OFFICIAL STATEMENT DATED NOVEMBER 14, 2019

NEW ISSUE RATING: S&P AA (Stable Outlook)(See “Rating” herein)

In the opinion of Bond Counsel, the interest on the Series 2019 Bonds is, under existing law and regulations,excluded from gross income for federal income tax purposes, assuming continuing compliance by theAuthority with covenants to meet the requirements of the Internal Revenue Code of 1986, as amended, andis not an item of tax preference for purposes of the federal alternative minimum tax. Additionally, in theopinion of Bond Counsel, the interest on the Series 2019 Bonds is exempt from State of Oklahoma incometaxation under present law. See Tax Exemption herein.

$14,660,000THE JENKS PUBLIC WORKS AUTHORITY

Utility System Revenue BondsSeries 2019

Dated: December 1, 2019 Due: December 1 (as shown on inside cover)

The Jenks Public Works Authority Utility System Revenue Bonds, Series 2019 (the "Series 2019Bonds") are being issued by The Jenks Public Works Authority (the “Authority”), a public trustcreated and existing under the laws of the State of Oklahoma (the “State”), particularly but notexclusively Title 60, Oklahoma Statutes 2018 Supplement, Sections 176-180.4, inclusive, by which the Authority is designated as an agency of the State and regularly constituted authority of theBeneficiary, the City of Jenks (the “City”), Oklahoma.

The Series 2019 Bonds are not a debt of the City, nor of the State, nor personal obligations of theTrustees of the Authority but are limited and special obligations payable solely out of revenuespledged for their payment as outlined in the paragraph entitled Security herein and as described inthe Bond Indenture dated as of December 1, 2019 (the “Indenture”), by and between the Authorityand BancFirst, Oklahoma City, Oklahoma (the “Trustee” or “Bank”). The Authority has no taxingpower.

Semi-annual interest is payable June 1 and December 1 beginning June 1, 2020. BancFirst,Oklahoma City, Oklahoma, is the Trustee Bank and the Registrar for the issue. The Series 2019Bonds will be issued and registered in the name of Cede & Co., as nominee of the Depository TrustCompany, New York, New York (“DTC”), to which all payments of principal and interest will bemade. Purchasers will acquire beneficial interests in the Series 2019 Bonds, in principal amountsof $5,000 and integral multiples thereof, by book-entry only. Purchasers of the Series 2019 Bondswill not receive physical delivery of bond certificates. The Series 2019 Bonds will not betransferable or exchangeable, except for transfers to another nominee of DTC or otherwise asdescribed herein. See “BOOK-ENTRY-ONLY-SYSTEM” herein.

The Series 2019 Bonds maturing on December 1, 2028, and thereafter shall be subject to optionalredemption prior to maturity as described herein. See “REDEMPTION PROVISIONS” herein.

The Series 2019 Bonds are offered when, as and if issued and received by the original purchaser,subject to prior sale, to withdrawal or modifications of the offer without any notice, and to theapproval of legality of the Series 2019 Bonds by Johanning & Byrom, PLLC, Bond Counsel. Certainlegal matters will be passed upon by the Floyd Law Firm, P.C., Norman, Oklahoma, for theUnderwriter. It is expected that the Series 2019 Bonds in definitive form will be available fordelivery to the Underwriter in Oklahoma City, Oklahoma, on or about December 2, 2019.

THE JENKS PUBLIC WORKS AUTHORITYUtility System Revenue Bonds

Series 2019

MATURITY SCHEDULE$14,660,000

BASE DUE CUSIP(1)

DATE AMOUNT RATE PRICE 476130

12-1-2020 $ 280,000 2.00% 100.750% CV912-1-2021 $ 290,000 2.00% 101.435% CW712-1-2022 $ 295,000 2.00% 102.051% CX512-1-2023 $ 305,000 2.00% 102.560% CY312-1-2024 $ 320,000 2.00% 102.837% CZ012-1-2025 $ 330,000 2.00% 102.741% DA412-1-2026 $ 335,000 2.00% 102.504% DB212-1-2027 $ 340,000 2.00% 101.708% DC012-1-2028 $ 355,000 3.00% 108.512% DD812-1-2029 $ 385,000 3.00% 107.586% DE612-1-2030 $ 395,000 3.00% 105.837% DF312-1-2031 $ 405,000 4.00% 113.290% DG112-1-2032 $ 425,000 3.00% 103.236% DH912-1-2033 $ 465,000 3.00% 102.725% DJ512-1-2034 $ 480,000 3.00% 102.217% DK212-1-2035 $ 495,000 3.00% 101.711% DL012-1-2036 $ 510,000 3.00% 101.208% DM812-1-2037 $ 525,000 3.00% 100.780% DN6

$ 1,095,000 3.00% Term Bonds due 12-1-2039 Price 99.255% CUSIP(1) 476130 DP1$ 6,630,000 3.00% Term Bonds due 12-1-2049 Price 97.864% CUSIP(1) 476130 DQ9

(Plus accrued interest from December 1, 2019)

(1) CUSIP numbers have been assigned to this issue by Standard & Poor’s CUSIP Service Bureau, adivision of McGraw-Hill Companies, Inc., and are included solely for the convenience of the ownersof the Series 2019 Bonds. Neither the Authority nor the Underwriter shall be responsible for theselection or correctness of the CUSIP numbers set forth above.

The Series 2019 Bonds maturing on December 1, 2028, and thereafter shall be subject to optionalredemption prior to maturity as described herein. See “REDEMPTION PROVISIONS”.

THE JENKS PUBLIC WORKS AUTHORITY

TRUSTEES

Robert Lee ChairmanVacant Vice-ChairmanKaye Lynn TrusteeGary Isbell TrusteeCraig Murray TrusteeDonna Ogez TrusteeCory Box Trustee

MAYOR AND COUNCIL OF THE CITY OF JENKS

Robert Lee MayorVacant Vice-MayorKaye Lynn CouncilmemberGary Isbell CouncilmemberCraig Murray CouncilmemberDonna Ogez CouncilmemberCory Box Councilmember

PROFESSIONAL STAFF

Christopher Shrout City ManagerRobert Sauceda Finance Director

BOND COUNSELJohanning & Byrom, PLLCOklahoma City, Oklahoma

FINANCIAL ADVISORThe Baker Group LP

Oklahoma City, Oklahoma

REGARDING USE OF THE OFFICIAL STATEMENT

The Series 2019 Bonds are offered only by means of this Official Statement. This OfficialStatement does not constitute an offering of any security other than the Series 2019 Bonds specificallyoffered hereby. It does not constitute an offer to sell or a solicitation of an offer to buy the Series 2019Bonds in any state or jurisdiction to any person to whom it is unlawful to make such offer, solicitationor sale, and no dealer, broker, salesman or other person has been authorized to make such unlawfuloffer, solicitation or sale. No dealer, broker, salesman or other person has been authorized to give anyinformation or to make any representations other than those contained in this Official Statement inconnection with the offering of the Series 2019 Bonds and, if given or made, such other informationor representations must not be relied upon.

The Series 2019 Bonds will not be registered under the Securities Act of 1933, as amended,pursuant to an exemption under Section 3(a) thereof, and the Authority does not intend to list the Series2019 Bonds on any stock or other securities exchange. The U.S. Securities and Exchange Commissionhas not passed upon the accuracy or adequacy of this Official Statement or passed upon or endorsed themerits of this offering of the Series 2019 Bonds. With respect to the various States in which the Series2019 Bonds may be offered, no attorney general, state official, state agency or bureau, or other state orlocal governmental entity has passed upon the accuracy or adequacy of this Official Statement or passedon or endorsed the merits of this offering of Series 2019 Bonds.

All references made herein to the Series 2019 Bonds are qualified in their entirety by referenceto the Indenture. All references made herein to the Indenture are qualified in their entirety by referenceto such complete documents, original counterparts of which are on file in the offices of the Authority,211 N. Elm Street, Jenks, OK 74037, and the corporate trust offices of BancFirst, 101 N. Broadway,Suite 900, Oklahoma City, OK 73102.

The information contained in this Official Statement, including the cover page and Exhibitshereto, has been obtained from the Authority and the City and other sources which are deemed to bereliable. No representation or warranty is made by the Underwriter, however, as to the accuracy orcompleteness of such information and nothing contained in this Official Statement is or shall be reliedupon as a promise or representation by the Underwriter. This Official Statement is submitted inconnection with the sale of securities as referred to herein and may not be reproduced or used in wholeor in part for any other purpose. The delivery of this Official Statement does not at any time imply thatinformation herein is correct as of any time subsequent to its date. This Official Statement is not to beconstrued as a contract with the purchasers of the Series 2019 Bonds.

For purposes of compliance with Rule 15c2-12(b)(1) of the U. S. Securities and ExchangeCommission, this Official Statement has been deemed final by the Authority as of the date hereof.

IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER ALLOTOR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OFTHE SERIES 2019 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAILIN THE OPEN MARKET. STABILIZATION, IF COMMENCED, MAY BE DISCONTINUED ATANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE SERIES 2019 BONDS TOCERTAIN DEALERS AND CERTAIN DEALER BANKS AND BANKS ACTING AS AGENTS ATPRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE COVER PAGEHEREOF AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIMEBY THE UNDERWRITER.

THE UNDERWRITER HAS PROVIDED THE FOLLOWING SENTENCE FOR INCLUSIONIN THIS OFFICIAL STATEMENT. THE UNDERWRITER HAS REVIEWED THE INFORMATIONIN THIS OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS PART OF, THEIRRESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIEDTO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITERDOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

THIS OFFICIAL STATEMENT CONTAINS “FORWARD-LOOKING” STATEMENTSWITHIN THE MEANING OF SECTION 21E OF THE U.S. SECURITIES AND EXCHANGE ACTOF 1934, AS AMENDED. SUCH STATEMENTS MAY INVOLVE KNOWN AND UNKNOWNRISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUALRESULTS, PERFORMANCE AND ACHIEVEMENTS TO BE DIFFERENT FROM THE FUTURERESULTS, PERFORMANCE AND ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCHFORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED THAT THE ACTUALRESULTS COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THE FORWARDLOOKING STATEMENTS.

All information contained in this Official Statement, including the schedule and exhibitsattached hereto, is subject, in all respects, to the complete body of information contained in the originalsources thereof and no guaranty, warranty, or other representation is made concerning the accuracy orcompleteness of the information herein. In particular, no opinion or representation is rendered as towhether any projection will approximate actual results, and all opinions, estimates and assumptions,whether or not expressly identified as such, should not be considered statements of fact.

None of the Authority, the Underwriter, or the Financial Advisor makes any representation orwarranty with respect to the information contained in this Official Statement regarding DTC (definedherein) or its Book-Entry-Only System, as such information has been provided by DTC.

For additional information or copies of this prospectus, contact The Jenks Public WorksAuthority, (918) 299-5883, 211 North Elm, Jenks, Oklahoma 74037-2007 or The Baker Group LP,Financial Advisor, 1601 Northwest Expressway, 20th Floor, Oklahoma City, Oklahoma 73118, (405)415-7215.

OFFICIAL STATEMENT

Table of Contents

PageThe Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Purpose of Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Tax Exemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Required Rebate to the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Redemption Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Book Entry Only System. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Source and Application of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Other Outstanding Authority Indebtedness. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Rate Covenant. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Comparative Revenue and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10The Depository . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11The Trustee Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11The Registrar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Flow of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Additional Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Bond Covenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Defeasance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Defaults and Remedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16No Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Financial Advisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Continuing Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Deemed Final . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Approval of Official Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Exhibits

A Amortization ScheduleB Economic IndicesC Utility RatesD City of Jenks, Oklahoma Annual Financial Report FYE June 30, 2018E Lease, as supplementedF Form of Opinion of Bond CounselG Continuing Disclosure Agreement

THE AUTHORITY

The Jenks Public Works Authority (the "Authority"), a public trust, is a statutory instrumentalityof the City of Jenks, Oklahoma (the "City" or "Beneficiary"), and an agency of the State of Oklahoma(the “State”). The Authority was created under provisions of the Oklahoma Statutes by a Declarationof Trust dated September 10, 1969, as supplemented, to furnish the Beneficiary with services andfacilities for the conservation and implementation of the public welfare and for the protection andpromotion of public health and for other purposes proper for the City itself to furnish. The City is thesole beneficiary of the Authority and receives all net income not needed for Authority purposes. TheCity has leased pursuant to the Lease Agreement dated February 2, 1970, by and between the City aslessor, and the Authority, as lessee (the “Lease”), to the Authority the entire water and sanitary sewer systems (the "Systems"). The Authority is offering as security for the Series 2019 Bonds a pledge ofthe Net Revenues, as defined herein, of its leasehold estate in the entire water and sanitary sewersystems (the "Trust Estate") and is empowered by the Declaration of Trust to acquire, construct,maintain and operate the aforesaid facilities for the City, and borrow money by mortgage, pledge, orother encumbrance of the Trust Estate or its revenues including the issuance of bonds or notes. Allproperties held by the Authority for the benefit of the City will become the property of the City whenthe Authority's debts are extinguished. The Authority has the same duration as the Beneficiary, or untilits purposes shall have been fulfilled, or until it shall have been terminated by mutual agreement andwith the consent of the owners of any outstanding indebtedness. The validity of Trusts of the natureof the Authority has been approved by the Supreme Court of the State. The Authority has no taxingpower.

TRUSTEES

The Trustees of the Authority are the same persons who are currently the members of the CityCouncil of the City and as such, they continue to hold office until their successors are elected to thegoverning board of the City, and qualify for office. The Mayor of the City is the Chairman of theTrustees of the Authority; and, the City Clerk is the Secretary of the Trustees. Present Trustees andemployees of the Authority are:

Robert Lee ChairmanVacant Vice-ChairmanKaye Lynn TrusteeGary Isbell TrusteeCraig Murray TrusteeDonna Ogez TrusteeCory Box Trustee

Christopher Shrout City ManagerRobert Sauceda Finance Director

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PURPOSE OF ISSUE

The Series 2019 Bonds will be issued for purposes in providing (i) enlarging, extending, andimproving the Authority’s sanitary sewer system (see “PROJECT” herein); (ii) funds to currently refundthe Authority’s Series 2012 Bonds dated April 1, 2012 (the “Refunded Bonds”); and (iii) payment forall costs of issuance on the Series 2019 Bonds.

PROJECT

The Series 2019 Bonds will provide funds for improvements at the wastewater treatment facilitywhich will include engineering services and construction of a new headworks structure includingautomated bar screen and influent pumping, replacement of oxidation ditch aeration equipment,construction of new ultraviolet light effluent disinfection, and associated electrical and mechanicalappurtenances (the “Project”). The projected treatment capacity with this phase of construction will be2.2 million gallons per day (MGD) average daily flow.

TAX EXEMPTION

In the opinion of Bond Counsel, assuming continued compliance by the Authority with the termsof the Federal Tax and Arbitrage Certificate of the Authority, under existing statutes, regulations,rulings and judicial decisions, the interest on the Series 2019 Bonds is excludable from gross incomefor federal income tax purposes.

The Internal Revenue Code of 1986, as amended (the "Code"), imposes certain requirementswhich must be met subsequent to the issuance of the Series 2019 Bonds in order for the interest thereonto be and remain exempt from federal income taxation. Non-compliance with such requirements couldcause the interest on the Series 2019 Bonds to become includable in gross income for federal incometax purposes retroactive to the date of issue of the Series 2019 Bonds regardless of the date on whichnoncompliance is ascertained. These requirements include, but are not limited to, limitations on the useof Bond proceeds, restrictions on the yield which may be earned on the investment of Bond proceedsand other amounts, and the obligation to rebate certain investment earnings to the United StatesTreasury. In the Indenture, the Authority has covenanted to comply with the provisions of the Coderelating to the exemption from federal income taxation of the interest on the Series 2019 Bonds.

Interest on the Series 2019 Bonds is not an item of tax preference for purposes of the alternativeminimum tax.

Prospective purchasers of the Series 2019 Bonds should be aware that the ownership of tax-exempt obligations may result in collateral federal income tax consequences to financial institutions,property and casualty insurance companies, individual recipients of Social Security or RailroadRetirement benefits and taxpayers who may be deemed to have incurred or continued indebtedness topurchase or carry tax-exempt obligations. Certain foreign corporations doing business in the UnitedStates may be subject to a “branch profits tax” on their effectively-connected earnings and profitsincluding tax-exempt interest such as interest on the Series 2019 Bonds. Furthermore, in the case of

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a Subchapter S Corporation, interest on the Series 2019 Bonds is treated as passive investment incomewhich is subject to the tax imposed by Section 1375 of the Code. These categories of Bondownersshould consult their own tax advisors as to the applicability of these consequences.

Additionally, in the opinion of Bond Counsel interest paid by the Authority on the Series 2019Bonds is exempt from State of Oklahoma income taxation under present laws.

REQUIRED REBATE TO THE UNITED STATES

The Authority in the Bond Indenture has covenanted to comply and the Bank is empowered totake any and all actions necessary to comply with all of the provisions of the Code, relating to theexemption from federal income taxes of the interest paid upon the bonds authorized by the BondIndenture, including the Series 2019 Bonds, to the end that interest thereon shall remain exempt fromfederal income taxation.

The Code, as amended, provides that bonds which are part of an issue, including the Series 2019Bonds, will be treated as arbitrage bonds if certain hereinafter described requirements are not met withrespect to such issue.

Under the Code, an issuer, including the Authority, is required to make certain payments orrebates to the United States in an amount equal to the sum of the excess of the amount of money earnedon all non-purpose investments, over the amount of money which would have been earned if such non-purpose investments were invested at a rate of interest equal to the yield on the issue, including theSeries 2019 Bonds, plus any income derived from the aforesaid excess itself. The aforesaid paymentsor rebates are to be paid in installments which are required to be made at least once every five years andeach such installment is required to be in an amount which ensures that 90 percent of the excess amount(referred to above) with respect to the issue, at the time payment of such installment is required, willhave been paid to the United States. The final installment is required to be paid no later than 60 daysafter the final maturity of the Series 2019 Bonds, and shall be in an amount sufficient to pay theremaining balance of the excess amount (referred to above) with respect to such issue.

The Authority will abide by its covenants to comply with the Code, including the covenant totimely pay or rebate any and all excess earnings in the manner provided in the Code.

REDEMPTION PROVISIONS

The Series 2019 Bonds are subject to redemption prior to maturity only as described in thissection of the Official Statement.

A. Optional Redemption - The Series 2019 Bonds maturing on December 1, 2028 andthereafter shall be subject to redemption prior to maturity at the option of the Authority,on at least thirty (30) days notice (to be provided in the manner hereafter stated), inwhole or in part, in inverse order of maturity and by lot within a maturity on any date,on and after December 1, 2027, at the redemption prices of par and accrued interest.

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B. Mandatory Sinking Fund Redemption - The Series 2019 Bonds are subject tomandatory sinking fund redemption and payment prior to maturity on December 1,2038, and on each December 1, thereafter through December 1, 2039, at a redemptionprice equal to the principal amount thereof plus accrued interest thereon to theredemption date, as follows:

MandatoryRedemption Dates Principal

December 1, 2038 $ 540,000December 1, 2039* $ 555,000

*Final Maturity

The Series 2019 Bonds are subject to mandatory sinking fund redemption and paymentprior to maturity on December 1, 2040, and on each December 1, thereafter throughDecember 1, 2049, at a redemption price equal to the principal amount thereof plusaccrued interest thereon to the redemption date, as follows:

MandatoryRedemption Dates Principal

December 1, 2040 $ 575,000December 1, 2041 $ 590,000December 1, 2042 $ 610,000December 1, 2043 $ 625,000December 1, 2044 $ 645,000December 1, 2045 $ 675,000December 1, 2046 $ 695,000December 1, 2047 $ 715,000December 1, 2048 $ 740,000December 1, 2049* $ 760,000

*Final Maturity

C. Notice and Effect of Redemption - Notice of any call for redemption will be given bythe Trustee Bank, identifying the Series 2019 Bonds to be redeemed, not less than thirty(30) days prior to the redemption date by notice sent by first class mail to the holder orholders of the bond or bonds to be redeemed, directed to the address shown on theregistration books. No further interest will accrue on the principal of any Series 2019Bonds called for redemption from and after the date fixed for redemption if payment ofthe redemption price thereof has been duly provided for.

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BOOK-ENTRY ONLY SYSTEM

The Depository Trust Company (“DTC”), New York, NY, will act as securities depository forthe Series 2019 Bonds (also referred herein as the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee). One fully-registered Security certificate will be issued for the Securities in the aggregate principal amount of suchissue and will be deposited with DTC at the office of the Trustee on behalf of DTC utilizing the DTCFAST System of registration.

DTC 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 FederalReserve System, a “clearing corporation” within the meaning of the New York Uniform CommercialCode, and a “clearing agency” registered pursuant to the provisions of Section 17A of the SecuritiesExchange Act of 1934. DTC holds securities that its participants (“Participants”) deposit with DTC. DTC also facilitates the settlement among Participants of securities transactions, such as transfers andpledges, in deposited securities through electronic computerized book-entry changes in Participants’accounts, thereby eliminating the need for physical movement of securities certificates. DirectParticipants include securities brokers and dealers, banks, trust companies, clearing corporations, andcertain other organizations. DTC is owned by a number of its Direct Participants and by the New YorkStock Exchange, Inc., the American Stock Exchange, Inc., and the National Association of SecuritiesDealers, Inc. Access to the DTC system is also available to others such as securities brokers anddealers, banks, and trust companies that clear through or maintain a custodial relationship with a DirectParticipant, either directly or indirectly (“Indirect Participants”). The Rules applicable to DTC and itsParticipants are on file with Securities and Exchange Commission.

Purchases of Securities under the DTC system must be made by or through Direct Participants,which will receive a credit for the Securities on DTC’s records. The ownership interest of each actualpurchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and IndirectParticipants’ records. Beneficial Owners will not receive written confirmation from DTC of theirpurchase, but Beneficial Owners are expected to receive written confirmations providing details of thetransactions, as well as periodic statements of their holdings, from the Direct or Indirect Participantthrough which the Beneficial Owner entered into the transaction. Transfers of ownership interests inthe Securities are to be accomplished by entries made on the books of Participants acting on behalf ofBeneficial Owners. Beneficial Owners will not receive certificates representing their ownershipinterests in Securities, except in the event that use of the book-entry system for the Securities arediscontinued.

To facilitate subsequent transfers, all Securities deposited by Participants with DTC (or theTrustee on behalf of DTC utilizing the DTC FAST System of registration) are registered in the nameof DTC’s partnership nominee, Cede & Co. The deposit of Securities with DTC and their registrationin the name of Cede & Co. effect no change in beneficial ownership. DTC has no knowledge of theactual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the DirectParticipants to whose account such Securities are credited, which may or may not be the BeneficialOwners. The Participants will remain responsible for keeping account of their holdings on behalf oftheir customers.

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Conveyance of notices and other communications by DTC to Direct Participants, by DirectParticipants to Indirect Participants, and by Direct Participants and Indirect Participants to BeneficialOwners will be governed by arrangements among them, subject to any statutory or regulatoryrequirements as may be in effect from time to time.

Redemption notices shall be sent to Cede & Co. If less than all of the Securities within the issueare being redeemed, DTC’s practice is to determine by lot the amount of the interest of each DirectParticipant in such issue to be redeemed.

Neither DTC nor Cede & Co. will consent or vote with respect to Securities. Under its usualprocedures, DTC mails an Omnibus Proxy to the Authority as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants towhose account the Securities are credited on the record date (identified in a listing attached to theOmnibus Proxy).

Principal and interest payments on the Securities will be made by the Bank to DTC. DTC’spractice is to credit Direct Participants’ accounts on payable date in accordance with their respectiveholdings shown on DTC’s records unless DTC has reason to believe that it will not receive paymenton payable date. Payments by Participants to Beneficial Owners will be governed by standinginstructions and customary practices, as in the case with securities held for the accounts of customersin bearer form or registered in “street name”, and will be the responsibility of such Participants and notof DTC, Agent, or the Authority, subject to any statutory or regulatory requirements as may be in effectfrom time to time. Payment of principal and interest to DTC is the responsibility of the Authority orAgent, disbursement of such payments to Direct Participant shall be the responsibility of DTC, anddisbursement of such payments to the Beneficial Owners shall be the responsibility of Direct andIndirect Participants.

A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered,through its Participant, to Agent, and shall effect delivery of such Securities by causing the DirectParticipant to transfer the Participant’s interest in the Securities, on DTC’s records, to Agent. Therequirement for physical delivery of Securities in connection with an optional tender or a mandatorypurchase will be deemed satisfied when the ownership rights in the Securities are transferred by DirectParticipants on DTC’s records and followed by a book-entry credit of tendered Securities to Agent’sDTC account.

DTC may discontinue providing its services as securities depository with respect to theSecurities at any time by giving reasonable notice to the Authority or Agent. Under such circumstances,in the event that a successor securities depository is not obtained, Security certificates are required tobe printed and delivered.

The Authority may decide to discontinue use of the system of book-entry transfer through DTC(or a successor securities depository). In that event, Security certificates will be printed and delivered. In reading this Official Statement is should be understood that while the Securities are in the Book-Entry-Only System, references in other sections of this Official Statement to registered owners shouldbe read to include the person for which the Participant acquires an interest in the Securities, but (i) all

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rights of ownership must be exercised through DTC and the Book-Entry-Only System, and (ii) exceptas described above, notices that are to be given to registered owners under the Indenture will be givenonly to DTC. The information in this section concerning DTC and DTC’s book-entry system has beenobtained from sources that the Authority believes to be reliable, but the Authority takes no responsibilityfor the accuracy thereof.

SOURCE AND APPLICATION OF PROCEEDS

Revenue Bond Issue $ 14,660,000.00 Retire Series 2012 Bonds $ 1,440,092.112012 Prior Bond Fund 237,959.92 Construction/Project Fund 13,000,000.00Reoffering Premium 94,760.15 Deposit to Debt Service Fund 1,163.61Accrued Interest 1,163.61 Underwriter's Discount 183,250.00

Costs of Issuance (1) 369,377.96

Total $ 14,993,883.68 Total $ 14,993,883.68

(1) Cost of Issuance includes legal fees, trustee fees, rating agency fee, financial advisory fee, printingcosts and other miscellaneous costs of issuance for the Series 2019 Bonds.

SECURITY

The Series 2019 Bonds are secured by a pledge of the Net Revenues as defined herein. A copyof the lease is attached and should be read in full.

The Series 2019 Bonds are secured by a first lien on the Net Revenues of the Trust Estate(hereinafter defined) which, together with the three cent (3¢) sales tax appropriated to the Authority byresolution of the City Council on October 7, 1985, (the “Sales Tax Revenues”) and paid to theAuthority, are never to be less than 1.25 times average annual debt service charges of the Series 2019Bonds and other debts which may hereafter be incurred and secured equally with them.

Net Revenues of the Trust Estate are defined as all revenues derived from it, together with theSales Tax Revenues actually paid over to the Authority (the “Net Revenues”), less only all costs of itsoperation and maintenance. Average annual debt service charges are defined as all charges for paymentof principal of and interest on Series 2019 Bonds, due and payable from their date of issue, up to andincluding payment of the final maturity of that issue, divided by the number of years elapsed during thatperiod.

Since the Oklahoma Constitution allows only for a pledge of the funds derived from thecollection of a sales tax on a year to year basis, the Sales Tax Revenues are to be committed to theAuthority on a year to year basis, subject to the annual appropriation of such monies by the City. If theCity should decide not to appropriate such monies or should the City take action to eliminate the pledgeor should the voters rescind the right of the City to levy and collect any Sales Tax Revenues, and if theAuthority shall be unable in the future to raise rates, fees and charges for services of the Systems orcause such to be raised, the Authority may be unable to pay the debt service requirements of the Series2019 Bonds. The right of the City to levy and collect any Sales Tax Revenues is provided in the statutes

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of the State of Oklahoma. The legislature has the ability to rescind the right of the City to levy andcollect any Sales Tax Revenues. Additionally, pursuant to the laws of the State of Oklahoma thegoverning body of the City and the citizens of the City have the ability to repeal the ordinance providingfor the levy of sales tax. If the Authority should not receive any Sales Tax Revenues or if suchcollections should decline due to economic conditions, it could inhibit the ability of the Authority topay the debt service requirements of the Series 2019 Bonds.

The amount of Sales Tax Revenues depends upon the sale of covered goods and services withinthe jurisdiction of the City and is therefore dependent upon the general economy of the City. TheOklahoma Legislature has the ability to modify the definition of covered goods and services. Forexample, the Oklahoma Legislature has considered removing food from the definition of covered goods,but no action was taken. Such reductions would have a negative impact on debt service coverage. There can be no assurance that the amount of Sales Tax Revenues levied and collected in any periodwill be sufficient to fund debt service on the Series 2019 Bonds.

OTHER OUTSTANDING AUTHORITY INDEBTEDNESS

The Authority has entered into a Replenishment Agreement, dated April 1, 2014 (the“Replenishment Agreement”), with the Bank whereby the Authority has agreed to immediatelyreplenish the reserve fund created pursuant to a bond indenture securing The Jenks Aquarium AuthorityRefunding Revenue Bonds Series 2014 (the “Aquarium Bonds”). The Aquarium Bonds were issuedin the principal amount of $17,115,000, are currently outstanding in the principal amount of$13,770,000, and are secured by a first mortgage upon certain aquarium facilities constructed with theproceeds of the Aquarium Bonds and the gross revenues derived from said aquarium facilities. In theevent that gross revenues derived by the operation of the aquarium facilities are insufficient to pay thedebt service on the Aquarium Bonds at any time, such insufficiency shall be cured by withdrawingfunds in the amount of the insufficiency from the reserve fund created pursuant to the indenture securingthe Aquarium Bonds. Pursuant to the Replenishment Agreement, the Authority will deposit funds inthe amount of any insufficiency into the aforesaid reserve fund. The obligation of the Authority tomake payments under the Replenishment Agreement is subordinate to the lien securing the Series2019 Bonds. No proceeds of the Series 2019 Bonds shall be used to make payments under theReplenishment Agreement.

RATE COVENANT

The Authority has covenanted to adopt a schedule of rates and charges for water and sanitarysewer services sufficient, together with appropriated sales tax proceeds actually paid over to theAuthority, to provide Net Revenues equal to one and one-quarter (1.25) times average annual debtservice charges for Series 2019 Bonds and all bonds equally secured with them. Any appropriation inwhatever amount by the City to the Authority shall be treated as income of the Trust Estate andexpenditures by the City itself to pay costs of operation and maintenance of the Trust Estate shall bededucted from the costs of operation and maintenance of the Trust Estate in calculating the NetRevenues of the Trust Estate. In the event no such appropriation or expenditure is made or isinsufficient in amount, then the Authority must immediately revise its rate schedules to remedy any

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resultant deficiency in its revenues so that its Net Revenues shall at all times be equal to one and one-quarter (1.25) times average annual debt service charges. The purpose of these provisions is to permitlower charges for the water and sanitary sewer services rendered to the people of Jenks so long as theCity makes sufficient appropriations to transfer the funds so appropriated to the Authority.

Since no City Council can bind itself nor be bound by an act either of its predecessors or by theterms of the election authorizing sales tax to make any such appropriation, the members of the Authoritywhose membership is identical with that of the City Council, have pledged that in the event that the CityCouncil fails to make the appropriation or for any reason, amounts so appropriated are not paid overto the Authority or are insufficient in amount, the members of the Authority, in their capacity asAuthority Trustees, will immediately increase rates, charges, and fees for services rendered by the TrustEstate in that amount which will produce net revenues equal to one and one-quarter (1.25) times averageannual debt service charges for Series 2019 Bonds and all bonds equally secured with them.

[THIS SPACE INTENTIONALLY LEFT BLANK]

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COMPARATIVE REVENUE AND EXPENDITURES

2018 2017 2016

Revenues

Water $ 10,634,597 $ 10,322,486 $ 8,414,608

Sewer 1,691,855 1,629,596 1,578,413

Sanitation 1,253,285 1,037,854 1,027,023

General Government - 118,705 -

Licenses & Permits 114,785 - 159,686

Rental Receipts - 4,800 4,700

Other - 639,977 613,643

Misc 601,491 492,058 107,396

Total Revenues $ 14,296,013 $ 14,245,476 $ 11,905,469

Expenses

General & Admin $ 2,121,744 $ 2,481,344 $ 2,101,852

Economic Development 357,004 472,253 417,273

Cultural & Recreational 55,802 48,331 48,264

Water Service 8,429,975 7,769,045 6,143,645

Sewer Service 997,948 903,917 833,265

Stormwater Drainage 176,347 - -

Solid Waste Service 1,108,759 1,009,091 1,005,736

Total Expenses (1) $ 13,247,579 $ 12,683,981 $ 10,550,035

Net Income (Loss) $ 1,048,434 $ 1,561,495 $ 1,355,434

Non-Operating Revenues (Expenses)

Investment Income $ 342,618 $ 107,041 $ 57,005

Total Non-Operating Revenues (Expenses) $ 342,618 $ 107,041 $ 57,005

Funds Available Before Sales Tax Transfer $ 1,391,052 $ 1,668,536 $ 1,412,439

Sales Tax (3 Cents) (2) $ 5,963,058 $ 5,796,930 $ 5,405,145

Total Funds Available for Series 2019 Debt Service $ 7,354,110 $ 7,465,466 $ 6,817,584

Projected Series 2019 Debt Service $ 700,000 $ 700,000 $ 700,000

Coverage 10.51 10.66 9.74

(1) Depreciation not included

(2) pledged 3 cents collected as per Oklahoma Tax Commission

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The Comparative Revenue and Expenditures Statements are based upon the City of Jenks’scertified audits and a copy of the fiscal year ended June 30, 2018 audit is included as Exhibit D andshould be read in full. Copies of previous audits are available upon request from The Baker Group LP,or the Authority.

THE DEPOSITORY

The Authority is from time to time to designate a bank or banks, preferably in Jenks, Oklahoma,which shall act as Depository for The Jenks Public Works Authority Gross Revenue Account and BondAccount, and from which withdrawals are to be made as stipulated in the section "Flow of Funds"which follows.

THE TRUSTEE BANK

BancFirst, Oklahoma City, Oklahoma, will act as Trustee for the holders of the Series 2019Bonds, and is to hold the Bond Indenture securing the Series 2019 Bonds, and perform such other dutiesas have or may be agreed upon and as are outlined briefly in the paragraphs that follow and fully in theBond Indenture.

THE REGISTRAR

BancFirst, Oklahoma City, Oklahoma, will act as Registrar for this issue and will registerownership and transfer of the Series 2019 Bonds on books kept for that purpose and act as paying agenton behalf of the Authority. Interest shall be paid by check or draft mailed by the Registrar tobondholders of record on the Record Date which is the 15th day of the month next preceding eachinterest payment date whether or not such date is a business day.

FLOW OF FUNDS

I. BOND PROCEEDS: The proceeds of the Series 2019 Bonds will be deposited in the Bankin The Jenks Public Works Authority Series 2019 Construction Fund, except that accruedinterest will be deposited directly into The Jenks Public Works Authority Sinking Fund, describedin paragraph III. All fees and expenses for services in connection with the issuance of the Series2019 Bonds shall be paid to the persons entitled thereto, the cost of establishing the escrow to defease all of the outstanding Refunded Bonds of the Authority secured by the Systems shall be paid.

A. All payments of properties and equipment purchased, for professional services, labor andmaterials furnished, and for all construction performed and for deposit to the Sinking Fundduring construction; and

B. Any remainder shall be retained in the Construction Fund to be used later for the samepurpose for which the proceeds of the Bonds are to be used, or transferred to the SinkingFund and used to diminish payments otherwise required to be made into it.

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II. AUTHORITY REVENUES: The Depository Bank shall receive daily all money receivedfrom the Trust Estate into an account known as The Jenks Public Works Authority GrossRevenue Account and hereafter called the "Gross Revenue Account". The Authority has thesole authority to withdraw money from the Gross Revenue Account. From the Gross RevenueAccount there is to be paid in the following order:

A. Costs and expenses of and incidental to the operation and ordinary maintenance of theTrust Estate, including but not limited to payments due under any contract for theoperation and maintenance of the Systems, the necessary costs and expenses of andincidental to the collection of revenues of the Trust Estate and fees and expenses of theBank and Registrar.

B. The sums required for payment of principal of and interest on the Series 2019 Bonds areto be deposited in The Jenks Public Works Authority Bond Account, to be held by theDepository but with the sole right of withdrawal from the Bond Account vested in theBank. Bond account deposits are to be made monthly and in as nearly equal amounts asmay be practicable.

C. The remainder is to be used for any proper purpose of the Authority, including, but notlimited to, purchase of any Series 2019 Bonds or any other equally secured indebtednesson the open market, redemption of bonds of this or equally secured debt prior to maturity,or payments to or for the Beneficiary.

All deposits made by the Authority must be in banks the accounts of which are insured by theFederal Deposit Insurance Corporation (the "F.D.I.C.") and any deposit in excess of that amount insuredby the F.D.I.C. must be secured as are the deposits of uninvested sinking funds of political subdivisionsof the State of Oklahoma, or in the case of deposits in the Bank, in the manner prescribed by federal lawfor securing trust funds.

III. DEBT SERVICE: From the Bond Account the Bank shall, not later than each interest andprincipal payment date so long as these Series 2019 Bonds remain outstanding, withdrawtherefrom the accumulated sum and deposit it in the "Sinking Fund" which it holds. TheSinking Fund is to be used by the Bank for payment of principal of and interest on the Series2019 Bonds as they mature. The withdrawals are to be made in that amount which will permitpayment of principal of and interest on Series 2019 Bonds as they become due.

IV. INVESTMENT OF FUNDS:

A. All funds not specifically mentioned in "Flow of Funds" section are to be keptcontinuously invested in conformance with its use and applicable law to yield the highestannual return for the benefit of the Authority subject to the security provisions as providedin subsection II herein entitled "Authority Revenues".

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ADDITIONAL BONDS

Provided no state of default exists under the Indenture, additional debt equally secured with thisdebt may be incurred under the following conditions:

1. Any such secured additional indebtedness shall be incurred only for acquiring,constructing, extending, improving, protecting or enlarging the properties andfacilities of the Trust Estate, or of the City of Jenks, or to effect major repairs andreplacements to the Trust Estate or for refunding any outstanding indebtedness ofthe Authority incurred for any of the foregoing purposes.

2. No such additional indebtedness shall be incurred unless the Net Revenues of theTrust Estate (hereinabove defined) shall, as certified by a Certified PublicAccountant, have been at an annual rate equal to one and one-quarter (1.25) timesaverage annual debt service charges of the outstanding bonds for the precedingfiscal year and projected Net Revenues for the calendar year immediately followingcompletion of any such authorized project shall be equal to one and one-quarter(1.25) times the average annual debt service charges of the outstandingindebtedness secured under the Indenture. In making the calculations, increasedutility rates and increased sales taxes then in effect may be assumed to have beenin effect during the period under consideration. Debt service charges for the Series2019 Bonds are shown in Exhibit A.

3. The Supplemental Indenture providing for any such additional equally secured debtshall provide that payments into the Bond Account and Sinking Fund shall beincreased in such amounts as shall be necessary to service the additional bonds. The deposits or payments into the Bond Account and Sinking Fund required foreach series of equally secured bonds are to be commingled with all other depositsand payments made into such account or fund under the Bond Indenture.

BOND COVENANTS

Pursuant to the Indenture, the Authority has made certain covenants, which include thefollowing:

1. The Authority has good right and lawful authority to execute and deliver theconveyance set forth in the Indenture, and all of said property is free and clear ofall liens, claims, demands, encumbrances and governmental charges which couldor in any manner might adversely affect or prejudice the rights, interests, privileges,powers and liens provided in the Indenture, and the Authority, so often as requestedso to do by the Bank or any holder of any Series 2019 Bond promptly will executeand deliver all such other and further instruments and do, or cause to be done, allsuch other and further things, as reasonably shall be required to vest in the Bank allof the rights, powers and benefits intended to be conveyed, assigned and conferredby the Indenture.

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2. The Authority will not suffer or permit any lien or encumbrance upon any of theproperty or revenues conveyed as security under the terms of the Indenture, or anypart of said property or revenues, to be or become superior or in preference to thelien created by the Indenture, neither will the Authority do or suffer to be done anyact or thing whereby the security provided in the Indenture shall be diminished orimpaired.

3. The Authority forever will defend the unimpaired and unencumbered right, title andinterest in and to each and every part of the property and revenues mentioned in theIndenture against all claims and demands asserted by any person or entitywhatsoever to be prior or preferential to the lien created by the Indenture, and theAuthority, upon request by the Bank or by the holder of any Series 2019 Bond,promptly will take such action as reasonably shall be required to extinguish anydefect or cloud upon the rights, title and interests described as aforesaid whetherpresently existing or hereafter coming into existence; and the Authority will saveharmless the Trustee and each holder of any Series 2019 Bond from all loss, cost,expense and damage with respect to any of the foregoing.

4. The Authority will maintain a schedule of utility charges, fees and rates sufficient(together with sales tax receipts appropriated and paid over to the Authority), toproduce Net Revenues annually not less than one and one-quarter (1.25) timesaverage annual debt service requirements on the Series 2019 Bonds and all equallysecured bonds after payment of all operation and maintenance costs and expensesof the Trust Estate.

5. The Authority will keep the Systems insured by all forms of insurance ordinarilycarried by reasonably prudent operators of like properties, the policies to be payableto the Beneficiary and/or the Bank as their interests shall appear and either thepolicies or certificates of insurance are to be delivered to the Bank promptly uponissuance thereof.

6. The Authority will maintain the Systems in first-class working condition and willnot remove or dispose of any of the mortgaged properties without written consentof the Bank.

7. The Authority will maintain its right to operate, and will operate the Systems solong as any bonded indebtedness remains outstanding, will comply with allapplicable laws, rules and regulations, and will give no free service except to theBeneficiary for strictly governmental purposes.

8. The proceeds of these bonds will be used solely for the purposes for which theywere issued, as briefly outlined in a preceding paragraph entitled "Purpose of Issue"and as described in complete detail in the Bond Indenture itself under which theyare issued and for refunding interim or temporary debt incurred by the Authority forthe same purposes.

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9. All monies collected by the Authority will be applied in the manner provided in thepreceding section entitled "Flow of Funds".

10. The Authority will keep proper books, records and accounts in accord with goodaccounting practices which shall at all reasonable times be made available tobondholders or their representatives. That, within 180 days following the close ofits fiscal year, it will supply to the Bank, the Beneficiary, The Baker Group,Oklahoma City, Oklahoma, and to any bondholder who so requests, an annual auditof its operations during the preceding fiscal year, prepared by a Certified PublicAccountant. If so requested by the Bank or the holders of at least 51% of theoutstanding debt, such Certified Public Accountant shall be named by the Bank orthe bondholders.

11. The Authority will incur no additional indebtedness secured by the revenues of theTrust Estate, or the Systems, (a) if it is in default in any of its covenants; and (b)unless the additional debt be issued in full compliance with all requirements of theparagraph entitled "Additional Bonds".

12. Any provision in the Bond Indenture may be amended by the agreement of theAuthority and the Bank with the consent given in writing to the Bank by the holdersof not less than 75% of all the equally secured bonds then outstanding except,however:

a. The aforesaid percentage of seventy-five percent (75%) shall not be reducedwithout the consent of the holders of all of the outstanding indebtedness;

b. Any reduction made in the rate of interest must apply equally to all bondsunless otherwise consented to in writing by the holder of the exceptedbonds;

c. That in the event that there shall be an extension of maturities serially, thesame relative position in the extended schedule shall be retained for eachbond as in the maturity schedule of the bonds as originally issued, unlessotherwise consented to in writing by the holder of the excepted bonds. However, if the extension of maturities is made into a single maturity, theextension shall apply to all bondholders; and

d. That no bond be given preference in security over any other;

13. It is also provided that in the event monies in an amount which shall be sufficientor direct obligations of the United States or of agencies of the United States fullyguaranteed by the United States are placed in a special escrow account for the solepurpose and in sufficient amount that the principal and interest earned when dueshall provide funds to pay promptly and fully as they mature, both interest on andprincipal of the Series 2019 Bonds or in the alternative, on such earlier date any of

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said outstanding bonds, respectively, are callable for redemption prior to maturity,in the latter event, together with any premium payable upon such redemption, atwhich time the lien securing them by the Trust Estate shall be released.

14. The Authority will timely prepare and file, or cause to be prepared and filed, anyand all reports or returns required under the Internal Revenue Code of 1986, asamended, in order to preserve the federal tax-exempt status of the interest payableon the Series 2019 Bonds and the Authority will timely meet the rebaterequirements of the Internal Revenue Code of 1986, as amended, including but notlimited to, payment of any required rebates to the United States, relating to incomederived from investment of the proceeds of the Series 2019 Bonds.

DEFEASANCE

The Indenture shall be defeased if, among other things, there are sufficient monies, the principalof and interest on which when due will provide monies, which together with the monies, if any,deposited with the Bank at the same time are sufficient to pay when due the principal or redemptionprice of and interest due, and to become due, on the Series 2019 Bonds, on and prior to the redemptiondate or maturity date thereof, as the case may be.

DEFAULTS AND REMEDIES

The Bond Indenture makes the happening or existence of any fact incompatible with itsprovisions a default including, but not limited to, the failure to pay the principal of and interest on theSeries 2019 Bonds when due.

All of the customary remedies, including acceleration of maturities, receivership, etc., are madeavailable to the Bank and to all bondholders. An additional remedy is also provided which permits theappointment of temporary Trustees in sufficient number to constitute a majority of the Trustees. Thisdevice permits continued operation of the properties under control of the bondholders withoutendangering the tax-free status of the property or its operation as a governmental agency. It is simpleto apply, is inexpensive and continues in effect until the default is cured. All remedies expressly aremade concurrent and elective.

NO LITIGATION

There is not now pending any litigation restraining or enjoining the issuance or delivery of theSeries 2019 Bonds or questioning or affecting the validity of the Series 2019 Bonds or the proceedingsand authority under which they are to be issued. Neither the creation, organization or existence of theAuthority, nor the title of the present trustees or officers of the Authority to their respective offices, isbeing contested.

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RATING

S&P Global Ratings has assigned a rating of “AA” (stable outlook) to the Series 2019 Bonds. The rating reflects only the view of such organization and an interpretation of the rating may beobtained only from the rating agency furnishing the same. There is no assurance that the rating willcontinue for any given period of time or that they will not be revised down or withdrawn entirely bysuch rating agencies, if circumstances so warrant. Any revision or withdrawal of the rating may havean adverse effect on the market price of the Series 2019 Bonds.

UNDERWRITING

The Series 2019 Bonds are to be purchased by D.A. Davidson & Co. (the “Underwriter”),pursuant to a Contract of Purchase with the Authority (the “Contract of Purchase”). The Underwriterhas agreed to purchase the Series 2019 Bonds at a price of $14,571,510.15 (which represents the$14,660,000.00 principal amount of Series 2019 Bonds, plus reoffering premium of $ 94,760.15, lessUnderwriter's Discount of $183,250.00, and plus accrued interest, if any). The Contract of Purchaseprovides that the Underwriter will not be obligated to purchase any Series 2019 Bonds if all Series 2019Bonds are not available for purchase, and requires the Authority to indemnify the Underwriter againstlosses, claims, damages and liabilities arising out of any incorrect or incomplete statements orinformation contained in this Official Statement pertaining to the Projects and other matters. The initialpublic offering price set forth on the inside cover page hereof may be changed by the Underwriter.

In connection with the offering of the Bonds, the Underwriter may overallot or effecttransactions which stabilize or maintain the market prices of the Bonds at levels above those whichmight otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued atany time.

The Underwriter has provided the following sentence for inclusion in this Official Statement.The Underwriter has reviewed the information in this Official Statement in accordance with, and as apart of, its responsibilities under the federal securities laws as applied to the facts and circumstancesof this transaction, but the Underwriter does not guarantee the accuracy or completeness of suchinformation and this Official Statement is not to be construed as the promise or guarantee of theUnderwriter.

FINANCIAL ADVISOR

The Authority's financial advisor is The Baker Group LP, Oklahoma City, Oklahoma. TheBaker Group LP has prepared certain information for this Official Statement in connection with itsservices to the Authority and has provided financial advice to the Authority in connection with theSeries 2019 Bonds.

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CONTINUING DISCLOSURE

The Authority will execute and deliver its Continuing Disclosure Agreement (the "ContinuingDisclosure Agreement") for the benefit of the holders and beneficial owners of the Series 2019 Bonds.The Authority is required to observe the Continuing Disclosure Agreement for so long as it remainsobligated to pay the Series 2019 Bonds. Pursuant to the Continuing Disclosure Agreement, theAuthority will be obligated to provide certain updated financial information and timely notice of certainspecified events, to the Municipal Securities Rulemaking Board (the "MSRB") through its ElectronicMunicipal Market Access ("EMMA") system at www.emma.msrb.org. See Exhibit G - ContinuingDisclosure Agreement.

Compliance with Prior Undertakings

The Authority has entered into prior continuing disclosure undertakings pursuant to the Rulewith respect to its currently outstanding Utility System Revenue Refunding Bonds, Series 2012, in the principal amount of $4,490,000, dated April 1, 2012 of which $1,440,000 remains outstanding (and willbe currently refunded by the Series 2019 Bonds) (the “Prior Undertaking”).

During the last five years, the Authority has failed to comply with continuing disclosurerequirements. The Continuing Disclosure Agreement for the Prior Undertaking requires filing theAnnual Report to include the City’s Audited Financial Statements within 180 days of the ending of thefiscal year on June 30. For fiscal year ending June 30, 2014, a Late Notice was filed on January 12,2015, for Audited Financial Statements filed late on May 14, 2015; for fiscal year ending June 30, 2015,a Late Notice was filed on January 15, 2016, for Audited Financial Statements filed late on February11, 2016; for fiscal year ending June 30, 2016, a Late Notice was filed on January 9, 2017, for AuditedFinancial Statements filed late on January 19, 2017; for fiscal year ending June 30, 2017, a Late Noticewas filed on January 5, 2018, for Audited Financial Statements filed late on December 18, 2018; forfiscal year ending June 30, 2018, a Late Notice was filed on January 9, 2019, for Audited FinancialStatements filed late on September 25, 2019.

The Continuing Disclosure Agreement executed in connection with the issuance of the Series2019 Bonds will provide for the disclosure of Annual Financial Information as provided for in theIndenture and Audited Financial Statements no later than 180 days after the close of the Authority’sfiscal year.

The Authority has covenanted to provide the final Official Statement to the purchaser withinseven business days after final agreement to purchase, offer, or sell the Bonds in an offering and insufficient time to accompany any confirmation that request payment from any customer.

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http://www.emma.msrb.org.

DEEMED FINAL

THE AUTHORITY HAS CERTIFIED THAT THIS OFFICIAL STATEMENT WAS DEEMEDFINAL AS OF ITS DATE FOR PURPOSES OF RULE 15c2-12(b), EXCEPT FOR THEINFORMATION NOT REQUIRED TO BE INCLUDED THEREIN UNDER RULE 15c2-12(b).

Concurrently with the delivery of the Series 2019 Bonds, the Authority will furnish a certificateexecuted on behalf of the Authority to the effect that the final Official Statement, as of the date of thefinal Official Statement and as of the date of delivery of the Bonds, does not contain any untruestatement of a material fact or omit to state any material fact necessary to make to the statements herein,in light of the circumstances under which they were made, not misleading.

MISCELLANEOUS

Information concerning the Authority, the Project, the Financial Statements and the Series 2019Bonds contained in this Official Statement has been furnished by the Authority.

The foregoing summaries or descriptions of provisions in the Indenture and the ProjectAgreement and all references to other materials not purporting to be quoted in full, are only briefoutlines of certain provisions thereof and do not constitute complete statements of such provisions anddo not summarize all the pertinent provisions of such provisions. For further information, referenceshould be made to the complete documents, copies of which are on file at the corporate trust offices ofthe Trustee for examination and will be furnished by the Authority upon request.

All projections and other statements in this Official Statement involving matters of opinion,whether or not expressly so stated, are intended as such and not as representations of fact. This OfficialStatement is not to be construed as a contract or agreement between the Authority and the purchasersor holders of any of the Series 2019 Bonds.

APPROVAL OF OFFICIAL STATEMENT

This Official Statement has been approved by the Authority for distribution to prospectivepurchasers of the Series 2019 Bonds.

THE JENKS PUBLIC WORKS AUTHORITY

By: /s/ Robert Lee Chairman of Trustees

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EXHIBIT A

AMORTIZATION SCHEDULE

A-1

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EXHIBIT B

ECONOMIC INDICES

THE CITY

The following information is intended only as general information about the City. The City isin no way obligated to repay any portion of the Series 2019 Bonds.

GENERAL

The City of Jenks, Oklahoma, incorporated as a City in 1905, is located in northeast Oklahoma, in Tulsa County, approximately ten miles southeast of the City of Tulsa, Oklahoma. The cityencompasses approximately 15 square miles. The City employs 100 persons and provides all of thenormally recognized city services to its citizens including police and fire protection, water, sewer andsolid waste disposal services. Electric service is provided by AEP/PSO, East Central Electric andOG&E, telephone service by AT&T, and natural gas by Oklahoma Natural Gas Company.

TRANSPORTATION

Air Transportation. Tulsa’s general aviation airport, Jones Riverside Airport (RVS) isimmediately adjacent to the Jenks city limits. RVS has two parallel runways and a cross wind runway. The longest runway is 5,100 feet. RVS is a FAA Tower controlled facility. The nearest commercialairport is 20 miles from Jenks at Tulsa, Oklahoma. This airport is a full service field with three runways,the longest having a total runway length of 10,000 feet. There are at least 6 major commercial airlinesoperating out of Tulsa International Airport. There are several air freight companies in operation.

Water Transportation. The nearest water transportation is the Port of Catoosa. It is 26 milesfrom Jenks and has a channel depth of 9 feet. It is connected via the Arkansas River to the MississippiRiver and the Gulf of Mexico.

Road System. Jenks is located at the intersection of US 75 and Main Street (96th Street South). The nearest interstate highway is I-44, approximately 4 miles to the north. The Creek Turnpike crossesJenks east-west with entrances to downtown Jenks at Elm and US 75.

THE SYSTEMS

SANITARY SEWER SYSTEM

Jenks has an oxidation ditch, activated sludge system of treatment which is professionallyoperated by a contractor. The City’s sewage treatment system is currently operating at approximately67% of capacity. The Authority presently has 8,331 sewer accounts.

B-1

Sewer Treatment Capacity and LoadMeasurement Capacity Present LoadGallons per day 3,000,000 2,040,000Population equivalent 34,344 23,354

WATER SYSTEM

Storage Capacity Daily Consumption Pressure in Mains Source Capacity

Ground: 15,000,000 GPD Max: 1,190,000 GPD Max 120 PSI Purchased 170,000,000 GPD

Elevated: 65,000,000 GPD Min: 758,600 GPD Min 60 PSI from City of Tulsa

The Authority presently has 8,666 water accounts.

MAJOR EMPLOYERS

The major employers located in the City, the type of business engaged in, and the approximatenumber of employees are shown below:

ApproximateNumber of

Company Name Product Employees

Jenks Public Schools Educational 1,649

Kimberly-Clark Corp. Tissue Mfg. 525

Gateway Mortgage Financial Institution 307

Tulsa Winch Group Industrial Machinery 231

CORE Medical Facility 205

Reasor’s Retail Grocery 135

City of Jenks City Services 128

Grace Living Center Nursing Home 125

Flying Tee Entertainment 123

First Oklahoma Bank Financial Institution 122

Wal-Mart Neighborhood Retail Grocery 93

Oklahoma Aquarium Aquarium 61

Air Comfort HVAC Contractors 60

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Source: City of Jenks

B-2

EDUCATION

Jenks Public School District has 10 primary and secondary schools with approximately

12,558 students and approximately 910 certified staff.

Type Grades Facilities Enrollment

Public K-4 4 5,476

Public 5-8 3 3,618

Public 9-12 3 3,464

Total 8 12,558

Jenks consistently ranks at or near the top in objective academic testing. Some areas in Jenks

are served by the Bixby and Glenpool school districts. Jenks has access to numerous educational

institutions. Located within easy driving distance is Oklahoma State University, one of the three largest

universities in the state, and OU/OSU-Tulsa. Nearby Tulsa has two excellent private universities: Oral

Roberts University and Tulsa University. Tulsa Community College is available also with several

campus locations around Tulsa. The state of Oklahoma has 6 career-technology centers in Tulsa able

to serve the Jenks area.

POPULATION

The 2018 estimated population of the City is presently 23,354 people. The historical population

of the city is as follows:

Year Population

2010 16,924

2000 9,557

1990 7,812

1980 5,896

1970 2,685

1960 1,734

1950 1,037

1940 1,026

Source: U.S. Census

B-3

BUILDING PERMITS

Shown below are the number of building permits for the last ten calendar years.

Number of

Calendar Building

Year Permits

2009 377

2010 308

2011 272

2012 348

2013 408

2014 446

2015 432

2016 448

2017 377

2018 323

2019* 242

*Data for 9 months

Source: City of Jenks

Sales Tax Collections (1)

AVERAGE

MONTHLY

TOTAL 1 CENT 1 CENT

FY COLLECTIONS COLLECTIONS COLLECTIONS % CHANGE

2018/19 $ 7,181,135 $ 2,022,855 $ 168,571 1.77%

2017/18 $ 7,056,285 $ 1,987,686 $ 165,640 2.87%

2016/17 $ 6,216,173 $ 1,932,310 $ 161,026 7.25%

2015/16 $ 5,405,146 $ 1,801,715 $ 150,143 7.57%

2014/15 $ 5,024,736 $ 1,674,912 $ 139,576 N/A

2018/19 Collections are 3.55 cents for 12 months.

2017/18 Collections are 3.55 cents for 12 months.

2016/17 Collections are 3.55 cents for 5 months and 3 cents for 7 months.

2015/16 Collections are 3 cents for 12 months.

2014/15 Collections are 3 cents for 12 months.

B-4

Bank Deposits (2) Net Valuation Trends (3)

Does not show branch 2018/19 $ 298,831,438 4.79%

bank deposits. 2017/18 285,181,575 6.73%

2016/17 267,196,602 7.88%

2015/16 247,674,819 4.65%

2014/15 236,662,513 n/a

Utility Connections (4)

Water Sewer

Year Meters Connections

2019 8,666 8,331

2018 8,475 8,139

2017 8,245 7,921

2016 7,946 7,624

2015 7,654 7,333

(1) Source: Oklahoma Tax Commission

(2) Source: Oklahoma Bankers Association

(3) Source: Official Estimate of Needs

(4) Source: City Officials

B-5

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EXHIBIT C

UTILITY RATES

C-1

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MONTHLY WATER RATES (1) (Rates effective October 1, 2019)

Consumption 1,000/Gal Rate Total Rate Cumulative RateFirst 1,000 $ 13.85 $ 13.85 $ 13.85 1,001 to 8,000 5.74 40.18 54.03 8,001 to 12,000 5.79 23.16 77.19 12,001 to 18,000 5.94 35.64 112.83 18,001 to 25,000 6.24 43.68 156.51 Over 25,000 6.60

MONTHLY SEWER RATES (1) (Rates effective October 1, 2019)

Consumption 1,000/Gal Rate Total Rate Cumulative RateFirst 1,000 $ 6.08 $ 6.08 $ 6.08 1,001 to 12,000 1.98 21.78 27.86 12,001 to 25,000 2.15 27.95 55.81 Over 25,000 2.32

____________ (1) Source: Official City Records

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EXHIBIT D

CITY OF JENKS, OKLAHOMA

ANNUAL FINANCIAL STATEMENTS

FOR FISCAL YEAR ENDED JUNE 30, 2018

D-1

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CITY OF JENKS, OKLAHOMA

ANNUAL FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORTS

AS OF AND FOR THE FISCAL YEAR ENDED

JUNE 30, 2018

 

 

 

 

 

CITY OF JENKS, OKLAHOMA 

 ANNUAL FINANCIAL STATEMENTS 

AND INDEPENDENT AUDITOR’S REPORT 

 FOR THE FISCAL YEAR ENDED 

JUNE 30, 2018 

CITY OF JENKS Jenks, Oklahoma

CONTENTS

Page No.

Independent Auditor's Report 1-2 Management’s Discussion and Analysis 3-13 Basic Financial Statements:

Government-Wide Financial Statements: Statement of Net Position 14 Statement of Activities 15

Fund Financial Statements:

Balance Sheet - Governmental Funds 16

Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position 17

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 18

Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance to the Government-Wide Statement of Activities 19

Statement of Fund Net Position - Proprietary Funds 20 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds 21

Statement of Cash Flows - Proprietary Funds 22-23

Notes to the Basic Financial Statements 24-55

Required Supplemental Information: Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budgetary Basis) – General Fund 56 Notes to Required Supplemental Information 57-58 Schedule of Share of Net Pension Liability – Police Pension 59 Schedule of City Contributions – Police Pension & Retirement System 59 Schedule of Share of Net Pension Liability – Firefighter’s System 60 Schedule of City Contributions – Firefighter’s Pension & Retirement 60 Schedule of Changes in Total OPEB Liability and Related Ratios 61

CITY OF JENKS Jenks, Oklahoma

CONTENTS

Page No.

Other Information: Combining Balance Sheet – General Fund Accounts 62

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – General Fund Accounts 63 Combining Balance Sheet – Non-Major Governmental Funds 64-66

Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Non-Major Governmental Funds 67-69 Combining Statement of Net Position – JPWA Accounts 70

Combining Schedule of Revenues, Expenses and Changes in Fund Net Position – JPWA Accounts 71 Schedule of Federal and State Awards 72 Report Required by Government Auditing Standards: Independent Auditor’s Report on Internal Control over Financial Reporting and on

Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 73-74

  

309 N. Bryant Ave. • Edmond, OK 73034 • 405.348.0615 • Fax 405.348.0931 • www.jmacpas.com

Member of AICPA and OSCPA

INDEPENDENT AUDITOR’S REPORT

To the Honorable Mayor and Members of the City Council City of Jenks, Oklahoma

Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Jenks, Oklahoma (the “City”), as of and for the year ended June 30, 2018, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2018, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

1

 

  

Change in Accounting Principle

As discussed in Note 1 to the financial statements, in 2018 the City adopted new accounting guidance, GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions. Our opinion is not modified with respect to this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information, pension plan information, and other post-employment benefit information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements and schedules, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining and individual nonmajor fund financial statements and schedules, as listed in the table of contents, are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules, as listed in the table of contents, are fairly stated in all material respects in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated July 18, 2019, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

July 18, 2019 

2

MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year Ended June 30, 2018 

Unaudited

Introduction  Our discussion and analysis of  the City of  Jenks  financial performance provides an overview of  the City’s  financial activities for the fiscal year ended June 30, 2018.  Please read it in conjunction with the City’s financial statements, which follow.  Overview of Financial Statements and Financial Analysis  The  financial  statements  presented  herein  include  all  of  the  activities  of  the  City  of  Jenks  (the  “City”)  and  its component units using the integrated approach as prescribed by GASB Statement No. 34.  Included in this report are governmental‐wide statements for each of two categories of activities – governmental and business‐type.  Government‐wide Financial Statements The  government‐wide  financial  statements  present  the  complete  financial  picture  of  the  City  from  the  economic resources  measurement  focus  using  the  accrual  basis  of  accounting.    They  present  governmental  activities  and business  type  activities  separately  and  combined.    These  statements  include  all  assets  of  the  City  (including infrastructure) and deferred outflows as well as all  liabilities (including  long‐term debt) and deferred inflows.   The two government‐wide financial statements are, as follows:  Statement of Net Position 

  The Statement of Net Position presents information on all of the City’s assets, deferred outflows of resources, 

liabilities, and deferred inflows of resources, with the difference reported as net position.  Over time, increases or decreases in net position may serve as a useful indicator of�