The following project and Increment District authorizations are hereby ratified:
(A) The Alva Arena Authority, a public trust, shall be the principal entity responsible for implementation and is authorized to carry out and administer the provisions of the project plan and to exercise all powers necessary or appropriate thereto pursuant to 62 O.S. § 854, although the city and county including the power to make minor amendments to the project plan in accordance with 62 O.S. § 858(D);
(B) Both the city and county shall have the authority to assist in carrying out the provisions of the project plan and to incur project costs with respect to improvements and operations within their responsibilities, in accordance with budgetary allocations for such activities approved in accordance with the project plan;
(C) The Alva Arena Authority, a public trust, shall also have the authority to carry out certain provisions of the project plan, including the authority to:
(1) Issue tax apportionment bonds or notes, or both;
(2) Pledge revenues from current and future fiscal years to repayment;
(3) Incur project costs pursuant to § VIII of the project plan;
(4) Provide funds to or reimburse the city or county for the payment of project costs or other costs incurred in support of the implementation of the project; and
(5) Incur the cost of issuance of bonds for payment of such costs and to accumulate appropriate reserves, if any, in connection with them.
(D) The Chair of the Alva Arena Authority, or his or her designee, shall be the person in charge of implementation of the project plan in accordance with the provisions, authorizations, and respective delegations of responsibilities contained in the project plan. The Chair or his or her designee is authorized to empower one or more designees to exercise responsibilities in connection with project implementation.
(Ord. 2021-002, passed 8-16-2021)