Court Opinion

ID: 9530569
Source: CourtListenerOpinion
Date Created: 2023-08-07 04:01:08.357418+00
Date Added: 2024-06-11T13:28:10.537112
License: Public Domain

Supplemental Opinion on Rehearing.
PER CURIAM.
After our opinion was filed in this case, and pending the filing of petition for rehearing, defendants have entered into and filed in this court a Stipulation in material part, as follows :
“ * * * The parties now stipulate and agree that in reference to ‘fixing of rates’, and in reference to ‘surplus revenues’, provided for in said documents, the parties intended to contract as follows:
1. That the rates and charges to be fixed by the Trustees of the Trust, and approved by The City of Oklahoma City, shall always be sufficient to assure that there will be enough annual revenues to meet interest and reserve *927requirements and to create a sinking . fund to meet principal requirements of the Trustees’ Bonds, and Bank and Trustees’ Fees and Expenses, and all expense of operation, maintenance, renewals, and replacements of the facilities, whether operated by the employees of the City or not.
We further agree in this connection that it would be unlawful and improper for the Trustees to fix or the City to approve rates at a level that would destroy the use of the leased properties and improvements built by the Trustees, or that would impair the ability of the Trustees to meet their financial, obligations. It is further agreed, however, that the City would have the right to require the Trustees to reduce rates if they exceed these amounts, and to require the Trustees to raise the rates if deemed desirable by the City.
2. That all of the revenue and income of the trust estate which is to be collected by the City Treasurer, as Treasurer of the Trust, are Trust Funds, or funds of the Trust. That when these funds are deposited in the Bank’s special fund they will continue to be funds which are segregated and pledged for the uses and purposes set forth in numerical paragraph No. 1 of this stipulation and agreement.
It was, and is, our further understanding and agreement, that when these so-called ‘surplus revenues’ are transferred to the account of the City Treasurer of Oklahoma City to be used by said City for any lawful corporate purposes, that such surplus revenues returned to the City Treasurer would continue to be trust funds pledged and obligated in the hands of the City Treasurer in an amount sufficient to meet all operation, maintenance, renewals, and replacements of the facilities, and any other obligations imposed upon the City by the I.ease Agreement and Bond Indenture. That in effect these ‘surplus revenues’ transferred to the City would be held in trust by the City for the use and purpose of meeting the financial obligations imposed upon the City by the Lease Agreement, Bond Indenture and Ordinances, but only to the extent necessary to enable the City to adequately perform its obligations thereunder.
We did not intend in our Lease Agreement, Bond Indenture, and Ordinances, that the City would ever be required or obligated to spend any of its general fund revenues to supplement the ‘surplus revenues’ in the operation, maintenance, renewals, and replacements of the facilities, but that the ‘surplus revenues’ only would be pledged in an amount necessary to perform those services. However, the City may from time to time if it so elects appropriate and spend any available general fund money for such purposes.
3. The parties further stipulate that it was their desire that the Court would, in this proceeding, after considering the interpretation thereof contained in this Stipulation, determine that the Lease Agreement, the approving Ordinances of the City, Section 3 of Ordinance No.- 8615 of the City and the Bond Indenture are and will be valid and legally binding documents and that bonds issued pur- ■ suant to the provisions of said documents and this stipulation will be valid and legally binding obligations of the Trustees in accordance with their terms.”
. We have considered the Stipulation, the Lease Agreement, Bond Indenture and Ordinances, and have carefully considered the petition for rehearing filed herein, and have concluded that when the Lease Agreement, Bond Indenture, and Ordinances, are given the meaning intended by the contracting parties that the Bonds issued thereunder will be legal and binding obligations in accordance with their terms, and that, injunc-tive relief should be denied.
*928DAVISON, C. J. and WELCH, HALLEY, JOHNSON and JACKSON, JJ., concur.
WILLIAMS, V. C. J. and BLACKBIRD, IRWIN and BERRY, JJ., dissent.