Public Trust
town Board of Trustees. Oklahoma Statutes Title 60 Section 176 et seq.
Public Works Authority Trust. Trust was originally created in 1966. Trust
needs to be updated particularly in regard to competitive bidding
requirements. I cannot find law saying the trust can be amended and I
cannot find law saying it cannot. Trust does have indebtedness for water
plant. As long as do not terminate the trust can the current town board of
Trustees amend by canceling all provisions and restating the trust?
--
Kevin Dodson
Attorney at Law
308 A Northeast First Street
Pryor, OK 74361
918-824-3600 <(918)%20824-3600>
Fax: 918-824-3601 <(918)%20824-3601>
E-Mail: kevinatdodsonlawoffice@gmail.com
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A trust indenture can be amended- you will need to have the trustor approve (if they are still around) as well as the trustees of the public trust and the governing body of beneficiary. The holder of the indebtedness may need to approve as well-sometimes there are covenants in the note or bond terms addressing that- so long as it does not affect the debt or the lender's security interest, they will usually approve, in my experience. As I recall, we also passed a resolution of the trust authorizing the amendment and the execution thereof and the governing body of the town passed an ordinance authorizing the amendment. Luckily, in my experience the trustors of the trust have been available to approve for any trust amendments, but if not, you may need to file a trust action to have the district court approve the amendment- perhaps someone else has dealt with that as I have not. I can send you what I have if you need it.
Good luck with it.
Jeff M. Stephens
Stephens Law Firm
323 East Rogers Blvd.
Skiatook, OK 74070
(918) 396-0404
(918) 396-0406 - Fax
CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail at stephenslawfirm@sbcglobal.net or by telephone at 918-396-0404, and destroy the original transmission and its attachments without reading them or saving them to disk or hard drive. Thank you
On Thursday, April 23, 2020, 08:22:23 AM CDT, Kevin Dodson <kevinatdodsonlawoffice@gmail.com> wrote:
town Board of Trustees. Oklahoma Statutes Title 60 Section 176 et seq. Public Works Authority Trust. Trust was originally created in 1966. Trust needs to be updated particularly in regard to competitive bidding requirements. I cannot find law saying the trust can be amended and I cannot find law saying it cannot. Trust does have indebtedness for water plant. As long as do not terminate the trust can the current town board of Trustees amend by canceling all provisions and restating the trust?
--
Kevin DodsonAttorney at Law308 A Northeast First StreetPryor, OK 74361918-824-3600Fax: 918-824-3601E-Mail: kevinatdodsonlawoffice@gmail.com
Notice: CONFIDENTIAL AND PRIVILEGED COMMUNICATION: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or person responsible for delivering it to the intended recipient you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. Interception of e-mail is a crime under the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and 2107-2709. If you have received this transmission in error, please immediately notify us by replying to this e-mail or by calling 918-824-3600, and destroy the original transmission and its attachments without reading them or saving them to disk. Thank you.--
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The trust indentures I’ve seen include a provision stating how they can be amended. Does yours not?
On Apr 23, 2020, at 9:03 AM, Jeff Stephens stephenslawfirm@sbcglobal.net wrote:
A trust indenture can be amended- you will need to have the trustor approve (if they are still around) as well as the trustees of the public trust and the governing body of beneficiary. The holder of the indebtedness may need to approve as well-sometimes there are covenants in the note or bond terms addressing that- so long as it does not affect the debt or the lender's security interest, they will usually approve, in my experience. As I recall, we also passed a resolution of the trust authorizing the amendment and the execution thereof and the governing body of the town passed an ordinance authorizing the amendment.
Luckily, in my experience the trustors of the trust have been available to approve for any trust amendments, but if not, you may need to file a trust action to have the district court approve the amendment- perhaps someone else has dealt with that as I have not. I can send you what I have if you need it.
Good luck with it.
Jeff M. Stephens
Stephens Law Firm
323 East Rogers Blvd.
Skiatook, OK 74070
(918) 396-0404
(918) 396-0406 - Fax
CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail at stephenslawfirm@sbcglobal.net or by telephone at 918-396-0404, and destroy the original transmission and its attachments without reading them or saving them to disk or hard drive. Thank you
On Thursday, April 23, 2020, 08:22:23 AM CDT, Kevin Dodson kevinatdodsonlawoffice@gmail.com wrote:
town Board of Trustees. Oklahoma Statutes Title 60 Section 176 et seq. Public Works Authority Trust. Trust was originally created in 1966. Trust needs to be updated particularly in regard to competitive bidding requirements. I cannot find law saying the trust can be amended and I cannot find law saying it cannot. Trust does have indebtedness for water plant. As long as do not terminate the trust can the current town board of Trustees amend by canceling all provisions and restating the trust?
--
Kevin Dodson
Attorney at Law
308 A Northeast First Street
Pryor, OK 74361
918-824-3600
Fax: 918-824-3601
E-Mail: kevinatdodsonlawoffice@gmail.com
Notice: CONFIDENTIAL AND PRIVILEGED COMMUNICATION: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or person responsible for delivering it to the intended recipient you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. Interception of e-mail is a crime under the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and 2107-2709. If you have received this transmission in error, please immediately notify us by replying to this e-mail or by calling 918-824-3600, and destroy the original transmission and its attachments without reading them or saving them to disk. Thank you.
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Most can be Amended And Restated by current Trustees.
Robert C. Thompson
Cheek & Falcone, PLLC
6301 Waterford Blvd., Suite 320
Oklahoma City, Okla. 73118
direct telephone:405-286-9560
direct fax: 405-286-9680
Firm telephone: 405-286-9191
rthompson@cheekfalcone.commailto:rthompson@cheekfalcone.com
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From: Oama oama-bounces@lists.imla.org On Behalf Of Kimberlee Spady
Sent: Thursday, April 23, 2020 10:07 AM
Cc: OAMA@lists.imla.org
Subject: Re: [Oama] Public Trust
The trust indentures I’ve seen include a provision stating how they can be amended. Does yours not?
On Apr 23, 2020, at 9:03 AM, Jeff Stephens <stephenslawfirm@sbcglobal.netmailto:stephenslawfirm@sbcglobal.net> wrote:
A trust indenture can be amended- you will need to have the trustor approve (if they are still around) as well as the trustees of the public trust and the governing body of beneficiary. The holder of the indebtedness may need to approve as well-sometimes there are covenants in the note or bond terms addressing that- so long as it does not affect the debt or the lender's security interest, they will usually approve, in my experience. As I recall, we also passed a resolution of the trust authorizing the amendment and the execution thereof and the governing body of the town passed an ordinance authorizing the amendment.
Luckily, in my experience the trustors of the trust have been available to approve for any trust amendments, but if not, you may need to file a trust action to have the district court approve the amendment- perhaps someone else has dealt with that as I have not. I can send you what I have if you need it.
Good luck with it.
Jeff M. Stephens
Stephens Law Firm
323 East Rogers Blvd.
Skiatook, OK 74070
(918) 396-0404
(918) 396-0406 - Fax
stephenslawfirm@sbcglobal.netmailto:stephenslawfirm@sbcglobal.net
CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. If you have received this transmission in error, please immediately notify us by reply e-mail at stephenslawfirm@sbcglobal.netmailto:stephenslawfirm@sbcglobal.net or by telephone at 918-396-0404, and destroy the original transmission and its attachments without reading them or saving them to disk or hard drive. Thank you
On Thursday, April 23, 2020, 08:22:23 AM CDT, Kevin Dodson <kevinatdodsonlawoffice@gmail.commailto:kevinatdodsonlawoffice@gmail.com> wrote:
town Board of Trustees. Oklahoma Statutes Title 60 Section 176 et seq. Public Works Authority Trust. Trust was originally created in 1966. Trust needs to be updated particularly in regard to competitive bidding requirements. I cannot find law saying the trust can be amended and I cannot find law saying it cannot. Trust does have indebtedness for water plant. As long as do not terminate the trust can the current town board of Trustees amend by canceling all provisions and restating the trust?
--
Kevin Dodson
Attorney at Law
308 A Northeast First Street
Pryor, OK 74361
918-824-3600
Fax: 918-824-3601
E-Mail: kevinatdodsonlawoffice@gmail.commailto:kevinatdodsonlawoffice@gmail.com
Notice: CONFIDENTIAL AND PRIVILEGED COMMUNICATION: This e-mail transmission, and any documents, files or previous e-mail messages attached to it, may contain confidential information that is legally privileged. If you are not the intended recipient, or person responsible for delivering it to the intended recipient you are hereby notified that any disclosure, copying, distribution or use of any of the information contained in or attached to this message is STRICTLY PROHIBITED. Interception of e-mail is a crime under the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and 2107-2709. If you have received this transmission in error, please immediately notify us by replying to this e-mail or by calling 918-824-3600, and destroy the original transmission and its attachments without reading them or saving them to disk. Thank you.
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