
NET ASSESSED
VALUATION
NAME
TYPE OF BUSINESS
Southwestern Bell Telephone
Oklahoma Gas & Electric
Over Apartments LLC
Southern Plaza
Bryan Hill LLC ETAL
Oklahoma Natural Gas
Southern Nazarene University
AMG Western Oaks LLC
LPM Parts & Serv of Okla Inc.
Valair Aviation
Telephone
Utility
Apartment Rental
Retirement Community
Apartment Rental
Natural Gas Utility
University
Real Estate Rental
Forklift Sales & Service
Aerospace & Defense
Totals
*
$1,403,633
1,190,693
926,639
805,942
710,967
641,774
458,533
364,649
363,944
345,409
$7,212,183
% of
TOTAL NAV*
1.58%
1.34
1.04
0.91
0.80
0.72
0.52
0.41
0.41
0.39
8.12%
Based on Fiscal Year 2015-16 Net Assessed Valuation of $88,826,430.
Source: Oklahoma County Assessor
Levy History
Table 4 presents the historical ad valorem tax levies within the City for taxpayers in the Putnam City School
District and the Bethany School District, respectively, for all taxing entities. Total tax levies have averaged 100.53 mills
and 114.08 mills in Putnam City and Bethany, as indicated.
Table 4
Historical Tax Levies*
Putnam City School District
Fiscal
Year
Oklahoma
County
General
2015-16
2014-15
2013-14
2012-13
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
23.72
23.58
23.87
23.97
24.06
24.27
24.79
23.18
22.29
22.81
36.46
36.46
36.46
36.46
36.46
36.46
36.46
36.46
36.46
36.46
Putnam City (I-1)
Building
5.21
5.21
5.21
5.21
5.21
5.21
5.21
5.21
5.21
5.21
Sinking
24.75
20.45
21.32
19.97
20.76
19.53
19.85
19.05
15.23
14.29
Vo–Tech
No. 21
City of
Bethany
Total
Levy
15.69
15.69
15.69
15.69
15.69
15.69
15.69
15.69
15.69
15.69
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
105.83
101.39
102.55
101.30
102.18
101.16
102.00
99.59
94.88
94.46
10-Yr. Average
*
Shown as $1/$1000.
12
100.53
Table 5
Historical Tax Levies*
Bethany School District
Fiscal
Year
Oklahoma
County
General
2015-16
2014-15
2013-14
2012-13
2011-12
2010-11
2009-10
2008-09
2007-08
2006-07
23.72
23.58
23.87
23.97
24.06
24.27
24.79
23.18
22.29
22.81
36.05
36.05
36.05
36.05
36.05
36.05
36.05
36.05
36.05
36.05
Bethany (I-88)
Building
Sinking
5.15
5.15
5.15
5.15
5.15
5.15
5.15
5.15
5.15
5.15
37.79
37.48
35.77
34.37
34.29
33.48
32.02
26.38
29.04
32.57
Vo–Tech
No. 6
City of
Bethany
Total
Levy
16.73
16.56
15.72
15.72
15.72
15.72
15.72
15.72
15.72
15.72
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
119.44
118.82
116.56
115.26
115.27
114.67
113.73
106.48
108.25
112.30
10-Yr. Average
*
114.08
Shown as $1/$1000
Sinking Fund Tax Collection History
The City of Bethany has not levied ad valorem tax for General Obligation bonds since 2003.
INDEBTEDNESS
Payment Record
The City has not defaulted on principal and interest payments of its general obligation bonded indebtedness of
record.
Existing Indebtedness
As of May 3, 2016, the City had no General Obligation Bond issues outstanding.
Under State law, judgments against a city are payable from ad valorem taxes over three years at a maximum
interest rate of ten percent (10%). The City has no outstanding judgments.
The combined estimated principal and interest levy requirements for the 2016 Bonds are shown in Table 6 for
the next five fiscal years.
Table 6
Five Year Principal and Interest Levy Requirements for 2016 Bonds*
Fiscal Year
2016/17
2017/18
2018/19
2019/20
2020/21
Principal Levy
Interest Levy
Total Levy
409,000
409,000
409,000
409,000
409,000
295,788
271,602
254,402
237,614
225,592
704,788
680,602
663,402
646,614
634,592
*
Assumes the 2016 Bonds carry a weighted average interest rate of 3.5036%.
13
STATEMENT OF INDEBTEDNESS
(As of May 3, 2016)
$
819,124,218
Estimated Actual Market Value (2015-2016)
Assessed Valuation (Gross) Including Homestead Exemption
Real Property*
Personal Property
Public Service Property
Assessed Valuation (Net) Excluding Homestead Exemption
$
92,869,969
$
88,826,430
$
80,535,125
4,813,447
3,477,858
Debt Outstanding – Proposed 2016 Bonds
8,180,000
Less Sinking Fund Balance (As of May 3, 2016)
(104,809)
$
Net General Obligation Indebtedness
8,075,191
Ratio of Net General Obligation Bonds Outstanding to Net Assessed Valuation
9.10%
$
423.87
Net Indebtedness Per Capita (Based on 2010 population estimate of 19,051)
* Excludes $4,043,539 in Homestead exemptions.
Net Direct, Underlying and Overlapping Indebtedness
Direct, underlying and overlapping indebtedness within the City includes debt of the City, Bethany School
District, Putnam City School District, Francis Tuttle Tech Center ATVSD-21, Canadian Valley Tech Center ATVSD-6
and Oklahoma County as shown below. The aggregate net indebtedness, directly underlying and overlapping the City is
$13,888,545, which includes the 2016 Bonds.
Governmental Entity
City of Bethany
Bethany School District
Putnam City School District
Oklahoma County
Francis Tuttle Tech Ctr (V21)
Candadian Valley Tech Ctr (V6)
TOTALS
Net
Indebtedness 1
Estimated %
Applicable to
Bethany 2
$8,075,191
1,042,514
51,196,712
51,107,391
10,832,798
100.00%
100.00%
7.78%
1.36%
2.42%
0.88%
$122,254,606
1
Overlapping Debt
Applicable to
Bethany
Per Capita
Debt
$8,075,191
1,042,514
3,981,891
693,731
95,218
$423.87
115.14
439.94
76.65
10.52
$13,888,545
$1,066.12
Gross General Obligation Bond Indebtedness Outstanding less Sinking Fund Balance. City of Bethany Net Indebtedness as of May 3, 2016.
All other governmental entities shown are as of June 30, 2015.
2
Determined by ratio of net assessed valuation of property subject to taxation in overlapping unit to valuation of property
subject to taxation in the City of Bethany. Based on 2015-16 valuations.
14
City Related Indebtedness
The Bethany Public Works Authority is a public trust created by a Trust Indenture dated as of March 7, 1959,
with the City of Bethany as beneficiary.
Type of Obligation
Date of Original Issue
Purpose
Amount
Maturity
Principal
Outstanding
OWRB CWSRF
3/15/2010
Sewer Improvements
$10,000,000
9/15/2029
$3,643,799
Sales Tax/Utility
Revenue Bonds
5/1/2012
Sewer Improvements;
Retire outstanding
indebtedness
$3,585,000
7/1/2022
$2,250,000
Sales Tax/Utility
Revenue Note
7/31/2013
Sewer improvements; retire
outstanding indebtedness;
miscellaneous property
improvements
$9,665,000
4/1/2028
$8,605,000
Authorized But Unissued Bonds
With the issuance of the 2016 Bonds, the City will have no remaining bonds authorized from the April 5, 2016
election.
ECONOMIC AND DEMOGRAPHIC INFORMATION
Population
Table 7 presents historical population for the City of Bethany and Oklahoma County.
Table 7
Historical Population
Year
1970 (census)
1980 (census)
1990 (census)
2000 (census)
2010 (census)
City of
Bethany
Oklahoma
County
21,785
22,038
20,075
20,307
19,051
526,805
568,933
599,611
660,448
718,633
Source: Oklahoma Department of Commerce
15
Population by Age
Table 8 presents the distribution of population by age for Oklahoma County and the State of Oklahoma for
selected years.
Table 8
Percentage of Population by Age
YEAR
0-4
5-14
15-44
45-64
1990
Oklahoma County
State of Oklahoma
7.6%
7.2
2000
Oklahoma County
State of Oklahoma
2010
Oklahoma County
State of Oklahoma
65+
TOTAL
14.5%
15.1
47.2%
45.1
18.5%
19.1
12.1%
13.5
100.0%
100.0
7.3%
6.9
14.0%
14.5
45.2%
42.6
21.4%
22.6
12.2%
13.4
100.0%
100.0
7.7%
7.0
13.7%
13.7
41.9%
40.1
24.7%
25.8
11.9%
13.4
100.0%
100.0
Per Capita Income
Historical per capita income figures for Oklahoma County and the State of Oklahoma are shown in Table 9.
Table 9
Area Per Capita Income
Year
Oklahoma
County
State of
Oklahoma
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
51,038
49,322
48,407
45,721
41,692
40,210
45,765
41,178
41,304
37,335
43,637
41,962
41,549
39,037
35,949
34,578
37,379
34,563
33,522
30,957
Source: Bureau of Economic Analysis, U.S. Department of Commerce
Employment Data
The number of persons in the Oklahoma County labor force and number employed for the years 2005 through
2014 are shown in Table 10. Also, shown is the county unemployment rate compared to state and national averages for
the same period.
16
Table 10
Employment Statistics
Year
Labor
Force
Number
Employed
Oklahoma
County
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
365,832
368,797
365,144
357,689
354,254
325,899
324,124
323,354
328,518
333,282
350,480
350,710
347,558
338,625
332,486
305,990
311,404
309,044
314,706
317,817
4.2
4.9
4.5
5.3
6.2
6.1
3.9
4.4
4.2
4.6
Unemployment Rate
State
of OK
4.5
5.3
5.3
5.9
6.8
6.4
3.7
4.1
4.0
4.5
U.S.
6.2
7.4
8.1
9.0
9.6
9.3
5.8
4.6
4.6
5.1
Source: Bureau of Labor Statistics
Sales Tax Collections
Sales tax collections for the City of Bethany are shown in Table 11. The City currently levies a four percent
local sales tax. The total sales tax rate in the City is 8.5 percent with the State of Oklahoma rate at 4.5 percent and
Oklahoma County at 0.0 percent.
Table 11
City Sales Tax Collections
Fiscal
Year
Total
Collections
One-Cent
Generated
Percent
Change
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
$4,584,062
4,580,168
4,528,049
4,280,294
4,057,504
4,106,651
4,189,266
4,250,195
4,143,153
4,053,507
$1,146,016
1,145,042
1,132,012
1,070,074
1,014,376
1,026,413
1,047,317
1,062,549
1,035,788
1,013,377
0.09%
1.15
5.79
5.49
(1.17)
(2.00)
(1.43)
2.58
2.21
-.--
Source: Oklahoma Tax Commission
17
Building Permits
Table 12
Building Permits
YEAR
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
TOTALS
RESIDENTIAL
NUMBER
VALUE
6
$
1,051,375
4
623,000
5
977,000
5
871,200
4
555,000
4
885,000
8
868,000
1
252,500
5
614,045
7
942,979
49
$
7,640,099
COMMERCIAL
NUMBER
VALUE
7
$
10,159,630
2
3,450,000
4
6,240,000
2
765,000
2
3,910,000
0
4
8,548,000
4
2,600,000
4
1,720,000
5
3,739,100
34
$
41,131,730
NUMBER
13
6
9
7
6
4
12
5
9
12
83
TOTAL
VALUE
$
11,211,005
4,073,000
7,217,000
1,636,200
4,465,000
885,000
9,416,000
2,852,500
2,334,045
4,682,079
$
48,771,829
Table 12 indicates the number of permits issued within the City of Bethany and estimated value for residential
and commercial purposes for the last ten years.
RATINGS
A rating on the Bonds has been applied for from Standard & Poor’s Credit Market Services, a division of
McGraw-Hill Companies, Inc. ("S&P"). If assigned, a rating is subject to withdrawal at any time; withdrawal of a rating
may have an adverse effect on the marketability of the Bonds. For an explanation of the significance of the rating, an
investor should communicate with the rating agency directly.
TAX MATTERS
Opinion of Bond Counsel
In the opinion of ____________________, __________, Oklahoma, Bond Counsel, under existing statutes and
court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the
Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue
Code of 1986, as amended (the "Code"), and (ii) interest on the Bonds is not treated as a preference item in calculating
the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included
in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed
on such corporations. In rendering its opinion, Bond Counsel has relied on certain representations, certifications of fact,
and statements of reasonable expectations made by the City and others, in connection with the Bonds, and Bond Counsel
has assumed compliance by the City with certain ongoing covenants to comply with applicable requirements of the Code
to assure the exclusion of interest on the Bonds from gross income under Section 103 of the Code.
Bond Counsel has rendered its opinion under existing statutes and court decisions as of the issue date, and
assumes no obligation to update their opinions after the issue date to reflect any future action, fact or circumstance, or
change in law or interpretation, or otherwise. Bond Counsel expresses no opinion on the effect of any action hereafter
taken or not taken in reliance upon an opinion of other counsel on the exclusion from gross income for Federal income
tax purposes of interest on the Bonds, or under state and local tax law.
18
State of Oklahoma Tax Exemption
Pursuant to Title 68 of the Oklahoma Statutes 2011, Section 2358.5, interest on the bonds is exempt from
Oklahoma income taxation.
Financial Institutions
The Code provides that commercial banks, thrift institutions and other financial institutions may not deduct the
portion of their interest expense allocable to tax-exempt obligations acquired after August 7, 1986 (other than "qualified
tax-exempt obligations"). The Bonds will be designated as "qualified tax-exempt obligations" for this purpose.
Certain Ongoing Federal Tax Requirements and Covenants
The Code establishes certain ongoing requirements that must be met subsequent to the issuance and delivery of
the Bonds in order that interest on the Bonds be and remain excluded from gross income under Section 103 of the Code.
These requirements include, but are not limited to, requirements relating to use and expenditure of gross proceeds of the
Bonds, yield and other restrictions on investments of gross proceeds, and the arbitrage rebate requirement that certain
excess earnings on gross proceeds be rebated to the Federal government. Noncompliance with such requirements may
cause interest on the Bonds to become included in gross income for Federal income tax purposes retroactive to their issue
date, irrespective of the date on which such noncompliance occurs or is discovered. The City has covenanted to comply
with certain applicable requirements of the Code to assure the exclusion of interest on the Bonds from gross income
under Section 103 of the Code.
Certain Collateral Federal Tax Consequences
The following is a brief discussion of certain collateral Federal income tax matters with respect to the Bonds. It
does not purport to address all aspects of Federal taxation that may be relevant to a particular owner of a Bond.
Prospective investors, particularly those who may be subject to special rules, are advised to consult their own tax
advisors regarding the Federal tax consequences of owning and disposing of the Bonds. Prospective owners of the
Bonds should be aware that the ownership of such obligations may result in collateral Federal income tax consequences
to various categories of persons, such as corporations (including S corporations and foreign corporations), financial
institutions, property and casualty and life insurance companies, individual recipients of Social Security and railroad
retirement benefits, individuals otherwise eligible for the earned income tax credit, and taxpayers deemed to have
incurred or continued indebtedness to purchase or carry obligations the interest on which is excluded from gross income
for Federal income tax purposes. Interest on the Bonds may be taken into account in determining the tax liability of
foreign corporations subject to the branch profits tax imposed by Section 884 of the Code.
Original Issue Discount
"Original issue discount" ("OID") is the excess of the sum of all amounts payable at the stated maturity of a
Bond (excluding certain "qualified stated interest" that is unconditionally payable at least annually at prescribed rates)
over the issue price of that maturity. In general, the "issue price" of a maturity means the first price at which a
substantial amount of the Bonds of that maturity was sold (excluding sales to bond houses, brokers, or similar persons
acting in the capacity as underwriters, placement agents, or wholesalers). In general, the issue price for each maturity of
Bonds is expected to be the initial public offering price set forth on the cover page of the Official Statement. For any
Bonds having OID (a "Discount Bond"), OID that has accrued and is properly allocable to the owners of the Discount
Bonds under Section 1288 of the Code is excludable from gross income for Federal income tax purposes to the same
extent as other interest on the Bonds.
In general, under Section 1288 of the Code, OID on a Discount Bond accrues under a constant yield method,
based on periodic compounding of interest over prescribed accrual periods using a compounding rate determined by
reference to the yield on that Discount Bond. An owner’s adjusted basis in a Discount Bond is increased by accrued OID
for purposes of determining gain or loss on sale, exchange, or other disposition of such Bond. Accrued OID may be
taken into account as an increase in the amount of tax-exempt income received or deemed to have been received for
purposes of determining various other tax consequences of owning a Discount Bond even though there will not be a
corresponding cash payment.
19
Owners of Discount Bonds should consult their own tax advisors with respect to the treatment of original issue
discount for Federal income tax purposes, including various special rules relating thereto, and the state and local tax
consequences of acquiring, holding, and disposing of Discount Bonds.
Bond Premium
In general, if an owner acquires a Bond for a purchase price (excluding accrued interest) or otherwise at a tax
basis that reflects a premium over the sum of all amounts payable on the Bond after the acquisition date (excluding
certain "qualified stated interest" that is unconditionally payable at least annually at prescribed rates), that premium
constitutes "bond premium" on that Bond (a "Premium Bond"). In general, under Section 171 of the Code, an owner of a
Premium Bond must amortize the bond premium over the remaining term of the Premium Bond, based on the owner’s
yield over the remaining term of the Premium Bond determined based on constant yield principles (in certain cases
involving a Premium Bond callable prior to its stated maturity, the amortization period and yield may be required to be
determined on the basis of an earlier call date that results in the lowest yield on such bond). An owner of a Premium
Bond must amortize the bond premium by offsetting the qualified stated interest allocable to each interest accrual period
under the owner’s regular method of accounting against the bond premium allocable to that period. In the case of a taxexempt Premium Bond, if the bond premium allocable to an accrual period exceeds the qualified stated interest allocable
to that accrual period, the excess is a nondeductible loss. Under certain circumstances, the owner of a Premium Bond
may realize a taxable gain upon disposition of the Premium Bond even though it is sold or redeemed for an amount less
than or equal to the owner’s original acquisition cost. Owners of any Premium Bonds should consult their own tax
advisors regarding the treatment of bond premium for Federal income tax purposes, including various special rules
relating thereto, and state and local tax consequences, in connection with the acquisition, ownership, amortization of
bond premium on, sale, exchange, or other disposition of Premium Bonds.
Information Reporting and Backup Withholding
Information reporting requirements will apply to interest paid after March 31, 2007 on tax-exempt obligations,
including the 2016 Bonds. In general, such requirements are satisfied if the interest recipient completes, and provides the
payor with, a Form W-9, "Request for Taxpayer Identification Number and Certification", or unless the recipient is one
of a limited class of exempt recipients, including corporations. A recipient not otherwise exempt from information
reporting who fails to satisfy the information reporting requirements will be subject to "backup withholding", which
means that the payor is required to deduct and withhold a tax from the interest payment, calculated in the manner set
forth in the Code. For the foregoing purpose, a "payor" generally refers to the person or entity from whom a recipient
receives its payments of interest or who collects such payments on behalf of the recipient.
If an owner purchasing a 2016 Bond through a brokerage account has executed a Form W-9 in connection with
the establishment of such account, as generally can be expected, no backup withholding should occur. In any event,
backup withholding does not affect the excludability of the interest on the 2016 Bonds from gross income for Federal
income tax purposes. Any amounts withheld pursuant to backup withholding would be allowed as a refund or a credit
against the owner’s Federal income tax once the required information is furnished to the Internal Revenue Service.
Miscellaneous
Tax legislation, administrative actions taken by tax authorities, and court decisions, whether at the federal or
state level, may adversely affect the tax-exempt status of interest on the 2016 Bonds under federal or state law and could
affect the market price or marketability of the 2016 Bonds. Prospective purchasers of the 2016 Bonds should consult
their own tax advisors regarding the foregoing matters.
20
UNDERWRITING
The Bonds are to be sold at a competitive sale on May 17, 2016. The Bonds were purchased by
________________ (the "Purchaser") at a true interest cost of ___________ percent. The Purchase Contract provides
that the Purchaser will not be obligated to purchase any Bonds if all such Bonds are not available for purchase. The
Purchaser may offer to sell Bonds to certain dealers (including dealers depositing Bonds into investment trusts) and
others at prices lower than the offering price stated on the cover page hereof. After the initial public offering, the public
offering price may be changed from time to time by the Purchaser.
FINANCIAL STATEMENTS
Excerpts from the audited financial statements of the City as of June 30, 2015 are included as Exhibit A.
FINANCIAL ADVISOR
Municipal Finance Services, Inc. serves as Financial Advisor to the City in connection with the issuance of the
Bonds. The information contained in the Official Statement has been obtained primarily from the City’s records and
from other sources which are believed reliable, including financial records of the City and other entities which may be
subject to interpretation. The Financial Advisor has not been engaged, nor has it undertaken, to audit, authenticate or
otherwise verify the information set forth in this Official Statement. No person, therefore, is entitled to rely upon the
participation of the Financial Advisor as an implicit or explicit expression of opinion as to the completeness and
accuracy of the information contained in this Official Statement. The Financial Advisor’s fee for services rendered with
respect to the sale of the Bonds is contingent upon the issuance and delivery of the Bonds and certain financial
information included in this Official Statement has been compiled by the Financial Advisor. The Financial Advisor
does not engage in the underwriting, selling, or trading of securities. Municipal Finance Services, Inc. is registered with
the State of Oklahoma as an Investment Advisor, Securities and Exchange Commission ("SEC") and the Municipal
Securities Rulemaking Board ("MSRB") as a Municipal Advisor.
CLOSING DOCUMENTS
Simultaneously with the delivery of and payment for the Bonds by the original purchasers thereof, the City will
furnish to the original purchasers the customary documents in form satisfactory to Bond Counsel.
CERTIFICATIONS
The City will furnish a statement to the effect that the Official Statement, to the best of its knowledge and belief
as of the date of sale and the date of delivery, is true and correct in all material respects and does not contain any untrue
statement of material fact or omit to state a material fact necessary in order to make the statements made herein, in light
of the circumstances under which they were made not misleading.
PRELIMINARY OFFICIAL STATEMENT DEEMED FINAL
The City hereby deems this Preliminary Official Statement pursuant to Securities and Exchange Commission
Rule 15c2-12 as final as of its date except for the omission of information dependent on the pricing of the issue and the
completion of the underwriting agreement, such as offering prices, interest rates, selling compensation, aggregate
principal amount, delivery dates, and other terms of the securities dependent on the foregoing matters.
21
CONTINUING DISCLOSURE
The City has covenanted for the benefit of Bondholders to provide annually certain financial information and
operating data relating to the Issuer by not later than two hundred ten (210) days following the end of its fiscal year (the
"Annual Report"), and to provide notices of the occurrence of certain enumerated events. The Annual Report will be
filed by the City with the Electronic Municipal Market Access ("EMMA") system operated by the Municipal Securities
Rule Making Board (the "MSRB"). The notices of material events will be filed by the City with the EMMA system
operated by the MSRB. The specific nature of the information to be contained in the Annual Report or the notices of
material events is included herein under the caption "Exhibit B – Form of Continuing Disclosure Certificate." These
covenants have been made in order to assist the Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). The 2016
Bonds represent the initial obligations issued by the City subject to the Rule. Consequently the City has not defaulted or
failed to disclose any continuing disclosure obligations or events on any other undertaking under S.E.C. Rule 15c2-12(b).
LEGAL MATTERS
Legal matters incident to the authorization and issuance of the Bonds are subject to the approving certificate of
the Attorney General of the State of Oklahoma and the legal opinion of _________________, _________, Oklahoma,
Bond Counsel, as to validity and tax exemption.
ABSENCE OF MATERIAL LITIGATION
There is not now pending or, to the knowledge of the City, threatened any litigation seeking to restrain or enjoin
or in any way limit the approval or the issuance and delivery of the Official Statement or the Bonds or the proceedings or
City under which they are to be issued. There is no litigation pending, or to the knowledge of the City, threatened, which
in any manner challenges or threatens the powers of the City to enter into or carry out the transactions contemplated
herein.
MISCELLANEOUS
Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so
expressly stated, are intended as such and not as representations of fact, and no representation is made that any of the
estimates will be realized.
The execution and delivery of this Official Statement has been duly authorized by the City.
By: /s/
Mayor
Attest:
By: /s/
City Clerk
22
EXHIBIT A
CITY OF BETHANY,OKLAHOMA
Independent Auditor’s Report
And Financial Statements
For the Fiscal Year Ended June 30, 2015
EXHIBIT B
FORM OF CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (this "Disclosure Certificate"), is being executed and delivered by THE
CITY OF BETHANY, OKLAHOMA (the “City”) as a material inducement to the purchasers (the "Underwriters") of
the City’s $8,180,000 General Obligation Bonds, Series 2016 (the "2016 Bonds"). The Series 2016 Bonds will be issued
pursuant to an Ordinance of the City dated May 17, 2016 (the "Ordinance"). Capitalized terms used in the Disclosure
Certificate which are not otherwise defined in the Ordinance, shall have the same respective meanings specified below or
in Section 2 of this Disclosure Certificate.
Section 1. Purpose of Disclosure Certificate. This Disclosure Certificate is being executed and delivered by
the City for the benefit of the Holders and Beneficial Owners of the Series 2015 Bonds and in order to assist each
Participating Underwriter in complying with Rule 15c2-12(b)(5) of the Securities and Exchange Commission (the
“Commission”).
Section 2. Defined Terms.
“Annual Report” means any Annual Report provided by the City pursuant to, and as described in, Section 3
hereof.
“Audited Financial Statements” means the City’s annual financial statements as presented in Exhibit A of the
Official Statement, prepared in conformity with generally accepted accounting principles (“GAAP”) for local
governmental units as promulgated by the Governmental Accounting Standards Board (“GASB”), which financial
statements shall have been audited by such auditor as shall be then required or permitted by the laws of the State;
provided, however, that the City may from time to time, if required by Federal or State legal requirements, modify the
basis upon which its financial statements are prepared. Notice of any such modification shall be provided to the MSRB,
and shall include a reference to the specific Federal or State law or regulation describing such accounting basis.
“Beneficial Owner” means any person which (a) has the power, directly or indirectly, to vote or consent with
respect to, or to dispose of ownership of, any Series 2016 Bonds (including persons holding Bonds through nominees,
depositories or other intermediaries), or (b) is treated as the owner of any Series 2015 Bonds for federal income tax
purposes.
“Dissemination Agent” means the City, or any successor Dissemination Agent designated in writing by the City
and which has filed with the City a written acceptance of such designation.
“EMMA” means the MSRB’s Electronic Municipal Market Access System. Reference is made to Commission
Release No. 34-59062, December 8, 2008 (the “Release”) relating to the EMMA system for municipal securities
disclosure effective on July 1, 2009.
“Listed Event” means any of the events listed in Appendix A to this Disclosure Certificate.
“Listed Event Notice” means notice of a Listed Event in Prescribed Form.
“MSRB” means the Municipal Securities Rulemaking Board established pursuant to Section 15B (b) (1) of the
Securities Exchange Act of 1934.
“Official Statement” means the “final official statement,” as defined in the paragraph (f) (3) of the Rule, relating
to the Series 2016 Bonds.
“Participating Underwriter” means any of the original underwriters of the Series 2016 Bonds required to
comply with the Rule in connection with offering of the Series 2016 Bonds.
B-1
“Prescribed Form” means, with regard to the filing of Annual Reports, Audited Financial Statements and Listed
Event Notices with the MSRB at www.emma.msrb.org (or such other address or addresses as the MSRB may from time
to time specify), such electronic format, accompanied by such identifying information, as shall have been prescribed by
the MSRB and which shall be in effect on the date of filing of such information.
“Rule” means Rule 15c2-12(b)(5) promulgated by the Commission under the Securities Exchange Act of 1934 (17
CFR Part 240, §240.15c2-12), as in effect on the date of this Disclosure Certificate, including any official interpretations
thereof.
“State” shall mean the State of Oklahoma.
Section 3. Provision of Annual Reports. The City, as the “obligated persons” for purposes of the Rule,
hereby agree to provide or cause to be provided to the MSRB in Prescribed Form annually not later than 210 days
following the end of each fiscal year an Annual Report containing financial information and operating data with respect
to the City as described in Appendix B hereto and the Audited Financial Statements as of the end of each fiscal year;
provided, however, that if Audited Financial Statements are not available within 210 days after the end of the preceding
fiscal year, unaudited financial statements will be provided as part of the Annual Report with Audited Financial
Statements to be provided in a timely manner when they become available.
The Annual Report shall be provided at least annually notwithstanding a fiscal year longer than 12 calendar
months. The City may change its current fiscal year, but must promptly notify the MSRB of each such change.
All or any portion of the Annual Report may be provided by way of cross-reference to other documents
previously provided to the MSRB.
The City agrees to provide or cause to be provided, in a timely manner, to the MSRB notice of a failure to
provide the Audited Financial Statements and the Annual Report on or prior to the date specified herein.
Section 4. Failure to File Annual Reports and Audited Financial Statements. If the City fails to provide
the Annual Report or the Audited Financial Statements to the MSRB by the date specified in Section 3, the City shall
send a notice of such failure to the MSRB by a date not in excess of ten (10) business days after the occurrence of such
failure.
Section 5. Disclosure of Listed Events. The City hereby covenants that it will disseminate in a timely manner,
not in excess of ten (10) business days after the occurrence of the event, a Listed Event Notice to the MSRB in
Prescribed Form. Notwithstanding the foregoing, notice of optional or unscheduled redemption of any Series 2016
Bonds or defeasance of any Series 2016 Bonds need not be given under this Disclosure Certificate any earlier than the
notice (if any) of such redemption or defeasance is given to the owners of the Series 2016 Bonds pursuant to the
Indenture. The City is required to deliver such Listed Event Notice in the same manner as provided by Section 3 of this
Disclosure Certificate.
Section 6. Duty To Update EMMA/MSRB. The City shall determine, in the manner it deems appropriate,
whether there has occurred a change in the MSRB’s e-mail address or filing procedures and requirements under EMMA
each time it is required to file information with the MSRB.
Section 7. Duties, Immunities and Liabilities of Dissemination Agent. The City may, from time to time,
engage or appoint an agent to assist the City in disseminating information hereunder (the “Dissemination Agent”). The
City may discharge any Dissemination Agent with or without appointing a successor Dissemination Agent. If appointed,
the Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the
City agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless
against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers
and duties thereunder, including the costs and expenses (including attorney fees) of defending against any claim of
liability, but excluding liabilities due to the Dissemination Agent’s negligence or willful misconduct. The obligations of
the City under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Series
2016 Bonds.
B-2
Section 8. Termination of Obligations. Pursuant to paragraph (b)(5)(iii) of the Rule, the obligation to provide
Annual Reports, Audited Financial Statements and Listed Event Notices, as set forth herein, shall terminate if and when
the City no longer remains an obligated person with respect to the Series 2016 Bonds, which shall occur upon either
payment of the Series 2015 Bonds in full at maturity or by means of prior redemption or the legal defeasance of the
Series 2016 Bonds in accordance with the Indenture. If such termination occurs prior to the final maturity of the Series
2015 Bonds, the City shall give notice of such termination in the same manner as for a Listed Event Notice under
Section 5.
Section 9. Amendment. Notwithstanding any other provision of this Disclosure Certificate, the City may
amend this Disclosure Certificate, and any provision of this Disclosure Certificate may be waived, without the consent of
the Series 2016 Bondholders, under the following conditions:
(1)
The amendment or waiver may only be made in connection with a change in circumstances that
arises from a change in legal requirements, change in law or change in the identity, nature or status of the City, or
type of business conducted;
(2)
This Disclosure Certificate, as amended or with the provision so waived, would have complied
with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or
interpretations of the Rule, as well as any change in circumstances; and
(3)
The amendment or waiver does not materially impair the interest of holders of the Series 2016
Bonds, as determined either by parties unaffiliated with the City (which shall include the Paying Agent or nationally
recognized bond counsel, or any other party determined by any of them to be unaffiliated), or by approving vote of
holders of the Series 2016 Bonds pursuant to the terms of the Indenture at the time of the amendment or waiver.
In the event of any amendment or waiver of a provision of this Disclosure Certificate, the City shall describe
such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the
amendment or waiver and its impact on the type (or, in the case of a change of accounting principles, on the presentation)
of financial information or operating data being presented. In addition, if the amendment relates to the accounting
principles to be followed in preparing Audited Financial Statements, (i) notice of such change shall be given in the same
manner as for a Listed Event Notice under Section 5, and (ii) the Annual Report for the year in which the change is made
should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial
statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former
accounting principles.
Section 10. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the
City from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate
or any other means of communication, or including any other information in any Annual Report or Listed Event Notice,
in addition to that which is required by this Disclosure Certificate. If the City chooses to include any information in any
Annual Report or Listed Event Notice in addition to that which is specifically required by this Disclosure Certificate, the
City shall not have any obligation under this Disclosure Certificate to update such information or include it in any future
Annual Report or Listed Event Notice.
Section 11. Failure to Comply. In the event of a failure of the City to comply with any provision of this
Disclosure Certificate, any Holder or Beneficial Owner of the Series 2016 Bonds may take such actions as may be
necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the City to
comply with their obligations under this Disclosure Certificate. A failure to comply under this Disclosure Certificate
shall not be deemed an Event of Default under the Bond Ordinance, and the sole remedy under this Disclosure
Certificate in the event of any failure of the Bond Ordinance or the City to comply with this Disclosure Certificate shall
be an action to compel performance.
Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the
Dissemination Agent, each Participating Underwriter and Holders and Beneficial Owners from time to time of the Series
2015 Bonds, and shall create no rights in any other person or entity.
Section 13. Recordkeeping. The City shall maintain records of all filings of Annual Reports, Audited
Financial Statements and Listed Event Notices, including the content of such disclosure, the names of the entities with
whom such disclosure was filed and the date of filing such disclosure.
B-3
Section 14. Compliance. The caption “CONTINUING DISCLOSURE” in the Official Statement accurately
and completely represents that the City has not had bonds, notes or other obligations subject to the continuing disclosure
obligations of the Rule that were outstanding at any time during the previous five calendar years and said caption
contains a fair and accurate description of the procedures instituted by the City designed to assure compliance with the
requirements of each continuing disclosure undertaking entered into by either of them, including this Disclosure
Certificate, pursuant to the Rule. The 2016 Bonds represent the initial obligations issued by the City subject to the Rule.
Consequently the City has not defaulted or failed to disclose any continuing disclosure obligations or events on any
other undertaking under S.E.C. Rule 15c2-12(b).
Section 15. Counterparts. This Disclosure Certificate may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument.
Section 16. Choice of Law. This Disclosure Certificate shall be governed by and construed in accordance with
the laws of the State of Oklahoma, provided that to the extent this Disclosure Certificate addresses matters of federal
securities laws, including the Rule, this Disclosure Certificate shall be construed in accordance with such federal
securities laws and official interpretations thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Certificate, by an authorized representative, all as
of the date first above written.
(SEAL)
_____________________________________
Mayor
ATTEST:
___________________________
City Clerk
B-4
APPENDIX A
EVENTS WITH RESPECT TO THE BONDS FOR WHICH
LISTED EVENT NOTICES ARE REQUIRED
1.
Principal and interest payment delinquencies.
2.
Nonpayment-related defaults, if material.
3.
Unscheduled draws on debt service reserves reflecting financial difficulties.
4.
Unscheduled draws on credit enhancements reflecting financial difficulties.
5.
Substitution of credit or liquidity providers, or their failure to perform.
6.
Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of
taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with
respect to the tax status of the security, or other material events affecting the tax status of the security.
7.
Modifications to rights of security holders, if material.
8.
Bond calls, if material.
9.
Defeasances.
10.
Release, substitution or sale of property securing repayment of the securities, if material.
11.
Rating changes.
12.
Tender offers.
13.
Bankruptcy, insolvency, receivership or similar event of the City†.
14.
The consummation of a merger, consolidation or acquisition involving the City or the sale of all or substantially
all of the assets of the City, other than in the ordinary course of business, the entry into a definitive agreement to
undertake such an action or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material.
15.
Appointment of a successor or additional trustee or the change of name of a trustee, if material.
†This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar
officer for the City in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in
which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the City,
or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but
subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of
reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over
substantially all of the assets or business of the City.
B-5
APPENDIX B
DESCRIPTION OF PORTIONS
OF OFFICIAL STATEMENT REQUIRING ANNUAL UPDATE
The following information included in the Official Statement under the headings Financial Information and
Indebtedness:
FINANCIAL INFORMATION AND RELATED TEXT:
Financial Information
General Fund Highlights
Net Assessed Valuation
Table 1- Historical Net Assessed Valuation
Table 2 - Estimated Actual Market Valuation
Table 3 - Largest Ad Valorem Taxpayers
Table 4 - Historical Tax Levies (Putnam City Schools)
Table 5 – Historical Tax Levies (Bethany Public Schools)
INDEBTEDNESS AND RELATED TEXT:
Table 6 - Five Year Principal and Interest Levy Requirements for 2016 Bonds
Statement of Indebtedness
Net Direct, Underlying and Overlapping Indebtedness
City Related Indebtedness
Authorized but Unissued Bonds
Audited Financial Statements if available; and if unavailable, unaudited financial statements with Audited
Financial Statements to be provided thereafter in the time and manner provided in Section 3 hereof.
B-6
AGENDA: 04/19/2016
ITEM:
8
TO: Mayor and City Council FROM: Steve Harzman, Assistant City Manager DATE: 04/19/2016 SUBJECT: Election of OMAG Trustees BACKGROUND: Attached you will find the cover letter and a ballot for the election of two trustees for the Board of Trustees with the Oklahoma Municipal Assurance Group. There are also several letters of introduction from those who would like to be on the board. Please look through the material and if you are familiar with anyone please submit their name to the mayor for nomination and the Councils vote. RECOMMENDATION ACTION
Submit nominee to Mayor for nomination and vote.
AGENDA: 04/16/2016
ITEM:
9
TO: Mayor and City Council FROM: Steve Harzman, Assistant City Manager DATE: 04/19/2016 SUBJECT: Discussion of Water rates and Bethany Water Usage BACKGROUND: As summer approaches and water usage increases it is time to for the Council to discuss our current water situation. The citizens have many questions that need to be answered prior to the high use summer months. I have included: 1. The current water rates effective January 1, 2016. 2. Rate sheet for 2015 and 2013 3. The Ordinance authorizing the rate surcharge for customers exceeding 6000 gallons. 4. Points to be considered. 5. Explanation of our agreement with Oklahoma City and a copy of Ordinance 52.10 authorizing the City manager to establish water restrictions as needed. 6. Additional information from Oklahoma City’s website about their water rationing program. RECOMMENDATION ACTION
No action required. This is a discussion item that could lead to an item for a
vote at the next meeting.
FROM:
DATE:
SUBJECT:
Agenda: 4/19/16
Item: 10
Jon Robinson
April 11, 2016,
Presentation of the Certified Annual Financial Report for FY 2015
BACKGROUND:
Federal, State and our local laws and ordinances require an annual audit of the City’s financial
statements as provided by the GOA, AICPA, GASB, and others.
The auditor, Casey J. Russell CPA, Inc. will present his findings and discuss the audit as needed.
RECOMMENDED ACTION:
1. Accept the financial audit report as presented by the City’s external auditor.
04/19/2016
13 (A)
04/19/2016

tuesday, april 19, 2016 7:30 pm

Transcription

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