Parking Revenue Bonds Refunding Series 2012

PRELIMINARY OFFICIAL STATEMENT DATED MAY 30, 2012 t NEW ISSUE RATING: S&P: “AA-” See “RATING” herein. In the opinion of Bond Counsel, under existing statutes and court decisions, assuming continuing compliance with y jurisdiction in certain conditions imposed by applicable federal tax law as described herein, interest on the Series 2012 Bonds is excludable from the gross income of the owners thereof for federal income tax purposes. Interest on the Series 2012 Bonds will not be treated as a preference item in calculating the alternative minimum tax imposed under the Internal Revenue Code of 1986, as amended, with respect to individuals and corporations. Such interest, however, is included in the adjusted current earnings of a corporation for purposes of computing the alternative minimum tax imposed on corporations. Interest on the Series 2012 Bonds e securities in an e securities is exempt from Oklahoma income taxation. See “TAX EXEMPTION” herein. $17,895,000* TULSA PARKING AUTHORITY accepted prior to the time the Official Statemen the to the time accepted prior (Tulsa, Oklahoma) PARKING REVENUE BONDS REFUNDING SERIES 2012

shall there be any sale of thes there be any sale shall Dated: Date of delivery Due: As shown on inside cover

The Series 2012 Bonds are being issued pursuant to a Master Bond Indenture (the “Master Bond Indenture”), dated as of June 1, 2012, by and between the Tulsa Parking Authority (the “Authority”) and BOKF, NA dba Bank of Oklahoma, as trustee (the “Trustee”), as supplemented by a First Supplemental Bond Indenture (the “First Supplemental Indenture”) dated as of June 1, 2012, by and between the Authority and the Trustee (the Master Bond Indenture, as amended by the First Supplemental Indenture . is collectively referred to herein as the “Bond Indenture”).

Interest on the Series 2012 Bonds is payable on January 1 and July 1 of each year commencing January 1, 2013. The

ies may not be sold nor may offers to buy be buy offers to nor may be sold not ies may Series 2012 Bonds are subject to optional and extraordinary optional redemption at the prices and in the manner described herein.

solicitation of an offer to buy nor of an offer to buy solicitation The Series 2012 Bonds will be issued as registered bonds in book-entry form in authorized denominations as described y such jurisdiction herein and, when issued, will be initially registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”), which will act as a securities depository therefor (the “Securities Depository”). Purchases of the Series 2012 Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Purchasers will not receive certificates representing their interests in the Series 2012 Bonds purchased. Principal of, premium, if any, and interest on the Series 2012 Bonds will be payable by the Trustee, as Paying Agent and Registrar, to the Securities Depository, which will remit such payments in accordance with its normal procedures, as described herein.

The Series 2012 Bonds do not constitute obligations or debts of the State of Oklahoma, Tulsa County, Oklahoma, the City of Tulsa, Oklahoma (the “City”), or any municipality, county, political subdivision, governmental unit or agency

completion or amendment. These securit completion of the State of Oklahoma, or personal obligations of the Trustees of the Authority or general obligations of the Authority,

Statement constitute an offer to sell or a Statement an constitute but are limited and special obligations of the Authority payable solely from the revenues and receipts derived by the Authority from the operation of the System (as described herein). Neither the faith and credit nor the taxing power of the qualification under the securities laws of an State of Oklahoma, any county, municipality, political subdivision or governmental unit or agency thereof or of the City is or shall be pledged to the payment of the principal of or interest on the Series 2012 Bonds. THE AUTHORITY HAS NO TAXING POWER.

The Series 2012 Bonds are offered when, as and if issued and received by the Underwriter, subject to prior sale, to withdrawal or modification of the offer without notice, and to the approval of legality by Hilborne & Weidman, a professional corporation, Tulsa, Oklahoma, Bond Counsel. Certain legal matters will be passed upon for the Authority by its counsel, GableGotwals, Tulsa, Oklahoma, and for the Underwriter by its counsel, Kutak Rock LLP. It is expected that the Series 2012 Bonds in definitive form will be available for delivery to DTC in New York, New York, on or about June 20, 2012. information contained herein are subject to are herein contained information umstances shall this Preliminary Official ould be unlawful prior to registration or

The date of this Official Statement is June ___, 2012

______*Preliminary, subject to change. This Preliminary Official Statement and the is delivered in final form. Under no circ which such offer, solicitation or sale w

$17,895,000* TULSA PARKING AUTHORITY (Tulsa, Oklahoma) PARKING REVENUE BONDS REFUNDING SERIES 2012

Amounts, Maturities, Interest Rates and Yields*

Due Principal Interest CUSIP July 1 Amount Rate Yield Base: 899672 2013 $ 1,675,000 2014 1,715,000 2015 1,750,000 2016 1,795,000 2017 1,855,000 2018 1,915,000 2019 970,000 2020 535,000 2021 560,000 2022 580,000 2023 605,000 2024 630,000 2025 655,000 2026 680,000 2027 700,000 2028 1,275,000

CUSIP is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned to this issue by CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC, on behalf of the American Bankers Association, and are included solely for the convenience of the Owners of the Series 2012 Bonds. Neither the Authority nor the Underwriter shall be responsible for the selection or correctness of the CUSIP numbers set forth above.

______*Preliminary, subject to change.

REGARDING USE OF THE OFFICIAL STATEMENT

No dealer, broker, salesman or other person has been authorized to give any information or to make any representations, other than as contained in this Official Statement, and if given or made, any such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Series 2012 Bonds, by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been furnished by the Authority, the City of Tulsa, Oklahoma (the “City”), and other sources which are believed to be reliable. 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 part of, its responsibilities under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information and this Official Statement is not to be construed as the promise or guarantee of the Underwriter. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall under any circumstances create any implication that there has been no change in the information or opinions set forth herein after the date of this Official Statement. This Official Statement contains statements that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When used in this Official Statement, the words “estimate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

THE COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. THE COVER PAGE IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT, INCLUDING ALL APPENDICES ATTACHED HERETO TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.

IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICES OF THE SERIES 2012 BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.

THIS PRELIMINARY OFFICIAL STATEMENT IS DEEMED TO BE FINAL (EXCEPT FOR PERMITTED OMISSIONS) BY THE AUTHORITY AND THE CITY FOR PURPOSES OF COMPLYING WITH RULE 15c2-12 OF THE SECURITIES AND EXCHANGE COMMISSION.

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TABLE OF CONTENTS Page INTRODUCTION...... 1 SOURCES OF PAYMENT FOR THE SERIES 2012 BONDS...... 2 THE SERIES 2012 BONDS...... 4 General ...... 4 Payments of Principal and Interest ...... 5 Redemption of the Series 2012 Bonds...... 5 BOOK-ENTRY SYSTEM ...... 6 THE AUTHORITY ...... 9 General ...... 9 Outstanding and Anticipated Indebtedness ...... 9 THE SYSTEM...... 10 PLAN OF FINANCING AND APPLICATION OF SERIES 2012 BOND PROCEEDS ...... 11 ESTIMATED DEBT SERVICE SCHEDULE...... 12 HISTORICAL AND PRO FORMA HISTORICAL DEBT SERVICE COVERAGE...... 13 Historical Debt Service Coverage ...... 13 Pro Forma Historical Debt Service Coverage...... 14 BONDHOLDERS’ RISKS...... 14 SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE ...... 15 Definitions...... 16 Authorization and Issuance of Bonds...... 27 General Provisions for the Issuance of Bonds...... 27 Establishment of Funds ...... 29 Investment of Funds ...... 33 Particular Covenants of the Authority ...... 33 Supplemental Bond Indentures...... 37 Events of Default and Remedies of Bondholders...... 38 Defeasance...... 43 SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT...... 44 TAX EXEMPTION...... 45 Federal Income Taxation...... 46 Backup Withholding...... 47 State Income Tax Exemption ...... 47 No Other Opinions ...... 48 LEGAL MATTERS ...... 48 NO LITIGATION...... 48 UNDERWRITING ...... 48 INDEPENDENT AUDITORS ...... 49 ONGOING DISCLOSURE...... 49 RATINGS...... 49 MISCELLANEOUS...... 49 Schedule I — Description of Prior Bonds Appendix A — Form of Legal Opinion Appendix B — Audited Basic Financial Statements of the Tulsa Parking Authority as of and for the Years Ended June 30, 2011 and 2010 Appendix C — Selected Information on the City of Tulsa, Oklahoma Appendix D — Audited Basic Financial Statements for the City of Tulsa as of and for the Year Ended June 30, 2011 Appendix E — Form of Continuing Disclosure Agreement

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OFFICIAL STATEMENT

$17,895,000* TULSA PARKING AUTHORITY (Tulsa, Oklahoma) PARKING REVENUE BONDS REFUNDING SERIES 2012

INTRODUCTION

This Official Statement, including the cover page and Appendices, is being provided by the Trustees of Tulsa Parking Authority (the “Authority”), in connection with the issuance of the Authority’s $17,895,000* Parking Revenue Bonds, Refunding Series 2012 (the “Series 2012 Bonds”). The Authority is a public trust which was created pursuant to a Trust Indenture dated February 8, 1963, for the use and benefit of the City of Tulsa, Oklahoma (the “City”) under the provisions of Title 60, Oklahoma Statutes 2011, Sections 176 et seq., as amended (the “Act”). The Series 2012 Bonds (together with any additional bonds issued in the future on a parity therewith, are collectively referred to herein as the “Bonds”) are being issued under a Master Bond Indenture (the “Master Bond Indenture”) dated as of June 1, 2012, by and between the Authority and BOKF, NA dba Bank of Oklahoma, as trustee (the “Trustee”), as amended by a First Supplemental Indenture dated as of June 1, 2012, by and between the Authority and the Trustee (collectively the “Bond Indenture”).

The proceeds of the Series 2012 Bonds, together with other available funds, will be used to (i) defease certain Prior Bonds, as defined and described under “PLAN OF FINANCING AND APPLICATION OF SERIES 2012 BOND PROCEEDS” herein and Schedule I hereto, (ii) fund the Bond Service Reserve Account Requirement for the Series 2012 Bonds, and (iii) pay certain costs of issuance of the Series 2012 Bonds. Upon the issuance of the Series 2012 Bonds and the defeasance of the Prior Bonds, the Authority will have no debt outstanding other than the Series 2012 Bonds.

The Authority previously issued bonds to provide financing or refinancing for acquiring land and constructing parking facilities in downtown Tulsa, Oklahoma. The Authority’s parking facilities include: the Main Park Plaza Parking Facility at E. 4th Street and S. Main Street with 1,167 spaces; the Civic Center Parking Facility, a parking facility adjacent to the Tulsa Convention Center in the Civic Center complex with 1,425 parking spaces; the Underground Parking Facility adjacent to the Civic Center with 515 parking spaces; the 100 West Parking Facility (the “West Parking Facility”) between 1st and 2nd Streets and Boulder and Cheyenne Avenues with 1,191 parking spaces; the North Garage, a 1,163 space parking structure at 11 E. 1st Street; and the South Garage, a 770-space parking structure located at 20 E. 2nd Street. The Main Park Plaza Parking Facility, the Civic Center Parking Facility, the Underground Parking Facility, the West Parking Facility, the North Garage, the South Garage and those facilities hereafter acquired or constructed with additional bonds of the Authority issued under the Bond Indenture and designated as such are collectively referred to as the “System.” The Authority may finance, construct or acquire additional parking facilities which may not be a part of the System. See “THE SYSTEM” herein.

All Bonds issued under the Bond Indenture are special obligations of the Authority, payable from the Revenues of the Authority, as defined herein, derived by the Authority from the City, as described in the following paragraph, and from the ownership or operation of the System. Under the Bond Indenture,

______*Preliminary, subject to change.

the Authority grants a first lien on the Revenues and a first mortgage lien on the Trust Estate (as therein defined). The Bond Indenture requires that monthly payments be made by the Authority in amounts and at times sufficient to pay the principal, redemption premium, if any, and interest on all Bonds issued under the Bond Indenture, as well as other amounts required by the Bond Indenture.

Under a certain Projects Agreement (as defined herein) between the Authority and the City, the City has agreed to provide, subject to year-to-year appropriation, payments to the Authority in an amount that when added to the other revenues of the System shall provide sufficient moneys to pay debt service on the System indebtedness of the Authority, including all Bonds. See “SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT” herein. It has not been necessary for the Authority to request any such appropriation from the City since the fiscal year ended June 30, 1992. See the table under “HISTORICAL AND PRO FORMA HISTORICAL DEBT SERVICE COVERAGE—Historical Debt Service Coverage” herein.

The Authority may issue additional bonds (and subordinate indebtedness) to the extent and under the conditions set forth in the Bond Indenture. See “SOURCES OF PAYMENT FOR THE SERIES 2012 BONDS” and “SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE” herein.

The covenants and representations contained in the Bond Indenture do not and shall never constitute a personal or pecuniary liability or charge against the general credit of the Authority or the individual Trustees thereof. The Series 2012 Bonds are not obligations or debts of the State of Oklahoma or the City, or any municipality, county, political subdivision, or governmental unit or agency of the State of Oklahoma, and neither the faith and credit nor the taxing power of the State of Oklahoma, nor of any county, municipality, subdivision, or governmental unit or agency thereof or of the City is pledged to the payment of the Series 2012 Bonds. THE AUTHORITY HAS NO TAXING POWER.

SOURCES OF PAYMENT FOR THE SERIES 2012 BONDS

The Series 2012 Bonds and all other bonds that in the future may be issued under the Bond Indenture on a parity therewith are limited and special obligations of the Authority payable by the Authority from and secured by a pledge of the Revenues under the Bond Indenture. As provided in the Bond Indenture, “Revenues” means: (a) all income and revenue derived by the Authority from the ownership or operation of the System, including any guaranty, indemnification, or subscription agreement; (b) payments from the City; provided, payments described in this clause (b) shall not be considered for purposes of the rate covenant contained in the Bond Indenture; (c) moneys derived from the authorized disposition or sale of System properties, including proceeds of use or occupancy insurance or condemnation or eminent domain but excluding general damage or liability insurance (except as specifically set forth in the Bond Indenture); provided, moneys derived in the manner prescribed in this clause (c) shall not be considered for purposes of the rate covenant contained in the Bond Indenture; (d) the income from the investment of moneys held under the Bond Indenture; and (e) moneys derived from any other sources including unrestricted cash balances of the Authority derived from Revenues of a previous period used for the purpose of defraying Operation and Maintenance Expenses or paying Bond Service in the current period. The term “Revenues” does not include moneys received as proceeds from the sale of Bonds (or proceeds of refunding bonds) if any, for the construction of capital improvements, nor does the term Revenues include any income, receipts or other moneys of the Authority which are derived from its ownership or operation of properties not included within the System (unless such moneys are hereafter dedicated to the support of the System on either a parity or subordinate lien basis) or from the furnishing and supplying of the services, facilities or commodities of such other properties.

All Bonds are further secured by a first mortgage lien upon the Main Park Plaza Parking Facility, the West Parking Facility, the North Garage and the South Garage and the Authority’s leasehold interest

in the land on which the Civic Center Parking Facility is located and the parking facilities thereon. The Authority owns the Main Park Plaza Parking Facility, the Civic Center Parking Facility, the West Parking Facility, the North Garage and the South Garage and is leasing, from the City, the Underground Parking Facility and the land underlying the Civic Center Parking Facility. Under a certain Projects Agreement dated as of June 1, 2012 (the “Projects Agreement”), the City has agreed, subject to year-to-year appropriation, to provide payments to the Authority in an amount that when added to the Revenues of the System shall provide sufficient moneys to pay debt service on the System indebtedness of the Authority, including all Bonds. See “SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT” herein. It has not been necessary for the Authority to request any such appropriation from the City since the fiscal year ended June 30, 1992. See the table under “HISTORICAL AND PRO FORMA HISTORICAL DEBT SERVICE COVERAGE—Historical Debt Service Coverage” herein.

All Revenues shall be deposited by the Authority to the credit of the Revenue Fund to be deposited monthly in the following order: to the Bond Service Account and the Bond Service Reserve Account in the Bond Fund; to provide for the payment of maintenance and operation costs of the System; and the balance to the General Fund. The Authority has also established the Bond Service Reserve Account under the Bond Indenture. The moneys contained in the Bond Service Reserve Account can be utilized to prevent a default in the payment of the principal of and interest on the Bonds. The Bond Service Reserve Requirement, in an amount equal to one-half of the maximum principal and interest requirements of the Series 2012 Bonds, will be funded with a portion of the proceeds of the Series 2012 Bonds and other available funds.

The Authority has covenanted to establish and collect fees and charges for the use of the System facilities which, together with income generated by payments from the City and from investment of Authority funds, will provide the Authority with annual Revenues which, together with other funds established under the Bond Indenture and other moneys which may be pledged to the payment of debt service requirements under the Bond Indenture in the future, will be sufficient to pay the maintenance and operation expenses of the System, and an amount equal to the debt service requirements on all Bonds issued under the Bond Indenture.

The Bond Indenture does not contain any financial test, e.g., historical or pro forma debt service coverage, for the issuance of additional bonds under the Bond Indenture. See “SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE—Authorization of Issuance of Bonds and Other Indebtedness-Additional Bonds” herein.

The Bond Indenture contains a rate covenant requiring revenues derived by the Authority from the ownership or operation of the System to be adequate to maintain the System in good repair and sound operating condition and to pay all Operation and Maintenance Expenses and such rates, fees and charges shall at all times be established and collected so as to render Net Revenues at least equal to the Principal Installments and Redemption Price, if any, of and interest on all Bonds, and to comply in all respects with the terms and provisions of the Bond Indenture, as supplemented. Receipts of payments from the City and condemnation, insurance, sale or disposition proceeds shall not be considered Revenues for purposes of this covenant. See “SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE— Particular Covenants of Authority-Rates, Fees and Charges” herein.

The payment of the principal of and interest on the Series 2012 Bonds does not constitute an indebtedness or liability of the State of Oklahoma or any political subdivision thereof, the City nor the individual trustees of the Authority. The issuance of the Series 2012 Bonds does not directly or indirectly obligate the State of Oklahoma, any political subdivision thereof or the City to provide any funds for the payment of the Series 2012 Bonds. The Series 2012 Bonds do not currently and shall never be considered a debt of the State of Oklahoma, any political subdivision thereof or the City within the meaning of the

Constitution or the statutes of the State of Oklahoma, and do not currently and shall never constitute a charge against the credit or taxing power of the State, any political subdivision thereof or the City. Neither the State of Oklahoma, any political subdivision thereof nor the City shall be liable for the payment of the principal of and interest on the Series 2012 Bonds or for the performance of any agreement or covenant of any kind which may be undertaken by the Authority. No breach by the Authority of any covenant or agreement shall create any obligation upon the State of Oklahoma or any political subdivision thereof or the City including any charge against their credit or taxing power. THE AUTHORITY HAS NO TAXING POWER.

THE SERIES 2012 BONDS

The following is a summary of certain provisions of the Series 2012 Bonds. Reference is made to the Series 2012 Bonds themselves for the complete text thereof and to the Bond Indenture, and the discussion herein is qualified by such reference.

General

Form and Denomination. The Series 2012 Bonds will be issuable as fully registered bonds without coupons in denominations of $5,000 each or any integral multiple of $5,000.

Transfer and Exchange. The Series 2012 Bonds are issued only in fully registered form, and will be initially offered only in book-entry form, registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as Securities Depository of the Series 2012 Bonds. See “BOOK-ENTRY SYSTEM,” herein. For so long as Cede & Co. remains the registered owner of the Series 2012 Bonds, payments of principal, redemption premium, if any, and interest on the Series 2012 Bonds will be made by the Trustee directly to DTC or Cede & Co. as the nominee of DTC.

The Series 2012 Bonds are transferable, as provided in the Bond Indenture, only upon the registration books of the Authority kept for such purpose in the principal corporate trust office of the Trustee, as Bond Registrar, upon presentation thereof at such office by the registered owner or his attorney duly authorized in writing accompanied with a written instrument of transfer duly executed by the registered owner or his duly authorized attorney, and thereupon a new registered Series 2012 Bond in the same aggregate principal amount and maturity shall be issued to the transferee in exchange therefor as provided in the Bond Indenture. The Authority and the Trustee may deem and treat the person in whose name any of the Series 2012 Bonds is registered as the absolute owner thereof, whether that Series 2012 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal and redemption price of and the interest on such Series 2012 Bond, and for all other purposes. The Series 2012 Bonds may otherwise be registered, transferred, or exchanged in the manner and subject to the terms and conditions set forth in the Bond Indenture. In all cases in which the privilege of transferring or exchanging Series 2012 Bonds is exercised, the Trustee may require the payment by the owner of the Series 2012 Bond requesting such exchange or transfer of any fee, tax or other governmental charge required to be paid with respect thereto.

The Trustee shall not be required to exchange or register a transfer of (a) any Series 2012 Bond during the 15-day period next preceding the selection of Series 2012 Bonds to be redeemed and thereafter until the date of the mailing of a notice of redemption of Series 2012 Bonds selected for redemption, or (b) any Series 2012 Bonds selected, called or being called for redemption in whole or in part except, in the case of any Series 2012 Bond to be redeemed in part, the portion thereof not so to be redeemed.

Payments of Principal and Interest

The Series 2012 Bonds will bear interest at the rates and mature in the amounts set forth on the inside cover page of this Official Statement. Principal of and interest due at maturity on the Series 2012 Bonds will be payable to the owners of such Series 2012 Bonds upon presentation and surrender thereof at the principal corporate trust office of the Trustee as Bond Registrar (the “Registrar”). Payments of interest on the Series 2012 Bonds (except interest due at maturity) shall be made by the Registrar on each January 1 and July 1, commencing January 1, 2013, to the registered owner thereof by check or draft (or at the option of the owner of an aggregate principal amount of Series 2012 Bonds at least equal to $1,000,000, by wire transfer) mailed to the address of such registered owner as it appears on the registration books of the Authority maintained by the Registrar as of the Record Date.

The term “Record Date” means the day which is the fifteenth day of the calendar month next preceding any Interest Payment Date.

Redemption of the Series 2012 Bonds

Optional Redemption. The Series 2012 Bonds maturing on and after July 1, 2022*, are subject to redemption on thirty days’ notice, at the option of the Authority on any date on and after July 1, 2021*, as a whole or in part at any time, at a redemption price equal to the principal amount of such Series 2012 Bonds or portions thereof to be so redeemed, plus accrued interest thereon to the date fixed for redemption and payment.

Extraordinary Optional Redemption. The Series 2012 Bonds shall be subject to redemption, in whole at any time, at a redemption price equal to the principal amount thereof plus interest accrued thereon to the redemption date in the event of the destruction or damage to all or substantially all of the System or the condemnation of substantially all of the System.

Selection of Series 2012 Bonds to be Redeemed. If less than all Series 2012 Bonds shall be redeemed, the particular Series 2012 Bonds to be redeemed shall be chosen by the Trustee. If less than all the Series 2012 Bonds shall be called for redemption, the particular Series 2012 Bonds or portions of Series 2012 Bonds to be redeemed shall be selected by lot by the Trustee in such manner as the Trustee in its discretion may deem proper; provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some integral multiple thereof and that in selecting Series 2012 Bonds for redemption, the Trustee shall treat each Bond as representing that number of Series 2012 Bonds which is obtained by dividing the principal amount of such registered Bond by $5,000 (such amounts being hereinafter referred to as the applicable “units of principal amount”). If it is determined that one or more, but not all of the $5,000 units of principal amount represented by any such Bond is to be called for redemption, then upon notice of intention to redeem such $5,000 unit or units, the holder of such Series 2012 Bond shall forthwith surrender such Series 2012 Bond to the Trustee for (1) payment of redemption price (including interest to the date fixed for redemption) of the $5,000 unit or units of principal amount called for redemption and (2) exchange for a new Series 2012 Bond or Series 2012 Bonds of the aggregate principal of such Series 2012 Bonds not called for redemption. IF THE OWNER OF ANY SUCH SERIES 2012 BOND OF A DENOMINATION GREATER THAN $5,000 SHALL FAIL TO PRESENT SUCH SERIES 2012 BOND TO THE TRUSTEE FOR PAYMENT AND EXCHANGE AS AFORESAID, SUCH SERIES 2012 BOND SHALL, NEVERTHELESS, BECOME DUE AND PAYABLE ON THE DATE FIXED FOR REDEMPTION TO THE EXTENT OF THE $5,000 UNIT OR UNITS OF PRINCIPAL AMOUNT CALLED FOR REDEMPTION (AND TO THAT EXTENT ONLY).

______*Preliminary, subject to change.

Notice of Redemption. Notice of redemption shall be given by mailing a copy of the redemption notice by first-class mail at least 30 days prior to the date fixed for redemption, to the holders of the Series 2012 Bonds to be redeemed at the addresses shown on the registration books; provided, however, that failure duly to give such notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of Series 2012 Bonds as to which no such failure or defect has occurred.

BOOK-ENTRY SYSTEM

The information in this section concerning The Depository Trust Company (“DTC”) and DTC’s book-entry-only system has been obtained from DTC, and the Authority and the Underwriter take no responsibility for the accuracy thereof.

DTC will act as securities depository for the Series 2012 Bonds. The Series 2012 Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Series 2012 Bond certificate will be issued for each maturity of the Series 2012 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC at the office of the Trustee on behalf of DTC utilizing the DTC FAST system of registration.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of: AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

Purchases of Series 2012 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2012 Bonds on DTC’s records. The ownership interest of each actual purchaser of each Series 2012 Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2012 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series 2012 Bonds, except in the event that use of the book-entry system for the Series 2012 Bonds is discontinued.

To facilitate subsequent transfers, all Series 2012 Bonds deposited by Direct Participants with DTC (or the Trustee on behalf of DTC utilizing the DTC FAST system of registration) are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Series 2012 Bonds with DTC (or the Trustee on behalf of DTC utilizing the DTC FAST system of registration) and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2012 Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2012 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

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

Redemption notices shall be sent to DTC. If less than all the Series 2012 Bonds within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor such other DTC nominee) will consent or vote with respect to the Series 2012 Bonds unless authorized by a Direct Participant in accordance with DTC’s Procedures. Under its usual procedures, 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 to whose accounts the Series 2012 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions and dividend payments on the Series 2012 Bonds will be made to Cede & Co. or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the Authority or the Paying Agent on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC (nor its nominee), the Paying Agent or the Authority, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions and dividend payments on the Series 2012 Bonds to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Authority or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as securities depository with respect to the Series 2012 Bonds at any time by giving reasonable notice to the Authority or the Trustee. Under such circumstances, in the event that a successor securities depository is not obtained, Series 2012 Bond certificates are required to be printed and delivered.

The Authority may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Series 2012 Bond certificates will be printed and delivered to DTC.

The Authority, Bond Counsel, the Trustee and the Underwriter cannot and do not give any assurances that the DTC Participants will distribute to the Beneficial Owners of the Series 2012 Bonds: (i) payments of principal of or interest on the Series 2012 Bonds; (ii) certificates representing an ownership interest or other confirmation of Beneficial Ownership interests in the Series 2012 Bonds; or (iii) redemption or other notices sent to DTC or its nominee, as the Registered Owners of the Series 2012 Bonds; or that they will do so on a timely basis or that DTC or its participants will serve and act in the manner described in this official statement. The current “Rules” applicable to DTC are on file with the Securities and Exchange Commission and the current “Procedures” of DTC to be followed in dealing with DTC Participants are on file with DTC.

None of the Authority, Bond Counsel, the Trustee or the Underwriter will have any responsibility or obligation to such DTC Participants (Direct or Indirect) or the persons for whom they act as nominees with respect to: (i) the Series 2012 Bonds; (ii) the accuracy of any records maintained by DTC or any DTC Participant; (iii) the payment by any DTC Participant of any amount due to any Beneficial Owner in respect of the principal amount of or interest on the Series 2012 Bonds; (iv) the delivery by any DTC Participant of any notice to any Beneficial Owner which is required or permitted under the terms of the Bond Indenture to be given to Registered Owners; (v) the selection of the Beneficial Owners to receive payment in the event of any partial redemption of the Series 2012 Bonds; or (vi) any consent given or other action taken by DTC as Registered Owner.

In reading this Official Statement, it should be understood that while the Series 2012 Bonds are in the Book Entry system, references in other sections of this Official Statement to Registered Owner should be read to include the Beneficial Owners of the Series 2012 Bonds, but: (i) all rights of ownership must be exercised through DTC and the Book Entry system; and (ii) notices that are to be given to Registered Owners by the Authority or the Trustee will be given only to DTC.

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THE AUTHORITY

General

The Tulsa Parking Authority was created pursuant to a Trust Indenture dated as of the 8th day of February, 1963, as amended, for the benefit of the City and is governed by five Trustees consisting of the Mayor of the City, or the Mayor’s designee, and four Trustees appointed by the Mayor, subject to the approval of the City Council of the City, for terms of six years. The Authority is a public trust and its Trustees are an agency of the State of Oklahoma under Title 60, Oklahoma Statutes 2011, Sections 176 et seq., as amended (the “Act”). The purposes of the Authority are to promote the acquisition, construction and operation of parking facilities in and for the City to provide for leasing and operating agreements therefor and to provide funds for the acquisition and construction of such parking facilities.

The present Trustees and officers of the Authority are as follows:

Current Name Position Term Expires Occupation Barbara K. Hess Chairperson February 8, 2013† Securities Broker Joel B. Kantor Vice Chairperson February 8, 2018 Investment Advisor A. Craig Abrahamson Secretary February 8, 2016 Attorney Terry Turner Trustee February 8, 2017 Retired Business Owner Dawn T. Warrick Trustee Until Revoked†† Planning and Economic Development Director, City of Tulsa, Oklahoma ______†Ms. Hess is serving a third six-year term. ††Ms. Warrick was appointed by the Mayor, with the approval of the City Council, from among the full-time employees of the City, to serve as a Trustee in the Mayor’s stead.

The officers of the Authority are a Chairperson, a Vice Chairperson and a Secretary and are elected by the Trustees of the Authority. The Treasurer of the City serves as Treasurer of the Authority and the Director of the Finance Department of the City serves as the Chief Financial Officer of the Authority. The Deputy Director of the Economic Development Department of the City serves as the Executive Director of the Authority and as an Assistant Secretary of the Authority.

The Authority has no employees. Generally, the administration, duties and functions of the Authority are performed by employees of the Economic Development Department, including a full-time Executive Director and a part-time administrative assistant, and the Finance Department of the City, subject to the direction of the Trustees of the Authority. The Authority does contract for outside professional services, e.g., legal, accounting, architectural and engineering services.

For information regarding parking facilities included in the System, see “THE SYSTEM” herein. See Appendix B hereto for the Authority’s combined financial statements as of June 30, 2011 and 2010 and for the years then ended. See Appendix C hereto for certain limited demographic and economic information regarding the City and Appendix D hereto for the Basic Financial Statements for the City of Tulsa as of June 30, 2011, and for the year then ended.

Outstanding and Anticipated Indebtedness

The Authority has no outstanding indebtedness other than the Prior Bonds described in Schedule I hereto being refunded and defeased with proceeds of the Series 2012 Bonds and other available funds.

Upon the issuance of the Series 2012 Bonds and the defeasance of the Prior Bonds, the Authority will have no debt outstanding other than the Series 2012 Bonds.

The Authority does not anticipate issuing any Additional Bonds under the Bond Indenture to fund any capital projects during the next three years.

THE SYSTEM

The Authority was formed by the City of Tulsa in 1963 to develop and operate parking facilities for the benefit of the residents of the City. The System consists of downtown parking facilities currently providing a total of 6,231 parking spaces including the Main Park Plaza Parking Facility (1,167 spaces), the Civic Center Parking Facility (1,425 spaces), the Underground Parking Facility (515 spaces), the West Parking Facility (1,191 spaces), the North Garage (1,163 spaces) and the South Garage (770 spaces).

The Authority owns the Main Park Plaza Parking Facility, the Civic Center Parking Facilitiy, the West Parking Facility, the North Garage and the South Garage and is leasing, from the City, the Underground Parking Facility and the land underlying the Civic Center Parking Facility. Under a certain Projects Agreement dated as of June 1, 2012 (the “Projects Agreement”), the City has agreed, subject to year-to-year appropriation, to provide payments to the Authority in an amount that when added to the Revenues of the System shall provide sufficient moneys to pay debt service on the System indebtedness of the Authority, including all Bonds. See “SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT” herein. It has not been necessary for the Authority to request any such appropriation from the City since the fiscal year ended June 30, 1992.

The Main Park Plaza Parking Facility, the West Parking Facility, the Civic Center Parking Facility and the Underground Parking Facility are operated for the Authority by American Parking, Inc. (“American”), pursuant to an operating agreement providing for annual terms and annual renewal options whereby American is responsible for managing, operating and controlling the facilities as an independent contractor, subject to the rules and regulations and budgetary control of the Authority. The North Garage and the South Garage are operated for the Authority by Central Parking System of Oklahoma, Inc. (“Central”), pursuant to an operating agreement providing for annual terms and annual renewal options whereby Central is responsible for managing, operating and controlling the facilities as an independent contractor, subject to the rules and regulations and budgetary control of the Authority. The fixed annual fees charged by American and Central for operation of the System parking facilities are established by the Authority in accordance with the Bond Indenture. Pursuant to the operating agreements, American and Central are responsible for submitting annual budgets and, if necessary, any revisions thereto to the Authority, including, among other things, adjustments to the current rate structure of charges for parking in the various System parking facilities, subject in all events to adoption and approval by the Authority. American has managed the operation of various of the Authority’s parking facilities for more than 25 years and Central has managed the operation of the North Garage and the South Garage for more than 25 years.

The Authority does not anticipate undertaking any major capital projects in the next three years and expects that capital expenditures will be incurred only for routine replacements, repairs and maintenance.

PLAN OF FINANCING AND APPLICATION OF SERIES 2012 BOND PROCEEDS

Proceeds of the Series 2012 Bonds, together with other available funds, will be used to defease the Authority’s outstanding bonds defined as the Prior Bonds below. Proceeds of the Series 2012 Bonds also will be used to pay costs of issuance of the Series 2012 Bonds. The following table sets forth the estimated sources and uses of funds:

Principal of Series 2012 Bonds $______Less: Original Issue Discount $______Plus: Original Issue Premium $______Other Available Funds $______Total Sources: $______

Defeasance of Prior Bonds $______Deposit to Bond Service Reserve Account1 $______Costs of Issuance2 $______Total Uses: $______

1 An amount equal to one-half of the maximum principal and interest requirements of the Series 2012 Bonds 2 Includes all costs of issuance, an underwriting discount of $______with respect to the Series 2012 Bonds, fees for legal counsel and other expenses, the payment of which is contingent upon the issuance of the Series 2012 Bonds.

Proceeds of the Series 2012 Bonds, together with other available funds, will be used for the purpose of defeasing the Authority’s Parking Revenue Bonds, Refunding Series 2002, Series 2003 and Series 2004 described in Schedule I attached hereto (the “Prior Bonds”). Other funds on deposit with the trustee for the Prior Bonds will be applied to the payment of the interest payable on the Prior Bonds on July 1, 2012, and the principal of the Prior Bonds maturing on July 1, 2012.

In order to effect the defeasance of the Prior Bonds, the Authority intends to deposit with The Bank of New York Mellon Trust Company, N.A., as escrow fund trustee (the “Escrow Fund Trustee”) under the terms of the Escrow Trust Agreement (the “Escrow Agreement”) for the Prior Bonds moneys which will be sufficient to pay the maturity amounts or redemption prices of and the interest on the Prior Bonds at their maturity or on the dates fixed for their redemption as described in Schedule I hereto. The moneys so deposited with the Escrow Fund Trustee will be available only for the payment of the Prior Bonds and will not be available for the payment of the Series 2012 Bonds. After the deposit of such moneys under the Escrow Agreement, the Authority will be discharged from all payment obligations with respect to the Prior Bonds.

Upon the issuance of the Series 2012 Bonds and the defeasance of the Prior Bonds, the Authority will have no debt outstanding other than the Series 2012 Bonds.

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ESTIMATED DEBT SERVICE SCHEDULE

The following table sets forth for each respective year ending June 30, the amounts required to pay scheduled principal payments of and interest on the Series 2012 Bonds:

Period Ending Series 2012 Series 2012 Total June 30 Principal Interest Debt Service* 2013 $ 277,318.07 2014 2,180,943.76 2015 2,187,043.76 2016 2,187,393.76 2017 2,187,968.76 2018 2,193,218.76 2019 2,196,668.76 2020 1,208,393.76 2021 748,143.76 2022 751,243.76 2023 748,443.76 2024 749,743.76 2025 750,043.76 2026 749,343.76 2027 751,043.76 2028 750,343.76 2029 1,294,921.88 $21,912,221.35

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______*Preliminary, subject to change.

HISTORICAL AND PRO FORMA HISTORICAL DEBT SERVICE COVERAGE

Historical Debt Service Coverage

The following table presents historical debt service coverage for the Prior Bonds (the Series 2002, Series 2003 and Series 2004 Bonds) being refunded and defeased with proceeds of the Series 2012 Bonds and other available funds during the fiscal years ended June 30, 2002-2011 and estimated operating results and debt service coverage for the fiscal year ending June 30, 2012:

(Dollar amounts expressed in thousands) Fiscal Gross Direct Operating Available for Annual Year Revenue Expenses Debt Service Debt Service(1) Coverage 2011(2) $ 5,860 $ 3,580 $ 2,280 $ 2,280 1.00x 2010 5,760 2,834 2,926 2,281 1.28 2009 5,839 2,655 3,184 2,277 1.40 2008 5,280 2,343 2,937 2,277 1.29 2007 5,458 2,201 3,257 2,278 1.43 2006 5,233 2,921 2,312 2,254 1.03 2005 4,912 2,355 2,557 1,608 1.59 2004 3,421 2,121 1,300 1,139 1.14 2003 2,717 875 1,842 827 2.23 2002 2,929 1,080 1,849 1,400 1.32

Estimated 2012 $ 6,001 $ 3,367 $ 2,634 $ 2,302 1.14x

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______(1) Actual annual debt service requirements on the Prior Bonds being refunded with proceeds of the Series 2012 Bonds. (2) In fiscal year 2011, approximately $147,000 of revenues derived from prior fiscal years’ excess net revenues were included in the Gross Revenue amount for the debt service coverage calculation consistent with the provisions of the master bond indenture which included “monies derived from any other sources.” Delays in finalizing maintenance contracts in such prior fiscal years resulted in maintenance expenses being paid during fiscal year 2011 that were originally anticipated to occur in such prior fiscal years.

Pro Forma Historical Debt Service Coverage

The following presents the fiscal year 2012 pro forma (estimated) operating results and maximum annual debt service coverage of the Series 2012 Bonds that would have been provided if the Series 2012 Bonds had been issued and were Outstanding and were secured by and payable from the Revenues pledged under the Bond Indenture during the fiscal year ending June 30, 2012:

(Dollar amounts expressed in thousands) Maximum Fiscal Gross Direct Operating Available for Annual Year Revenue Expenses Debt Service Debt Service(1)* Coverage* 2012 $ 6,001 $ 3,367 $ 2,634 $ 2,197 1.20x

______(1) Estimated maximum annual debt service requirement on the Series 2012 Bonds.

BONDHOLDERS’ RISKS

The principal of, redemption premium, if any, and interest on all Bonds issued and secured under the Bond Indenture are payable solely from the Revenues, including the income and revenue derived by the Authority from the ownership or operation of the System. No representation or assurance can be made that revenues derived by the Authority from the System will be realized by the Authority in amounts sufficient to pay the principal of, premium, if any, and interest on all Bonds and all costs of operating and maintaining the System. Future revenues and expenses relating to the overall System will be affected by future events and conditions relating severally to, among other things, the demand for parking facilities in downtown Tulsa, the availability, cost and quality of mass transit facilities, managements’ capabilities, economic developments in the Tulsa area, the cost and availability of gasoline and other fuels, the ability to control costs during inflationary periods, competition, rates and government regulation. If the Authority decides to construct additional parking structures to be included in the System, or decides to include other existing parking facilities, any difficulties which the Authority may encounter in completing or acquiring such structures may negatively impact the Authority’s ability to satisfy its obligations. All of the aforementioned could have negative effects on the ability of the Authority to pay the principal amount of premium, if any, and interest on all Bonds issued and secured under the Bond Indenture.

The agreement of the City pursuant to the Projects Agreement to provide payments to the Authority in an amount, when added to the revenues derived by the Authority from the System, sufficient to pay debt service on the System indebtedness of the Authority, including all Bonds, is subject to the requirement that the governing body of the City make an annual appropriation of such amount as may be required during the then current fiscal year. See “SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT” herein. Under Oklahoma law, no legally binding commitment to appropriate funds in a future fiscal year may be made by the governing body of the City in any previous fiscal year. The appropriation of any such amount in any future fiscal year is entirely dependent upon the willingness and ability of the governing body of the City in any such future fiscal year to appropriate funds for such purpose pursuant to the Projects Agreement. No assurance can be given that the governing body of the City in any future fiscal year will make such appropriation. Any failure to make such appropriation would have a negative effect on the ability of the Authority to pay the principal amount of

______*Preliminary, subject to change.

premium, if any, and interest on all Bonds issued and secured under the Bond Indenture to the extent that the revenues derived by the Authority from the System would be insufficient for such purpose.

Enforcement of remedies under the Bond Indenture may be limited or restricted by federal and state laws relating to bankruptcy, fraudulent conveyances, and rights of creditors and by application of general principles of equity applicable to the availability of specific performance, and may be substantially delayed in the event of litigation or statutory remedy procedures. The various legal opinions to be delivered concurrently with the delivery of the Series 2012 Bonds will be qualified as to the enforceability of the various legal instruments by limitations imposed by state and federal laws, rulings and decisions affecting remedies, and by general principles of equity and by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors.

There can be no assurance that there will be a secondary market for the Series 2012 Bonds or, if a secondary market exists, that the Series 2012 Bonds can be sold for any particular price. Accordingly, a purchaser of the Series 2012 Bonds should be prepared to commit such purchaser’s bonds for an indefinite period of time, perhaps until the Series 2012 Bonds mature or are redeemed.

Persons who purchase Series 2012 Bonds through broker-dealers become creditors of the broker-dealer with respect to the Series 2012 Bonds. Records of the investors’ holdings are maintained only by the broker-dealer and the investor. In the event of the insolvency of the broker-dealer, the investor would be required to look to the broker-dealer’s estate, and to any insurance maintained by the broker-dealer, to make good the investor’s loss. The Authority and the Trustee are not responsible for failures to act by, or insolvencies of, the Securities Depository or any broker-dealer.

The foregoing is intended only as a non-exclusive summary of certain risk factors attendant to an investment in the Series 2012 Bonds. In order for potential investors to identify risk factors and make an informed investment decision, potential investors should be thoroughly familiar with this entire Official Statement and the Appendices hereto.

SUMMARY OF CERTAIN PROVISIONS OF THE BOND INDENTURE

The following is a summary of certain provisions of the Bond Indenture and is qualified in its entirety by reference to the document itself, executed counterparts of which are on file in the offices of the Authority and in the corporate trust offices of the Trustee, for a complete recital of its terms.

Definitions

The following are definitions of certain terms contained in the Bond Indenture (terms used in such definitions are further defined in the Bond Indenture).

“Accountant’s Certificate” means a certificate signed by an Independent Public Accountant.

“Accrued Aggregate Bond Service” means, as of any date of calculation, the sum of the amounts of Bond Service that have accrued with respect to all Series of Bonds, determined by calculating the Bond Service that has accrued with respect to each Series of Bonds as an amount equal to the sum of (i) the interest on the Bonds of such Series that has accrued and is unpaid and that will have accrued by the end of the then current calendar month, and (ii) that portion of the next due Principal Installment for the Bonds of such Series that would have accrued (if deemed to accrue in the manner set forth in the definition of “Bond Service” below) by the end of the then current calendar month.

“Act” means Title 60, Oklahoma Statutes 2011, Sections 176 et seq., as amended.

“Act of Bankruptcy” means the dissolution or liquidation of the Authority or the filing by the Authority of a voluntary petition in bankruptcy, or adjudication of the Authority as a bankrupt, or assignment by the Authority for the benefit of its creditors, or the entry by the Authority into an agreement of composition with its creditors, or the approval by a court of competent jurisdiction of a petition applicable to the Authority in any proceeding for its reorganization or liquidation instituted under the provisions of the federal bankruptcy act, as amended, or under any similar act in any jurisdiction which may now be in effect or hereafter enacted.

“Additional Bonds” means all Bonds or Series of Bonds, authenticated, issued and delivered pursuant to the Master Bond Indenture.

“Aggregate Bond Service” means, as of any date of calculation and with respect to any period, the sum of the amounts of Bond Service for all Series of Bonds for such period.

“Authorized Investments” shall include any of the following securities, if and to the extent the same are at the time legal under Oklahoma law for investment of Authority funds:

(a) Cash (insured at all times by the Federal Deposit Insurance Corporation or otherwise collateralized with obligations described in paragraph (b) below); or

(b) Direct obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the United States of America;

(c) Obligations of any of the following federal agencies which obligations represent full faith and credit of the United States of America, including:

- Export - Import Bank - Farmers Home Administration - General Services Administration - U.S. Maritime Administration - Small Business Administration - Government National Mortgage Association (GNMA) - U.S. Department of Housing & Urban Development (PHA’s) - Federal Housing Administration;

(d) Bonds, notes or other evidences of indebtedness rated “AA” by Standard & Poor’s Corporation and “Aaa” by Moody’s Investors Service issued by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation with remaining maturities not exceeding three years;

(e) Investments in a money market fund rated “AAAm” or “AAAm-G” or better by Standard & Poor’s Corporation;

(f) Pre-refunded Municipal Obligations defined as follows: Any bonds or other obligations of any state of the United States of America or of any agency, instrumentality or local governmental unit of any such state which are not callable at the option of the obligor prior to maturity or as to which irrevocable instructions have been given by the obligor to call on the date specified in the notice; and (i) which are rated, based on the escrow, in the highest rating category of Standard & Poor’s Corporation and Moody’s Investors Service, Inc. or any successors thereto; or (ii)(A) which are fully secured as to principal and interest and redemption premium, if any, by a fund consisting only of cash or obligations described in paragraph (b) above, which fund may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate, and (B) which fund is sufficient, as verified by a nationally recognized independent certified public accountant, to pay principal of and interest and redemption premium, if any, on the bonds or other obligations described in this paragraph on the maturity date or dates thereof or on the redemption date or dates specified in the irrevocable instructions referred to above, as appropriate;

(g) Repurchase agreements with banks which are members of the Federal Deposit Insurance Corporation (“Repurchasers”) provided that each such repurchase agreement (i) is in commercially reasonable form and is for a commercially reasonable period, and (ii) results in transfer to the Trustee of legal title to, or the grant to the Trustee of a prior perfected security interest in, securities which are obligations described in paragraphs (a) through (c) above, inclusive, or bonds of the State of Oklahoma or any agency or subdivision thereof which have deposited in an irrevocable trust escrow account established therefor obligations described in paragraphs (a) through (c) above scheduled to mature at such time or times so as to provide sufficient funds with which to pay the bonds so pledged at or prior to maturity, which are free and clear of any claims by third parties and are segregated in a custodial or trust account held by a third party (other than the Repurchaser) as the agent solely of, or in trust solely for the benefit of, the Trustee; provided that such securities acquired pursuant to such repurchase agreements shall be valued at the lower of the then current market value of such securities or the repurchase price thereof set forth in the applicable repurchase agreement;

(h) Certificates of deposit issued by any bank or trust company organized under the laws of the State of Oklahoma, or any other state, or any national banking association including the Trustee in any amount; provided that such certificates shall be either: (i) continuously and fully insured by the Federal Deposit Insurance Corporation, or (ii) continuously and fully secured by such securities as are described in paragraphs (a) through (c) above, which shall have a market value (not including accrued interest) at all times at least equal to the principal amount of such certificates of deposit and such certificates of deposit shall be lodged with the Authority or the bank responsible for the derivative fund invested, as custodian, by the bank, trust company or national banking association issuing such certificates of deposit, and the bank, trust company or national banking association issuing each such certificate of deposit required to be so secured shall furnish the Trustee with either the securities pledged to the Authority as security therefor or a prior perfected security interest in such pledged securities which are free and clear of any claims

by third parties and are segregated in a custodial or trust account held by a third party (other than the bank, trust company or national banking association issuing the certificate of deposit required to be so secured) as the agent solely of, or in trust solely for the benefit of, the Trustee, or (iii) in the event any bank, trust company or national banking association has purchased any of the Bonds, such Bonds may be used as security up to the principal amount thereof, provided the Authority shall obtain an accompanying right of set-off of such Bonds, against the resulting deposit; and

(i) Obligations of or investment contracts with any national or state banking institution or any other qualified financial institution with the unsecured short-term indebtedness of such institution being rated in one of the three highest major rating categories established by S&P or Moody’s.

The value of the above investments shall be determined as follows:

“Value”, which shall be determined as of the end of each month, means that the value of any investments shall be calculated as follows:

(a) As to investments the bid and asked prices of which are published on a regular basis in The Wall Street Journal (or, if not there, then in The New York Times): the average of the bid and asked prices for such investments so published on or most recently prior to such time of determination;

(b) As to investments the bid and asked prices of which are not published on a regular basis in The Wall Street Journal or The New York Times: the average bid price at such time of determination for such investments by any two nationally recognized government securities dealers (selected by the Trustee in its absolute discretion) at the time making a market in such investments or the bid price published by a nationally recognized pricing service;

(d) As to any investment not specified above: the value thereof established by prior agreement between the Authority, the Trustee and any Support Facility provider.

“Authorized Officer” means the Chairperson or Vice Chairperson of the Authority and any other person authorized by the by-laws or resolution or action of the trustees of the Authority to perform the act or sign the documents in question.

“Available Money” or “Available Monies” means with respect to a Series of Bonds (a) during the term of a Support Facility, (i) moneys drawn under the Support Facility, Bond proceeds or moneys deposited directly by the Authority with Trustee which have been on deposit with Trustee for at least 123 days during and prior to which no Act of Bankruptcy shall have occurred, or (ii) the proceeds of the sale of refunding obligations, if, in the Opinion of Counsel experienced in bankruptcy matters and acceptable to the Trustee, the application of such moneys will not constitute a voidable preference in the event of the occurrence of an Act of Bankruptcy, or (iii) the proceeds from investment of moneys under clause (i) or (ii) above, and (b) at any time not occurring during the term of a Support Facility, any moneys held by Trustee and the proceeds from the investment thereof.

“Bond” or “Bonds” means any bond or bonds, as the case may be, issued pursuant to the Bond Indenture or any Supplemental Bond Indenture which are at any time outstanding.

“Bond Fund” means the fund by that name established in the Bond Indenture.

“Bond Indenture” means the Master Bond Indenture, as same may be supplemented or amended from time to time.

“Bond Service” means, as of any date of calculation and with respect to any period for any Series of Bonds, an amount equal to the sum of: (a) the interest accruing during such period on the Bonds of such Series, except to the extent that such interest is to be paid from deposits in the Construction Interest Account of the Bond Fund or deposits in the Bond Service Account received on the date of delivery of such Series of Bonds from the proceeds thereof, or accrued interest and (b) that portion of each Principal Installment for the Bonds of such Series that would have accrued during such period if each such Principal Installment were deemed to accrue daily in equal amounts from the next preceding Principal Installment due date (or, in the event there shall have been no such preceding Principal Installment due date, then from a date one year preceding the due date of such Principal Installment or from the date of issuance of the Bonds of such Series, whichever is later). Such interest and Principal Installments shall be calculated on the assumption that no Bonds of such Series Outstanding at the date of calculation will cease to be Outstanding except by reason of the payment of each Principal Installment for the Bonds of such Series on the due date thereof. With respect to Variable Rate Bonds, the interest rate per annum thereon shall be determined as follows: (i) with respect to an issue of Variable Rate Bonds at the time of calculation then Outstanding, the interest rate shall be the weighted average interest rate per annum borne by such series of Variable Rate Bonds for the twelve month period then ended at the time of calculation, and (ii) with respect to Variable Rate Bonds then proposed to be issued, but not then issued and Outstanding, the interest rate shall be assumed to be the Certified Interest Rate.

“Bond Service Account” means the account created within the Bond Fund established in the Bond Indenture.

“Bond Service Reserve Account” means the account created within the Bond Fund established in the Bond Indenture.

“Bond Service Reserve Account Requirement” means an amount equal to the lesser of (i) the average annual Bond Service for the Outstanding Bonds, (ii) ten percent (10%) of the face amount of Outstanding Bonds, or (iii) one-half (1/2) of the maximum annual Bond Service for the Outstanding Bonds. The Bond Service Reserve Account Requirement for the Series 2012 Bonds means an amount equal to one-half (1/2) of the maximum annual Bond Service for the Series 2012 Bonds.

“Bond Year” means with respect to any Series of Bonds, any period of twelve (12) consecutive months terminating on the due date of a Principal Installment for the Bonds of such Series.

“Bondholder” or “Holder of a Bond” or “Holder” means the registered owner or his duly authorized attorney-in-fact, representative or assigns, of any Bond, as shown on the records maintained by the Trustee.

“Business Day” means any day of the year other than a Saturday, a Sunday or any other day on which (i) banks in the States of New York or Oklahoma are required or authorized by law to remain closed, or (ii) the New York Stock Exchange is closed.

“Certified Interest Rate” means the rate of interest as certified pursuant to the Bond Indenture which would have been borne by Variable Rate Bonds had such Variable Rate Bonds been issued at a fixed interest rate.

“Civic Center Parking Facility” means the 1,425 parking space facility adjacent to the Tulsa Civic Center in downtown Tulsa, Oklahoma.

“Code” means the applicable provisions of the Internal Revenue Code of 1986, as amended.

“Consulting Engineer” or “Parking Management Consultant” means, as such terms may be used interchangeably with equal force and effect, an independent engineer, firm of engineers or consulting firm of generally accepted reputation recognized and qualified in engineering matters relating to municipal parking systems and the economic feasibility thereof, such engineer or engineers to be selected by the Authority.

“Construction Fund” means the fund by that name established in the Bond Indenture.

“Construction Interest Account” means the account by that name established in the Bond Indenture within the Bond Fund.

“Cost of Construction” means but shall not be limited to, in connection with any particular Project, all costs of acquiring, constructing, equipping and furnishing the Project, including but not limited to the cost of land or any interest in land, obligations incurred for labor and materials and to contractors, builders and materialmen; the restoration or relocation of property damaged or destroyed in connection with the construction; the cost of machinery, equipment or supplies purchased by the Authority for inclusion as part of a Project; any fees, compensation and expenses of the Authority, or the Trustee for services rendered during the period of construction; taxes, fees, charges, and expenses incurred in connection with the Project, the financing, or the issuance of and security for any Bonds; premiums, if any, on insurance in connection with the construction of the Project; costs to the Authority for expenses of the Authority including interim financing loans and all costs thereof, incident to and properly allocable to the acquisition, equipping and construction of the Project and placing same in operation; capitalizing interest requirements and the reserve fund requirements for any Bonds; legal, financing, financial, Support Facility, administrative and accounting and recording expenses and fees with respect to any Bonds; and the fees and expenses of bond counsel, special tax counsel, Authority counsel, underwriter’s counsel, trustee’s counsel or other counsel with respect to any Bonds.

“Date of Commercial Operation” means, with respect to any Project, the date upon which such Project has been completed and tested and is ready for operation, performing its intended function and available for occupancy or service; provided however, that in the case of the acquisition of a Project which has been completed and is ready for operation and available for occupancy or service, as may be evidenced by a Written Certificate of the Authority filed with the Trustee, such term shall mean the date of acquisition.

“Estimated Date of Operation” means, with respect to any Project, the date upon which the last item of such Project is estimated to be ready for operation and performing its intended function.

“Excess Investment Earnings” are determinable as of the end of each Bond Year on the basis of the period from the date of original issuance of a Series of Bonds through the last day of the most recently completed Bond Year for such Series, and are equal to:

the excess of:

(a) The aggregate amount earned on investments held under the Bond Indenture attributable to such Series (including unrealized gains and losses upon the retirement of the last Bond of such Series, but excluding investments in evidences of indebtedness on which the

interest is excluded from gross income for federal income tax purposes pursuant to Section 103(a) of the Code and investments of amounts held in the Rebate Fund) over

(b) The amount that would have been earned on such investments if they had a yield equal to the yield of the Series (determined on a present value basis from the date of original delivery and payment for the Bonds of such Series, without adjustment for costs of issuance); and

“First Supplemental Indenture” means that certain First Supplemental Bond Indenture between the Authority and the Trustee dated as of June 1, 2012.

“Fiscal Year” means the period commencing on July 1 of each year and terminating on the next succeeding June 30, or any other Year as may hereafter be established by Resolution of the Authority.

“Independent Public Accountant” means any certified public accountant or firm of such accountants of national reputation appointed by the Authority and approved in writing by the Trustee (which approval shall not be unreasonably withheld).

“Main Street Parking Facility” means the 1,167 space parking garage and related facilities owned by the Authority and located at or near the southwest corner of the intersection of East Fourth Street and South Main Street in the City of Tulsa, Oklahoma.

“Maximum Aggregate Bond Service” means, as of any date of calculation, the greatest Aggregate Bond Service for all Bonds Outstanding as computed for any Bond Year.

“Moody’s” means Moody’s Investors Service, a corporation organized and existing under the laws of the State of Delaware, its successors and assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency designated by the Authority by notice to the Trustee and any Remarketing Agent.

“Net Revenues” means for any period the Revenues during such period less the Operation and Maintenance Expenses applicable to such period, excluding any proceeds of condemnation or eminent domain, insurance policies, the sale of property or other assets.

“North Garage” means the 1,163 space parking structure located on or near 11 E. 1st Street, Tulsa, Oklahoma.

“Operation and Maintenance Expenses” means the reasonable and necessary current expenses of the Authority paid or accrued in operating, maintaining and repairing the System, including without limiting the generality of the foregoing, the following:

(a) Costs of operation attributable to any operation contract by and between the Authority and any operator or administrator selected by the Authority and the cost of any rentals, fees and charges for the use and services of the System and its facilities, and for making any refunds therefrom lawfully due to others;

(b) Costs of audit reports and legal, accounting and engineering expenses directly related to the administration, operation, maintenance and repair of the System or a reasonable and properly allocable share of such costs and expenses; costs of salaries, wages and other

compensation of officers and employees including payments to pension, retirement, health and hospitalization funds and other insurance (including self-insurance for the foregoing) or a properly allocable share thereof;

(c) Overhead expenses directly related to the administration, operation, inspections, maintenance and repair of the System, or a properly allocable share of such expenses;

(d) Cost of routine repairs, replacements, and alterations occurring in the usual course of business;

(e) Taxes, assessments or other governmental charges, or payments in lieu thereof, imposed upon the properties included in the system or on any part of them or on the operation of the System or on the income therefrom or on any privilege in connection with the ownership or operation of it or on its income;

(f) Costs of utility services;

(g) Costs of material and supplies used in the ordinary course of business, including taxes thereon, if any, and any costs related to the ordinary and current rental of equipment or other property;

(h) Rental paid by the Authority under leases, or other agreements entered into by the Authority by which Authority acquires rights, easements or other interests in properties (real, personal or mixed) included in the System;

(i) Costs of contractual services and professional, consulting or engineering services, including legal services and services of financial consultants, or a properly allocable share of the premium of any blanket bond, pertaining to the System or pertaining to the rentals, fees, charges, income and other receipts derived from it;

(j) Costs of carrying out the provisions of the Bond Indenture, including the Trustee, any Remarketing Agents’ and Paying Agents’ or Support Facility issuer’s fees and expenses; cost of insurance required hereby or a properly allocable share of any premium on any blanket policy which covers or pertains to the System; fees and expenses of Parking Management Consultants, Consulting Engineers, accountants, architects, engineers and attorneys or a properly allocable share of the foregoing; and costs or recording, mailing and publication;

(k) All other costs and expenses of operation, maintaining and repairing the System arising in the routine and normal course of business, including, without limitation, costs and expenses of attorneys, financial consultants, architects, engineers and others incurred in planning for additions and expansions to the System.

PROVIDED, HOWEVER, that the term “Operation and Maintenance Expenses” shall not include: (i) any allowance for depreciation or any amounts for capital replacement, repairs and maintenance not recurring annually (or at shorter intervals) or reserves therefore; (ii) costs of additions and improvements to the System or reserves therefor; (iii) reserves for administration, operation, maintenance and repairs occurring in the normal course of business; (iv) payment (including redemption) of Bonds or other evidences of indebtedness or interest and premium therefor or reserves therefor.

“Opinion of Counsel” means a written opinion of counsel of recognized standing in the field of municipal bond law selected by the Authority who is not an employee of the Authority. Any Opinion of

Counsel may be based (insofar as it relates to factual matters or information which is in the possession of the Authority) upon a “Written Certificate of Authority” unless such counsel knows, or in the exercise of reasonable care should have known, that such written certificate is erroneous.

“Outstanding” means, as of any date of calculation, all Bonds theretofore executed, issued and delivered by the Authority and authenticated by the Trustee except:

(a) Bonds theretofore canceled by the Trustee or surrendered to the Trustee for cancellation;

(b) Bonds in lieu of or in exchange for which other Bonds shall have been executed, issued and delivered by the Authority and authenticated by the Trustee pursuant to the terms of the Bond Indenture;

(c) Bonds (or portions of Bonds) for the payment or redemption of which moneys, equal to the principal amount or Redemption Price thereof, as the case may be, with interest to the date of maturity or redemption date, shall be held in trust and set aside for such payment or redemption (whether at or prior to the maturity or redemption date), provided that if such Bonds (or portions of Bonds) are to be redeemed, notice of such redemption shall have been given as in the Bond Indenture provided or provision satisfactory to the Trustee shall have been made for the giving of such notice; and

(d) Bonds deemed to have been paid or defeased as provided in the Bond Indenture.

“Participant” means when used with respect to any Securities Depositories, any participant of such Securities Depository.

“Paying Agent” means any bank or trust company designated as paying agent for the Bonds of any Series, and its successor or successors hereinafter appointed in the manner provided in the Bond Indenture.

“Permitted Encumbrances” means as of any particular time (i) liens for ad valorem taxes, assessments and governmental charges and liens for labor and materials not delinquent or which the Authority is contesting in good faith under the Bond Indenture; (ii) utility, access and other easements and rights of way, mineral rights, licenses and restrictions that, in the opinion of an independent counsel, will not materially interfere with or impair the System or any portion thereof, adjacent or related facilities or for the use of any thereof for their intended purposes, (iii) those encumbrances delineated in any title examiner’s report (pertaining to title insurance, if required) submitted to the Authority, together with those encumbrances or liens imposed by the terms of the Bond Indenture which shall be acceptable to the Authority and (iv) such other defects, irregularities, exceptions and clouds on title as do not in the aggregate, in the opinion of the Trustee, materially impair the interests of the Authority and the Trustee in the System.

“Principal Installment” means, as of any date of calculation and with respect to any Series of Bonds, so long as any Bonds thereof are Outstanding: (i) the principal amount of Bonds of such Series due on a certain future date for which no Sinking Fund Installments have been established, or (ii) the unsatisfied balance (determined as provided in the definition of “Sinking Fund Installment” below) of any Sinking Fund Installment due on a certain future date for Bonds of such Series, plus the amount of the sinking fund redemption premiums, if any, which would be applicable upon redemption of such Bonds on such future date in a principal amount equal to such unsatisfied balance of such Sinking Fund Installment, or (iii) if such future dates coincide as to different Bonds of such Series, the sum of such principal amount

of Bonds and of such unsatisfied balance of such Sinking Fund Installment due on such future date plus such applicable redemption premiums, if any. Principal Installments shall mean with equal force and effect either one or more Principal Installments.

“Project” means any project as may be further defined in any particular Series Indenture or Supplemental Bond Indenture, the purpose of which may include, but not necessarily be limited to construction, improving, extending, furnishing, equipping, repairing or replacing the System or any part thereof, including the acquisition or rehabilitation of existing facilities or the acquisition of land or interests in land for the development of future facilities.

“Projects Agreement” means that certain Projects Agreement dated as of June 1, 2012, by and between the City and the Authority and any renewals, extensions or replacements thereof.

“Purchase Price” means an amount equal to 100% of the principal amount of any Variable Rate Bond tendered or deemed tendered pursuant to the terms of a Supplemental Bond Indenture plus accrued and unpaid interest thereon, if any, to the date of purchase.

“Rebate Fund” shall mean the Fund by that name established in the Bond Indenture.

“Redemption Account” means the account by that name within the Bond Fund established in the Bond Indenture.

“Redemption Price” means, with respect to any Bond, the principal amount thereof plus the applicable premium, if any, payable upon redemption thereof pursuant to any Supplemental Bond Indenture.

“Refunding Bonds” means all Bonds, whether issued in one or more Series, authenticated and delivered pursuant to the Bond Indenture, and any Bonds thereafter authenticated and delivered in lieu thereof or in exchange therefor.

“Remarketing Agent” means any Remarketing Agent appointed by the Authority and serving as such under the Remarketing Agreement, including any successors or assigns.

“Remarketing Agreement” means any agreement which provides for the purchase and remarketing of Variable Rate Bonds, as such agreement may be supplemented and amended from time to time.

“Revenue Fund” means the fund by that name established in the Bond Indenture.

“Revenues” means:

(a) All income and revenue derived by the Authority from the ownership or operation of the System, including any guaranty, indemnification, or subscription agreement;

(b) Payments from the City; provided, moneys derived in the manner prescribed in this clause (b) shall not be considered for purposes of the rate covenant;

(c) Moneys derived from the authorized disposition or sale of System properties, including proceeds of use or occupancy insurance or condemnation or eminent domain but excluding general damage or liability insurance; provided, moneys derived in the manner prescribed in this clause (c) shall not be considered for purposes of the rate covenant;

(d) The income from the investment of moneys held under the Bond Indenture; and

(e) Moneys derived from any other sources including unrestricted cash balances of the Authority derived from Revenues of a previous period used for the purpose of defraying Operation and Maintenance Expenses or paying Bond Service in the current period .

The term “Revenues” does not include moneys received as proceeds from the sale of Bonds (or proceeds of refunding bonds) if any, for the construction of capital improvements, nor does the term Revenues include any income, receipts or other moneys of the Authority which are derived from its ownership or operation of properties not included within the System (unless such moneys are hereafter dedicated to the support of the System on either a parity or subordinate lien basis) or from the furnishing and supplying of the services, facilities or commodities of such other properties.

“S&P” means the Standard & Poor’s Ratings Services, a Standard & Poor’s Financing Services LLC business organized and existing under the laws of the State of New York, its successors and assigns, and, if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized securities rating agency designated by the Authority by written notice to Trustee and any Remarketing Agent.

“Securities Depository” means The Depository Trust Company, a corporation organized and existing under the laws of the State of New York, and any other Securities Depository for the Bonds appointed pursuant to the Bond Indenture, and their successors.

“Series” means all of the Bonds designated as being of the same Series authenticated and delivered on original issuance in a simultaneous transaction, and any Bonds thereafter authenticated and delivered in lieu thereof or in substitution therefor pursuant to the Bond Indenture.

“Sinking Fund Installment” means an amount so designated which is established pursuant to the Bond Indenture. The portion of any such Sinking Fund Installment remaining after the deduction of any such amounts credited pursuant to the Bond Indenture toward the same (or the original amount of any such Sinking Fund Installment if no such amounts shall have been credited toward the same) shall constitute the unsatisfied balance of such Sinking Fund Installments for the purpose of calculation of Sinking Fund Installments due on a future date.

“South Garage” means the 770 space parking facility located on or near 20 E. 2nd Street, Tulsa, Oklahoma.

“State” means the State of Oklahoma.

“Subordinated Indebtedness” means any evidence of debt referred to in, and complying with the provisions of, the Bond Indenture.

“Supplemental Bond Indenture” means any indenture, adopted by the Authority acting by and through its Trustees, supplemental to the Bond Indenture either authorizing the issuance and delivery of Additional Bonds or supplementing or clarifying existing indentures supplemental to the Master Bond Indenture, including the First Supplemental Indenture.

“Support Agreement” means the agreement, if any, entered into by the Trustee at the request or direction of the Authority, which provides for a Support Facility, and any and all modifications, alterations, amendments and supplements thereto.

“Support Facility” means any instrument such as a letter of credit, a committed line of credit, insurance policy, surety bond or standby bond purchase agreement, or any combination of the foregoing, and issued by a bank or banks, other financial institution or institutions, or any combination of the foregoing, which Support Facility provides for the payment of (i) the purchase price, accrued interest on Bonds delivered to the Remarketing Agent or any depository, tender agent or other party pursuant to a Remarketing Agreement or Supplemental Indenture, or (ii) principal of and interest on all Bonds becoming due and payable during the term thereof.

“System” means, as of the date of delivery of the Bond Indenture, the Main Street Parking Facility, the Civic Center Parking Facility, the Surface Lot, the Underground Parking Facility, the North Garage, the South Garage, the West Garage and any hereafter acquired parking facilities or ancillary facilities which shall affirmatively be place within the System by resolution or Supplemental Bond Indenture of the Authority, including, but not limited to any Project, whether the facilities are: (i) operated by the Authority, (ii) leased by the Authority to other exempt or non-exempt persons, or (iii) operated by any exempt or non-exempt person or persons pursuant to an operation or administration agreement, and the System shall include any structure, lot or facility, including without limiting the generality of the foregoing, parking garages, surface parking lots, accessory or ancillary space or other parking facilities and their fixtures and equipment now or hereafter owned or leased by the Authority and which are paid for in whole or in part from proceeds of Bonds issued hereunder or from the proceeds of policies insuring them or from condemnation awards received and held hereunder or from other moneys held hereunder; provided, the System shall not include the Williams Center parking facilities.

“Trust Estate” means (i) the Revenues; (ii) any parking subscription agreements or guaranty agreements now or hereafter entered into by the Authority applicable to properties included in the System and the rights of the Authority in and to any such parking subscription agreements and guaranty agreements, (iii) any subordinate lien or claim upon non-System revenues; (iv) the Authority’s interest in the System described in Exhibit A attached hereto and made a part hereof and any other interest or estate in property (real, personal or mixed) affirmatively mortgaged or pledged as security for Bonds by resolution or Supplemental Bond Indenture of the Authority; (v) any other agreement in support of any Project and the rights of the Authority therein and thereto; (vi) all of the Authority’s right, title and interest under the Projects Agreement; (vii) all funds and accounts of the Authority held by the Trustee pursuant to the terms of the Bond Indenture, including investment earnings thereon; and (viii) any concession fees or charges and lease rentals derived from any rental space owned or operated by the Authority, or operated for the benefit of the Authority.

“Trustee” means BOKF, NA dba Bank of Oklahoma, Tulsa, Oklahoma, a national banking association having corporate trust powers organized and existing under the laws of the United States of America, and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be party and any successor Trustee at the time serving as successor trustee hereunder.

“Underground Parking Facility” means the 515 parking spaces located under both the City Hall and the Municipal Courts Building which are owned by the City and leased to the Authority.

“Variable Rate Bonds” means any Bonds issued bearing interest at a rate per annum subject to adjustment from time to time pursuant to the terms thereof, based upon an index, or otherwise calculated in a manner which precludes the actual rate for the entire term of such debt from being ascertainable in advance. For the purposes of this definition, Bonds shall not be considered to be Variable Rate Bonds upon the establishment of or conversion of the rate of interest thereon to a fixed interest rate for the remaining term thereof.

“West Garage” means the 1,191 space parking facility located on or near the west 275 feet of the city block bordered by 1st Street on the North, 2nd Street on the South, Boulder Avenue on the East and Cheyenne Avenue on the West, in Tulsa, Oklahoma.

“Written Certificate of the Authority”, “Written Request of the Authority” or “Written Statement of the Authority” means an instrument in writing signed on behalf of the Authority by an Authorized Officer.

Authorization and Issuance of Bonds

Bonds. The Bond Indenture provides for the issuance of Bonds of the Authority which may be issued from time to time in accordance with the terms and conditions of the Bond Indenture. The Bonds will be payable solely from the Trust Estate of the Authority which is pledged and charged to the Bonds in accordance with the provisions of the Bond Indenture. The Bonds will be equally and ratably secured by a parity lien on the Trust Estate. The Bonds shall be special obligations of the Authority, secured by the pledge of the Trust Estate. In no event shall any Bond constitute an obligation, either general or special, of the City or the State.

General Provisions for the Issuance of Bonds

Whenever the Authority shall determine to issue any Series of Bonds the Authority shall execute a Supplemental Bond Indenture upon receipt by the Trustee of

(a) An Opinion of Counsel to the effect that the Authority has the right and power under the Act as amended to the date of such Opinion to undertake the Project being financed with the proceeds of such Series of Bonds, to adopt the Bond Indenture, and such Bond Indenture as supplemented, has been duly and lawfully adopted by the Authority, is in full force and effect and is valid and binding upon the Authority and enforceable in accordance with its terms, except as enforcement may be limited by laws relating to the enforcement of creditors rights and the terms of the Bond Indenture, as supplemented, and the Act as amended to the date of such Opinion, and the Bonds of such Series have been duly and validly authorized, issued and authenticated in accordance with law and the Bond Indenture, as supplemented;

(b) The amount, or surety bond amount, if any, necessary for deposit into the Bond Service Reserve Account within the Bond Fund so that there shall be on deposit in such Account, immediately after the authentication and delivery of the Bonds or such Series together with other available moneys, or surety bonds, an amount at least equal to the Bond Service Reserve Requirement;

Nothing in the Bond Indenture shall prohibit or prevent, or be deemed or construed to prohibit or prevent, the Authority from issuing Variable Rate Bonds, either as the initial series of Bonds hereunder or as Additional Bonds. The Supplemental Indenture or Supplemental Indentures providing for the issuance of such Variable Rate Bonds may provide for the Authority to obtain Support Facilities or alternate Support Facilities and enter into Support Agreements in connection therewith, enter into Remarketing Agreements and appoint Remarketing Agents, provide for interest to be payable or redetermined on such dates and to accrue over such periods as set forth in such Supplemental Indenture, provide for the establishment, use, composition, adjustment and change of interest indices or the establishment and use of alternate interest indices or the establishment of multiple or alternative interest rate modes or the establishment of a fixed interest rate or rates, provide for the establishment of special funds and accounts in connection with the issuance of such Variable Rate Bonds, provide for special redemption or purchase provisions for such Variable Rate Bonds and establish notice provisions in connection with the purchase, redemption, delivery or tender of such Variable Rate Bonds.

Refunding Bonds. One or more Series of Refunding Bonds may be issued in such principal amount which, when taken together with funds otherwise provided by the Authority and available therefor, will provide the Authority with funds which will be sufficient for the purpose of refunding all Outstanding Bonds of one or more Series, or of one or more maturities within a Series.

Each Series of Refunding Bonds shall be authenticated and delivered by the Trustee only upon receipt by the Trustee of the following securities, moneys or documents, with all of such documents dated as of date of such delivery:

(a) Irrevocable instructions to the Trustee, satisfactory to it, to give due notice of redemption of all of the Bonds to be refunded on the redemption date or dates specified in such instructions or to be paid at maturity;

(b) In the event the Bonds to be refunded are not by their terms subject to redemption within the next succeeding sixty (60) days, irrevocable instructions to the Trustee, satisfactory to it, to give notice as provided to the Bondholders; and

(c) Either: (1) moneys in an amount sufficient to effect payment at the applicable Redemption Price of the Bonds to be refunded, together with accrued interest on such Bonds to the redemption date, which moneys shall be held by the Trustee or any one or more of the Paying Agents in a separate account irrevocably deposited in trust for and assigned to the respective Bondholder to be refunded, or (2) Authorized Investments described in clauses (a), (b) and (c) of the definition thereof in such principal amounts, of such maturities, bearing such interest, and otherwise having such terms and qualifications and any moneys, as shall be sufficient at prior redemption or maturity to otherwise comply with the provisions of the Bond Indenture.

Subordinated Indebtedness and Bond Anticipation Notes. In addition the Authority may at any time or from time to time, issue evidences of subordinate indebtedness for any term payable out of, and which may be secured by a pledge of available funds not subject to the lien of the Bond Indenture. Subordinate indebtedness issued hereunder may or may not be issued with a covenant on the part of the Authority to issue additional Bonds in respect to such subordinate debt.

In addition, Bond anticipation notes or bonds may be issued by the Authority, at such time as the Authority shall have adopted a resolution, authorizing any Project. The bond anticipation notes or bonds may be printed, lithographed or typewritten, shall be of such denominations as may be determined by the Authority, and shall bear such legends as may be deemed necessary by the Authority. Each bond anticipation note or bonds or any other type of subordinate indebtedness shall be executed in the manner prescribed for definitive Bonds. Such notes or bonds may be secured in the manner provided by a Supplemental Bond Indenture; provided that, such bond anticipation notes or bonds may be secured by a lien and pledge on the Revenues junior and inferior and subject to the lien and pledge on the Revenues herein created for the payment and security of any Outstanding Bonds issued hereunder and the other obligations of the Authority secured hereby, and any resolution authorizing issuance of such bond anticipation notes or bonds shall provide for the payment thereof after the required payments into the Bond Fund for Outstanding Bonds. Such bond anticipation notes or bonds shall be discharged and paid through the issuance of Bonds constituting a charge upon the Revenues, junior and inferior and subject to all payments and obligations on the Bonds. Provided, any subordinate indebtedness of the Authority may be properly secured by a first and prior mortgage and lien upon the real or personal property acquired with such proceeds. In respect to such subordinate debt, the Authority shall impose rates sufficient to meet the principal and interest requirements thereon.

Establishment of Funds

The Bond Indenture established the following funds and accounts:

(a) A Construction Fund which shall be held by the Trustee. The Authority may in its discretion determine to create under the terms of a Supplemental Bond Indenture an account or accounts within the Construction Fund for a specific Project.

(b) A Revenue Fund which shall be held by the Trustee.

(c) A Bond Fund which shall be held by the Trustee which shall consist of a Bond Service Account, a Bond Service Reserve Account, and if so provided by the terms of a Supplemental Bond Indenture, the Bond Fund may provide for the creation of separate accounts for the deposit of capitalized interest (designated the Construction Interest Account) and for the deposit of premium from the sale of Bonds (designated the Premium Account). Within the Bond Fund there shall also be created and established a Redemption Account to receive proceeds derived from sale, disposition, insurance or condemnation.

(d) A Rebate Fund.

(e) A General Fund which shall be held by the Trustee.

Construction Fund. There shall be paid into the Construction Fund the amounts required to be so paid by the provisions of a Supplemental Bond Indenture and there may be paid into the Construction Fund, in the discretion of the Authority, any moneys received for or in connection with the System by the Authority from any other source, unless required to be otherwise applied as provided in the Bond Indenture. The Trustee may establish pursuant to a Supplemental Bond Indenture within the Construction Fund a separate Project Account for each Project of the Authority. There shall be paid into the Construction Fund the proceeds of insurance maintained pursuant to the Bond Indenture against physical loss of or damage to the Project, or of contractors’ performance bonds with respect thereto, pertaining to the period of construction thereof. In the event the Authority elects to establish separate Project Accounts, amounts in any Project Account established for a Project shall be applied to the purpose or purposes specified in the Supplemental Bond Indenture authorizing the Bonds of such Series and issued with respect to such Project. Interest earned on moneys and investments within a Project Account shall be paid into the respective Project Account unless the Supplemental Bond Indenture authorizing such Series of Bonds provides otherwise.

Before the Trustee makes any payment from the Construction Fund or from a specific Project Account, the Authority shall file with the Trustee a Written Request of the Authority, showing with respect to each payment to be made, a statement that it is part of the Cost of Construction of the Project, the name of the person to whom payment is due and the amount to be paid, and stating that the obligation to be paid was incurred and is a proper charge against the Construction Fund against which payment has not been made. To the extent that other moneys are not available therefor, amounts in the Construction Fund shall be applied to the payment of the principal of and interest on Bonds when due and, interest earned on the investment of the Construction Fund may be used for the payment of principal of and interest on the Bonds, during the period of construction.

The substantial completion of construction of each Project shall be evidenced by a Written Certificate of the Authority, which shall be filed with the Trustee. Upon the filing of such Certificate, the balance in the Project Account or Accounts, if applicable, in the Construction Fund established therefor in excess of the amount, if any, stated in such Certificate shall be paid over to the Trustee for deposit in the

Bond Service Reserve Account in the Bond Fund, if and to the extent necessary to make the amount in such Account equal to the Bond Service Reserve Requirement, and any remaining balance shall be deposited in the Redemption Account.

Revenues and Revenue Fund. All Revenues shall be promptly deposited by the Authority to the credit of the Revenue Fund held by the Trustee. As soon as practicable in each month after the deposit of Revenues in the Revenue Fund but in any case after the delivery of Bonds and on or before the twenty fifth (25th) day of each month thereafter, the Trustee shall withdraw from the Revenue Fund and deposit in the Bond Fund for credit to the Bond Service Account, the amount, if any, required so that the balance in said Account shall equal the Accrued Aggregate Bond Service; provided that, for the purpose of transfers from the Revenue Fund to the Bond Fund, there shall be credited the amount transferred from the Construction Interest Account to the Bond Service Account and any other amounts in the Bond Service Account derived from the proceeds of the Bonds for payment of interest on Bonds, if required by a Supplemental Bond Indenture, or an amount of Bond proceeds to be applied for such purpose by a Supplemental Bond Indenture.

After transfer of the amounts described above, the Trustee shall withdraw from the Revenue Fund and deposit into the Bond Service Reserve Account, such remaining amounts in the Revenue Fund, if any, to fund the Bond Service Reserve Account Requirement as defined by a Supplemental Bond Indenture.

After transfer of the amounts described above, the Trustee shall withdraw from the Revenue Fund and deposit into the General Fund, such remaining amounts in the Revenue Fund, to be used to pay the Operation and Maintenance Expenses of the System as set forth in the Authority’s budget for such period and for any other lawful purpose of the Authority.

Provided however, that so long as there shall be held in the Bond Fund an amount sufficient to pay in full all Outstanding Bonds in accordance with their terms (including principal or applicable Redemption Price and interest thereon), no deposits shall be required to be made into the Bond Fund.

Bond Fund; Bond Service Account; Bond Service Reserve Account. The Trustee shall pay (i) on or before each interest payment date for any of the Bonds, the amount required for the interest payable on such date; (ii) on or before each Principal Installment due date, the amount required for the Principal Installment payable on such due date; and (iii) on or before any redemption date for the Bonds, the amount required for the payment of the Redemption Price and interest on the Bonds then to be redeemed. Such amounts shall be applied by the Paying Agent on and after the due dates thereof. The Trustee shall receive into the Bond Service Account the accrued interest on any Bonds received on the date of delivery of such Bonds, and the Trustee shall receive such amounts as shall be transferred from the Construction Interest Account, if funded, and any amounts transferred from the Bond Service Reserve Account. The Trustee shall pay out of the Bond Service Account the accrued interest included in the purchase price of Bonds purchased for retirement.

Amounts accumulated in the Bond Service Account with respect to any Sinking Fund Installment (together with amounts accumulated therein with respect to interest on the Bonds for which such Sinking Fund Installment was established), if so directed in writing by the Authority, shall be applied by the Trustee, on or prior to the sixtieth (60th) day preceding the due date of such Sinking Fund Installment, to: (i) the purchase of Bonds of the Series and maturity for which such Sinking Fund Installment was established, or (ii) the redemption at the applicable sinking fund Redemption Price, pursuant to Article IV hereof, of such Bonds, if then redeemable by their terms. After the sixtieth (60th) day but on or prior to the fortieth (40th) day preceding the due date of such Sinking Fund Installment, any amounts then on deposit in the Bond Service Account (exclusive of amounts, if any, set aside in said Account which were deposited therein from the proceeds of Bonds) may and, if so directed by the Authority, shall be applied

by the Trustee to the purchase of Bonds of the Series and maturity for which such Sinking Fund Installment was established in an amount not exceeding that necessary to complete the retirement of the unsatisfied balance of such Sinking Fund Installment. All purchases of any Bonds pursuant to this subsection shall be made at prices not exceeding the applicable sinking fund Redemption Price of such Bonds plus accrued interest, and such purchases shall be made in such manner as the Authority shall direct in writing to the Trustee. The applicable sinking fund Redemption Price (or principal amount of maturing Bonds) of any Bonds so purchased or redeemed shall be deemed to constitute part of the Bond Service Account until such Sinking Fund Installment date, for the purpose of calculating the amount of such Account. As soon as practicable, after the fortieth (40th) day preceding the due date of any such Sinking Fund Installment, the Trustee shall proceed to call for redemption on such due date Bonds of the Series and maturity for which such Sinking Fund Installment was established (except in the case of Bonds maturing on a Sinking Fund Installment date) in such amount as shall be necessary to complete the retirement of the unsatisfied balance of such Sinking Fund Installment. The Trustee shall pay out of the Bond Service Account to the appropriate Paying Agent, on or before such redemption day (or maturity date), the amount required for the redemption of the Bonds so called for redemption (or for the payment of such Bonds then maturing), and such amount shall be applied by such Paying Agent to such redemption (or payment). All expenses in connection with the purchase or redemption of Bonds shall be paid by the Authority.

To the extent payments of the principal or Redemption Price of or interest on any Bonds are made as provided in a Supplemental Bond Indenture with amounts drawn under a Support Facility, then and to the extent thereof such drawings shall be reimbursed to the issuer of the Support Facility on account of the Authority, and as otherwise required of the Authority under the Support Agreement, through the Trustee’s payment to the issuer of the Support Facility, forthwith upon or immediately next following any such drawing on the Support Facility, out of the Bond Fund, the amount necessary to fully reimburse the issuer of the Support Facility for the amount of any such drawing upon the Support Facility to pay, as appropriate, the principal, Purchase Price or Redemption Price of, or interest on, any Bonds. Any payment of the principal or Redemption Price of, or interest on the Bonds, made with a drawing or drawings under a Support Facility, to the extent not immediately and fully reimbursed as herein above provided, shall not be considered to have been made by the Authority and shall continue to be an obligation of the Authority under the Bond Indenture and the Bonds to the extent of such payment, without limitation, and the issuer of the Support Facility or its nominee shall be entitled to all payments in respect to such principal or Redemption Price of, or interest on, the Bonds and all of the rights of the Bondholders with respect thereto, until the same shall be paid in full.

Bond Fund and Bond Service Reserve Account. The Bond Service Reserve Account shall be used to receive deposits from proceeds of Bonds or from the Revenue Fund each month until the amount in the Bond Service Reserve Account shall equal the Bond Service Reserve Account Requirement as defined in a Supplemental Bond Indenture. Amounts in the Bond Service Reserve Account shall be used to transfer monies to the Bond Service Account of the Bond Fund to prevent a default in the payment of principal, interest or redemption price of a Series of Bonds; to pay the last maturing Bonds as may be set forth in a Supplemental Indenture; and to use monies in the Bond Service Reserve Account in excess of the Bond Service Reserve Account Requirement to redeem Bonds of a Series or purchase Bonds of a Series on the open market.

General Fund. Amounts in the General Fund shall be used (a) FIRST to transfer monies to the Bond Service Account of the Bond Fund to prevent a default in the payment of principal, interest or redemption price of a Series of Bonds; (b) SECOND to transfer monies to meet any deficiency occurring in the Bond Service Reserve Account until the deposit in such Account equal the Bond Service Reserve Account Requirement; and (c) THIRD to pay the Operations and Maintenance Expenses of the System from time to time in accordance with the annual budget of the Authority then in effect.

Amounts in the General Fund not required to meet the payments set forth above, may be used for any one or more of the following:

(a) Transfer to the Revenue Fund;

(b) Transfer to the Bond Service Account of the Bond Fund for the purchase or redemption of any Bonds, including any expenses in connection with the purchase or redemption of any Bonds;

(d) Make payments to the Construction Fund for application to the purposes of such Fund;

(e) Fund improvements, extensions, betterments, renewals and replacements of any properties of the System; and

(f) For any other lawful purposes of the Authority including distribution to the City as the beneficiary of the Authority under the Trust Indenture for any lawful purpose, including reimbursement of any monies paid to the Authority by the City.

Rebate Fund. There is hereby established with the Trustee a Rebate Fund which shall be held separate and apart from all other Funds established under the Bond Indenture for each Series of Bonds. With respect to each Series of Bonds, promptly after each Bond Year, (and not later than thirty (30) days after the redemption, payment at maturity or other retirement of the last Bond of such series) the Authority, using such consultants as it deems necessary, shall calculate Excess Investment Earnings and shall instruct the Trustee in writing to transfer from the Bond Fund and the Construction Fund to the Rebate Fund, or shall otherwise pay to the Trustee for deposit into the Rebate Fund, such amounts as shall be necessary to cause the aggregate amount on deposit in the Rebate Fund to equal the Excess Investment Earnings as of the end of such Bond Year and as of the redemption, payment at maturity or other retirement of the last Bond of such series; provided that no such transfers or deposits shall be necessary if the proceeds of the Bonds of such series are fully expended within six (6) months of the date of original issuance of such Bonds. Withdrawals from the Rebate Fund may be made at the written direction of the Authority on account of negative arbitrage in other Funds, but not on account of negative arbitrage in the Rebate Fund. All amounts in the Rebate Fund, including income earned from investment of the Rebate Fund, shall be held by the Trustee free and clear of the lien of the Bond Indenture, and, with respect to a Series of Bonds, the Trustee shall pay said amounts over to the United States from time to time as the Trustee shall be instructed in writing by the Authority, provided that the Trustee shall so pay over to the United States: (1) not less frequently than once each five (5) years after the date of original issuance of such Series of Bonds, within sixty (60) days of such date, an amount equal to ninety percent (90%) of the Excess Investment Earnings of the Bonds of such Series as of each fifth year anniversary of the date of original issuance such Series of Bonds and (2) not later than sixty (60) days after the redemption, payment at maturity or other retirement of the last Bond of such Series, one hundred percent (100%) of all moneys remaining in the Rebate Fund, provided that computations and payments may be made on other basis, at other times, and in other amounts, or omitted altogether, all as shall be set forth in an opinion of Bond Counsel.

Investment of Funds

Moneys held in the Bond Service Account in the Bond Fund shall be invested and reinvested by the Trustee to the fullest extent practicable only in the Authorized Investments which mature not later than such times as shall be necessary to provide moneys when needed for payments to be made from the Bond Service Account.

The Revenue Fund may be invested and reinvested by the Authority in Authorized Investments which mature not later than such times as shall be necessary to provide sufficient moneys when needed for payments to be made from such Fund, and in any case, moneys in the Revenue Fund sufficient to meet the transfers to the Bond Service Account shall be available for timely transfer.

Moneys in the Construction Fund and the Bond Service Reserve Account of the Bond Fund may be invested or reinvested by the Authority in Authorized Investments which mature not later than such times as shall be necessary to provide sufficient moneys when needed for payments to be made from such Funds.

All investment earnings from the Revenue Fund, the Bond Fund and the Construction Fund shall be deposited in the Bond Service Account for the payment of principal of the Bonds, unless otherwise provided in the Bond Indenture or any Supplemental Bond Indenture.

Provided, however, that the Trustee shall make such investments only in accordance with written instructions received from an Authorized Officer of the Authority; and in the event, that timely instructions as to investment are not received, then the Trustee shall proceed with investment of such Funds and Accounts as authorized in the Indenture.

Particular Covenants of the Authority

Payment of Bonds. The Authority shall duly and punctually pay or cause to be paid the principal or Redemption Price, if any, of every Bond and the interest thereon, at the dates and places and in the manner mentioned in such Bonds according to the true intent and meaning thereof.

Projects. The Authority shall with due diligence, in a sound and economical manner and with all reasonable dispatch and expediency complete the construction and acquisition of each Project in conformity with law and all requirements of all governmental authorities having jurisdiction thereover and in accordance with and as more fully shown on the plans therefor approved by the Authority, subject to modification of such plans specifications approved by the Authority as necessary or advisable to effectuate the general plan of each Project.

The System. The Authority shall, consistent in all respects with the provisions of the Bond Indenture, complete acquisition and construction of any Project authorized by the Authority as nearly as practicable within the time ordinarily required for such acquisition or construction and shall carry out such acquisition and construction so as to entitle it to continue to receive and collect the maximum amount of Revenues with respect to the System, subject to sound business practices and consistent at all times with the security hereunder provided for the protection of holders of the Bonds.

Operation and Maintenance. The Authority shall at all times operate the System in a sound and economical manner, and shall maintain, preserve and keep the same properly, or cause the same to be so maintained, preserved and kept, with the appurtenances and every part and parcel thereof, in good repair, working order and condition, and shall from time to time make or cause to be made, all necessary and

proper repairs, replacements and renewals so that at all times the operation of the System may be properly and advantageously conducted.

Rules, Regulations and Other Details. The Authority shall establish and enforce reasonable rules and regulations governing the operation, use and services of the System. All compensation, salaries, fees and wages paid by it in connection with maintenance, repair and operation of the System (or, if necessary, rentals of retail facilities) shall be reasonable and no more than would be paid by other corporations, municipalities or public bodies for similar services. The Authority shall observe and perform all of the terms and conditions contained in the Bond Indenture, and shall comply with all valid acts, rules, regulations, orders and directions of any legislative, executive, administrative or judicial body applicable to the System or the Authority. The Authority shall use its best efforts to insure that any available accessory and ancillary space is occupied at rentals or fees commensurate with similar facilities in the surrounding area. In addition thereto, the Authority covenants, except as otherwise provided in any lease or conveyance relating thereto, not to provide parking or rental space without charge, or at a reduced charge, except when based on reasonable business considerations or existing economic or competitive factors or in those cases of extended vacancy or failure of use.

Payment of Lawful Charges. The Authority shall pay all taxes and assessments or other municipal or governmental charges, if any, but only to the extent lawfully levied or assessed upon or in respect of the System, or upon any part thereof or upon any Revenues therefrom, when the same shall become due, and shall duly observe and comply with all valid requirements of any municipal or governmental authority relative to any part thereof, and shall not create or suffer to be created any lien or charge thereon or any part thereof or upon the Revenues therefrom, except the pledge and lien created by the Bond Indenture for the payment of the principal, Purchase Price and Redemption Price of and interest on Bonds. The Authority shall not make any payments in lieu of any such tax or assessment unless required by law, and shall make no payment to any person, by way of compensation or otherwise, in respect of any tax, assessment or other charge levied on or on account of real property or other assets owned or leased by the Authority if, by virtue of such ownership or leasehold interest, such real property or other assets shall be exempt from such tax, assessment or other charge. The Authority shall pay or cause to be discharged, or will make adequate provision to satisfy and discharge, within sixty (60) days after the same shall accrue, all lawful claims and demands for labor, materials, supplies or other objects which, if unpaid, might by law become a lien upon any Project or any part thereof or the Revenues therefrom; provided however, that nothing herein contained shall require the Authority to pay or cause to be discharged, or make provision for, any such lien or charge, so long as the validity thereof shall be contested in good faith and by appropriate legal proceedings.

Annual Budget. The Authority shall, not less than thirty (30) days before the beginning of each Fiscal Year, prepare in accordance with the procedures adopted by the City for the preparation of budgets, an Annual Budget for the ensuing Fiscal Year. The Authority shall prepare such Annual Budget so that it will be possible to determine from such budget the Operation and Maintenance Expenses for the Fiscal Year. Such Annual Budget may set forth such additional material as the Authority may determine. On or before the first day of each Fiscal Year the Authority shall finally adopt the Annual Budget for such Fiscal Year. If for any reason the Authority shall not have adopted the Annual Budget before the first day of any Fiscal Year, the Annual Budget for the preceding Fiscal Year shall be deemed to be in effect for such Fiscal Year until the Annual Budget for such Fiscal Year is adopted. The Authority may at any time adopt an amended Annual Budget for the then current Fiscal Year in accordance with the procedure set forth for the amendment of budgets by the City.

Operation and Maintenance Expenses. The Authority shall not incur Operation and Maintenance Expenses in any Year in excess of the reasonable or necessary amount thereof.

Rates, Fees and Charges.

(a) The Authority shall promptly prescribe, charge and revise from time to time as the need therefor arises, and collect fees and charges as may be necessary or proper in order that the Revenues collected in respect to the System will at all times be adequate to maintain the System in good repair and sound operating condition and to pay all Operation and Maintenance Expenses and such rates, fees and charges shall at all times be established and collected so as to render Net Revenues at least equal to the Principal Installments and Redemption Price, if any, of and interest on all Bonds, and to comply in all respects with the terms and provisions of the Bond Indenture, as supplemented. Receipts of payments from the City and condemnation, insurance, sale or disposition proceeds shall not be considered Revenues for purposes of this covenant.

(b) The Authority hereby expressly reserves the right to charge different rates at different facilities and to different classes of System users, except to the extent that the exercise of such right would affect the covenants and agreements of the Authority contained herein.

(c) If in any Fiscal Year the Revenues collected are not sufficient to provide for all required amounts, the Authority shall employ a Consulting Engineer or Parking Management Consultant to submit recommendations as to revision of the schedule of rates and charges then in effect, and upon receipt of such recommendations, such schedule of rates and charges shall be revised and placed in effect to the extent recommended by the Consulting Engineer or Parking Management Consultant and permitted by law and the Authority shall thereafter charge and collect rates and charges in accordance with such schedule of rates and charges or any subsequent revision of such schedule as shall thereafter be recommended or approved by the Consulting Engineer or Parking Management Consultant with such revisions as the Authority deems appropriate.

Enforcement of Charges. The Authority shall take all reasonable measures permitted by the law to enforce prompt payment to it of all fees, rates and charges and other Revenues.

Insurance and Reconstruction. The Authority shall at all times maintain insurance on the System with responsible insurers to the full insurable value thereof (so long as such insurance is available upon commercially reasonable rates and terms) against loss or damage and against loss of Revenues and against public and other liability to the extent reasonably necessary to protect the interests of the Authority and the Bondholders. If any useful part of the System shall be damaged or destroyed, the Authority shall, as expeditiously as may be possible, commence and diligently proceed with repair or replacement of the damaged property so as to restore the same to use. The proceeds of any such insurance shall be payable to the Authority and the Trustee and (except for proceeds of use and occupancy insurance, if any) shall be applied to the necessary costs involved in such repair and replacement and, to the extent not so applied, shall (together with proceeds of any such use and occupancy insurance, if any) be deposited by the Authority in the Redemption Account and used immediately to redeem or purchase Bonds. In the event that the costs of such repair and replacement of the damaged property exceeds the proceeds of such insurance available for payment of the same, funds available in the General Fund shall be used to the extent necessary for such purposes.

Sale or Lease of System. Except as provided below, no part of the System shall be sold, leased (other than parking spaces and ancillary or accessory space) or otherwise disposed of.

The Authority may sell at any time and from time to time at appraised market value (or at an amount not less than the allocable proportion of principal and interest on Outstanding Bonds issued to pay the cost of acquiring same) any property constituting part of the System and not necessary in the

judgement of the Authority for the purposes of the Authority and any proceeds of any such sale not used (i) to acquire or construct a replacement facility of at least equivalent revenue producing value, (ii) for an authorized purpose of the System or (iii) to replace such property so sold or exchanged in excess of $25,000, shall be deposited (in addition to the Aggregate Bond Service Requirement) in the Redemption Account and shall be used and applied to the redemption or purchase of Bonds. In all cases and notwithstanding any provision herein to the contrary the Trustee shall be authorized to use the moneys so deposited to the credit of the Redemption Account for tender offers. The proceeds of any sale under $25,000 and of any equipment no longer useful for the purposes of the Authority shall be deposited in the Revenue Fund.

The Authority may exchange at any time and from time to time any property or facilities constituting part of the System provided the property exchanged to the Authority shall be property of substantially the same character as and shall have an appraised fair market value equal to or greater than the appraised fair market value of the property being exchanged by the Authority.

The Authority may lease or make contracts or grant licenses for management or operation of, or with respect to, all or any part of a facility and may also lease or make contracts or grant licenses for the management or operation of, or grant other rights with respect to, all or any part of the System for business, commercial or other use, if such lease, contract, license or right does not, in the opinion of the Authority, impede or restrict the Authority in its ultimate operation of such facility or the purposes of the Authority under the Bond Indenture or the Trust Indenture and if the same may be necessary or desirable to assist in defraying expenses of the Authority and to make possible the operation of the System at reasonable rates or will increase facilities for such purpose or further the public and corporate purposes of the Authority, and any payments under or in connection with any such lease, contract, license or right in respect of any part of such facility (except any such payments specifically excluded from definition of Revenues) shall be applied in the same manner and to the same purposes as Revenues.

Removal of Property. The Authority may from time to time remove from the System any part of, or portion of, any property or facilities forming part of the Trust Estate and pledged and dedicated to any Series of Bonds when such property or facility is no longer needed in conjunction with a parking purpose or which has been determined by the Authority to be needed for other purposes and provided such removal will not substantially diminish the overall efficiency of and the Net Revenues derived from the System. The Authority’s removal of any such property must be supported by an opinion or certificate of a Consulting Engineer or Parking Management Consultant that the removal of any such facility or any portion thereof will not materially adversely affect the Net Revenues of the Authority.

Condemnation. The Authority covenants that, if title to or use of any portion of the System is taken or condemned under the power of eminent domain by any governmental authority or by any person acting under governmental authority, the Authority shall cause any proceeds received by the Authority upon such condemnation or sale to be deposited in the Redemption Account and will use and apply such moneys immediately upon deposit to the redemption or purchase of Bonds; provided that, to the extent stated in a Certificate of a Consulting Engineer or Parking Management Consultant, such proceeds may be expended to replace, repair, restore or reconstruct such portion of the System to a condition of at least equivalent revenue producing value, and in that event such proceeds shall be placed in an account held by the Trustee and shall be applied only for the necessary costs of such repair, replacement, restoration or reconstruction.

Accounts and Audit. The Authority shall keep proper books of record and accounts (separate from all other records and accounts) in which complete and correct entries shall be made of its transactions relating to the System or any part thereof, and which, together with all other books and papers of the Authority, shall at all reasonable times be subject to the inspection of the Trustee, or the

holder or holders of any of the Bonds then Outstanding or their representatives duly authorized in writing. The Authority shall cause its books and accounts to be audited each Fiscal Year by an Independent Public Accountant, acceptable to the Authority and Trustee and within six (6) months after the end of each Fiscal Year copies of the reports of such audits so made shall be furnished to the Authority and the Trustee, including statements in reasonable detail, certified by said Accountant, of financial condition, of Revenues and Operation and Maintenance Expenses, of all funds held by the Trustee and of the fees, rates, charges and Revenues collected in each classification. For such purposes retail space rentals and revenues shall be distinguished from parking Revenues.

Further Assurances. At any and all times the Authority shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge and deliver all and every such further Supplemental Bond Indentures, acts, deeds, conveyances, assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular the rights, Revenues and other funds hereby pledged or assigned, or intended so to be, or which the Authority may hereafter become bound to pledge or assign, or as may be reasonable and required to carry out the purposes of the Bond Indenture. The Authority shall at all times, to the extent permitted by law, defend, preserve and protect the Trust Estate and the pledge of the Revenues and other funds pledged hereunder and all the rights of the Bondholders hereunder against all claims and demands of all persons whomsoever.

Conditions Precedent. Upon the date of issuance of each Series of Bonds, all conditions, acts and things required by the statutes of the State or the Bond Indenture to exist, to have happened and to have been performed precedent to or in the issuance of such Bonds shall exist, have happened and have been performed.

Supplemental Bond Indentures

Supplement or Amendment Without Bondholder Consent. The Trustee and the Authority may, from time to time and at any time, without the consent of the Bondholders of any of the Bonds enter into indentures supplemental or amendatory hereto which, in the opinion of the Trustee (whose opinion shall be conclusive upon the Authority and the holder of any Bond), shall not be inconsistent with the terms and provisions hereof for any of the purposes heretofore specifically authorized in the Bond Indenture, and in addition thereto for the following purposes:

(a) To cure any ambiguity or formal defect, inconsistency, or omission in the Bond Indenture or to clarify matters or questions arising thereunder;

(b) To add additional covenants and agreements of the Authority for the purpose of further securing the payment of the Bonds;

(d) To effect any changes necessary in order that the rating or ratings assigned to the Bonds by Moody’s or S&P shall be the best ratings obtainable with respect to such Bonds from such rating agencies;

(e) to effect any changes necessary to preserve the federal income tax exemption of interest on the Bonds;

(f) To authorize Bonds of a Series and, in connection therewith, to specify and elaborate on the matters and things mentioned or referred to in the Bond Indenture and also any other matters and things relative to such Additional Bonds which are not contrary to or inconsistent with the Bond Indenture or to amend, modify or rescind any such authorization, specification or determination at any time prior to the authentication and delivery of such Bonds; and

(g) To modify any of the provisions of the Bond Indenture in any other respect whatever, provided that:

(i) such modification shall be, and be expressed to be, effective only after all Bonds of any Series Outstanding at the date of the adoption of such Supplemental Indenture shall cease to be Outstanding; or

(ii) To provide for the creation of any additional funds or accounts as the Authority and the Trustee shall deem desirable for the further securing and assurance of all Series of Bonds Outstanding and any Additional Bonds to be issued pursuant to any Supplemental Indenture, or provide for such additional funds or accounts as the Authority shall deem appropriate to enhance the management and efficiency of the Authority.

Supplement or Amendment Upon Approval of Fifty One Percent of Bondholders. The provisions of the Bond Indenture may be supplemented or amended in any particular by the Authority and the Trustee with the prior written consent of the Bondholders of not less than fifty one percent (51%) of the aggregate principal amount of Bonds then Outstanding which would be adversely affected by the supplement or amendment; provided, however, that no such supplement or amendment may be adopted which decreases the percentage of Bonds required to approve a supplement or amendment, nor which permits a change in the date of payment of the principal of any Bonds or of any redemption price thereof or the rate or rates of interest thereon, or the creation of a lien upon the Authority’s interest in the Trust Estate or a pledge of Revenues superior to the lien or pledge created by the Bond Indenture or a priority of any Bond over any other Bond, without the consent of all the Bondholders.

Filing and Recording. Copies of any amendatory or supplemental indenture shall be filed with the Trustee, and recorded in the offices wherein the Bond Indenture is filed of record before such amendment or supplement may become effective.

Reliance on Counsel. The Trustee shall be entitled to receive, and shall be fully protected from liability in relying upon an opinion of counsel, who may be counsel for the Authority, as conclusive evidence that any such proposed amendatory or supplemental indenture complies with the provisions of the Bond Indenture, and that it is proper for the Trustee, under the provisions of the Indenture, to join in the execution of such amendatory or supplemental indenture.

Amendment or Supplement Binding. Upon the execution of any amendatory or supplemental indenture, the Bond Indenture shall be and be deemed to be supplemented, modified and amended in accordance therewith, and the respective rights, duties and obligations under the Bond Indenture of the Trustee, the Authority and Bondholders of Bonds then Outstanding shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modification and amendments.

Events of Default and Remedies of Bondholders

The happening of any one or more of the following events shall constitute an Event of Default under the Bond Indenture:

(i) The failure to make the due and punctual payment of the principal or Redemption Price or Purchase Price of any Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by proceedings for redemption, by declaration or otherwise;

(ii) The failure to make the due and punctual payment of any installment of interest on any Bond or any Sinking Fund Installment (except when such Sinking Fund Installment is due on the maturity date of such Bond) when and as such interest installment or Sinking Fund Installment shall become due and payable;

(iii) Failure of the Authority in the punctual observance of any of the covenants, agreements or conditions on its part in the Indenture or in the Bonds contained, and such default shall have continued for a period of sixty (60) days after written notice thereof, specifying such default and requiring the same to be remedied, shall have been given to the Authority by the Trustee, or to the Authority and the Trustee by the Bondholders of not less than fifty-one percent (51%) in aggregate principal amount of the Bonds at the time Outstanding; or

(iv) If there shall occur the dissolution or liquidation of the Authority or the filing by the Authority of a voluntary petition in bankruptcy, or adjudication of the Authority as a bankrupt, or assignment by the Authority for the benefit of its creditors, or the entry by the Authority into an agreement of composition with its creditors, or the approval by a court of competent jurisdiction of a petition applicable to the Authority in any proceeding for its reorganization or liquidation instituted under the provisions of the Federal Bankruptcy Act, as amended, or under any similar act in any jurisdiction which may now be in effect or hereafter enacted; or

(v) If an order or decree shall be entered, with the consent or acquiescence of the Authority, appointing a receiver or receivers of any substantial part of the Authority’s assets, so as to adversely affect the Revenues, or if such order or decree, having been entered without the consent or acquiescence of the Authority, shall not be vacated or discharged or stayed within ninety (90) days after the entry thereof; or

(vi) If the Trustee shall have received written notice from the issuer of a Support Facility of an occurrence of an event of default under such Support Facility or the Support Agreement and a direction to the Trustee to accelerate the Bonds.

During the continuance of any such Event of Default unless the principal of all the Bonds shall have already become due and payable, either the Trustee or the Bondholders of not less than fifty-one percent (51%) in aggregate principal amount of the Bonds at the time Outstanding shall be entitled, upon notice in writing to the Authority (in the case of the Bondholders notice shall be delivered to both the Authority and the Trustee) to, declare the principal of all of the Bonds then Outstanding, and the interest accrued thereon, to be due and payable immediately, and upon such declaration the same shall become and shall be immediately due and payable, anything in the Bond Indenture or in the Bonds contained to the contrary notwithstanding; provided however, that so long as no Event of Default exists under subsections (i) or (ii) above any acceleration of Bonds pursuant to an Event of Default described in Subsections (iii), (iv), (v) or (vi) in respect of which a Support Facility exists shall be made only upon the written concurrence of the issuer of any such Support Facility.

The right of the Trustee or of the Bondholders of not less than fifty-one percent (51%) in aggregate principal amount of the Bonds at the time Outstanding to make any such declaration as aforesaid, however, is subject to the condition that if, at any time after such declaration, all overdue

installments of interest upon the Bonds, together with interest on such overdue installments (at the rate specified for such Bond) if and to the extent permitted by law, and the reasonable and proper charges, expenses and liabilities of the Trustee, and all other sums then payable by the Authority under the Indenture (except the principal of, and interest accrued since the next preceding interest payment date on the Bonds due and payable solely by virtue of such declaration) shall either be paid by or for the account of the Authority or provision satisfactory to the Trustee shall be made for such payment, and all defaults under the Bonds or under the Bond Indenture (other than the payment of principal and interest due and payable solely by reason of such declaration) shall be made good or be secured to the satisfaction of the Trustee or provision deemed by the Trustee to be adequate shall be made therefor, then and in every such case the Bondholders of not less than fifty-one percent (51%) in aggregate principal amount of the Bonds at the time Outstanding may request that any such declaration be rescinded, and upon such request any such declaration shall ipso facto be deemed to be annulled, but such rescission and annulment shall not extend to or affect any subsequent default or impair or exhaust any right or power consequent thereon.

Upon the occurrence of an Event of Default, the Trustee, the Bondholders and the issuer of any applicable Support Facility shall have all the rights and remedies as may be allowed by law or the Bond Indenture, including acceleration of the payment of all Bonds; appointment of a temporary receiver or trustee, or suit at law or in equity to enforce or enjoin the action or inaction of parties under the provisions of the Bond Indenture. Notice of the occurrence of any Event of Default will be given to each registered owner of Bonds and the issuer of any Support Facility.

Anything in the Bond Indenture to the contrary notwithstanding, if at any time the monies in the Revenue Fund and all other Funds of the Authority shall not be sufficient to pay the interest on or the principal of the Bonds as the same shall become due and payable (either by their terms or by acceleration), such monies, together with any monies when available or thereafter becoming available for such purpose, whether through the exercise of the remedies provided for herein or otherwise, shall be applied as follows:

(a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such monies shall be applied:

(i) To the payment to the persons entitled thereto of all installments of interest then due and payable in the order in which such installments became due and payable;

(ii) To the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due and payable (other than Bonds called for redemption for the payment of which monies are held pursuant to the provisions of the Bond Indenture) in the order of their due dates (with interest on the principal amount of such Bonds due and payable);

(b) If the principal of all the Bonds shall have become or shall have been declared due and payable, all such monies shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference except as to any differences in the respective rates of interest specified in the Bonds; and

(c) If the principal of all the Bonds shall have been declared due and payable and if such declaration shall thereafter have been rescinded and annulled, then, subject to the provisions

of paragraph (b) above, in the event that the principal of all the Bonds shall later become or be declared due and payable, the monies then remaining in and thereafter accruing to the Revenue Fund shall be applied in accordance with the provisions of paragraph (a) above.

Whenever money is to be applied by the Trustee pursuant to the provisions of this section, such money shall be applied by the Trustee at such times and from time to time as the Trustee in its sole discretion shall determine, having due regard to the amount of such money available for application and the likelihood of additional money becoming available for application in the future; the deposit of such money or otherwise setting aside such money in trust for the proper purpose shall constitute proper application by the Trustee; and the Trustee shall incur no liability whatsoever to the Authority, to any Bondholder or to any other person for any delay in applying any such money, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of the Bond Indenture as may be applicable at the time of application by the Trustee. Whenever the Trustee shall exercise such discretion in applying such money, it shall fix the date (which shall be an interest payment date unless the Trustee shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date and shall not be required to make payment to the holder of any Bond until such Bond shall be surrendered to the Trustee for appropriate endorsement or for cancellation if fully paid.

In case any proceeding taken by the Trustee on account of any default shall have been discontinued or abandoned for any reason, then and in every such case the Authority, the Trustee and the Bondholders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies, powers and duties of the Trustee shall continue as though no proceeding had been taken.

Upon the occurrence of any Event of Default, and upon filing of a suit or other commencement of judicial proceedings to enforce the rights of the Trustee and of the Bondholders and the issuer of a Support Facility under the Bond Indenture, either the Trustee or the Bondholders of not less than fifty-one percent (51%) in aggregate principal amount of the Bonds at the time Outstanding or the issuer of a Support Facility shall be entitled to request the appointment of a receiver or trustee of the Revenues pending such proceedings, with such powers as the court making such appointment shall confer, whether or not such Revenues shall be deemed sufficient ultimately to satisfy the Bonds Outstanding hereunder.

Upon any sale made under judgment or decree in any judicial proceeding for foreclosure or otherwise for the enforcement of the Bond Indenture, the Trustee, may, if and to the extent then permitted by law, bid for and purchase the property or any part thereof at such sale, and upon compliance with the terms of sale may hold, retain and possess and dispose of such property as in its discretion may be in the best interest of the Bondholders.

Any sale made under judgment or decree in any judicial proceeding for foreclosure or otherwise for the enforcement of the Bond Indenture shall, if and to the extent then permitted by law, operate to divest all right, title, interest, claim and demand whatsoever, either at law or in equity, of the Authority to the property so sold, and shall be a perpetual bar against the Authority and against any and all persons, firms or corporations, claiming or who may claim the property sold, or any part thereof, from, through or under the Authority.

The proceeds of any sale made under judgment or decree in any judicial proceeding for the foreclosure or otherwise for the enforcement of the Bond Indenture paid over to the Trustee, together with any other funds which may then be held by the Trustee pursuant to the Bond Indenture, shall be applied as follows:

FIRST to the payment of all taxes, assessments, governmental charges and liens prior to the lien of the Bond Indenture, if there be any, except those subject to which such sale shall have been made, and all of the costs and expenses of such sale, including the expenses of the Trustee, its agents and attorneys, and of all other sums payable to the Trustee hereunder by reason of any expenses or liabilities incurred or advances made pursuant to the Bond Indenture;

SECOND to the payment of the Bonds, including principal and interest, in the order and manner provided in this Article;

THIRD to the payment of all other obligations due and payable by the Authority pursuant to the provisions of the Bond Indenture; and

FOURTH any surplus thereof remaining shall belong to and be paid to the Authority, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same.

In case of the occurrence of any Event of Default, to the extent that such rights may then lawfully be waived, neither the Authority nor anyone claiming through or under it shall or will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or hereafter in force in the State, in order to prevent or hinder the enforcement or foreclosure of the Bond Indenture, or the absolute sale of any mortgaged property, or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchaser or purchasers of such property, or any part thereof. The Authority, for itself and all who may claim through or under it, hereby waives, to the extent that it lawfully may do so, the benefit of all such laws and all rights of appraisement (at the option of the Trustee to be exercised at any time prior to judgment) and redemption to which it may be entitled under the laws of the State.

No remedy by the terms of the Bond Indenture conferred upon or reserved to the Trustee or the Bondholders is intended to be exclusive of any other remedy, but each and every remedy shall be cumulative and shall be in addition to every other remedy given under the Bond Indenture or existing at law or in equity on or after the date of adoption of the Bond Indenture.

All rights of action (including the right to file proof of claims) under the Bond Indenture or under any of the Bonds may be enforced by the Trustee without possession of the Bonds and without their production in any trial or other proceedings relating thereto. Any suit or proceeding instituted by the Trustee may be brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any Bondholders of the Bonds.

If an Event of Default shall have occurred and be continuing, notwithstanding anything in the Bond Indenture to the contrary, the Bondholders of at least fifty-one percent (51%) of the aggregate principal amount of Bonds then Outstanding shall have the right, at any time by an instrument or instruments in writing executed and delivered to the Trustee, to direct the method and place of conducting any proceeding to be taken in connection with the enforcement of the terms and conditions of the Bond Indenture, provided the direction is in accordance with law and the provisions of the Bond Indenture and, in the sole judgment of the Trustee, is not unduly prejudicial to the interest of Bondholders not joining in the direction and the issuer of any Support Facility, and provided further, that nothing in this section shall impair the right of the Trustee in its discretion to take any other action under the Bond Indenture which it may deem proper and which is not inconsistent with the direction by Bondholders.

No holder of any Bond or coupon shall have any right to institute any suit, action or proceeding for the enforcement of the Bond Indenture or for the execution of any trust hereunder or for any remedy under the Bond Indenture unless:

(i) An Event of Default has occurred as to which the Trustee has actual notice, or as to which the Trustee has been notified in writing; and

(ii) The Bondholders of at least fifty-one percent (51%) of the aggregate principal amount of Bonds Outstanding or the issuer of any Support Facility shall have made written request to the Trustee to proceed to exercise the powers granted in the Bond Indenture or to institute an action, suit or proceeding in its own name; and such Bondholders shall have offered the Trustee such indemnity as may be satisfactory to the Trustee, and the Trustee shall have failed or refused to exercise the powers granted in the Bond Indenture or to institute an action, suit or proceeding in its own name for a period of fifteen (15) days after receipt of the request and offer of indemnity.

No one or more Bondholders of Bonds shall have any right in any manner whatsoever to disturb or prejudice the security of the Bond Indenture or to enforce any right hereunder except in the manner herein provided and then only for the equal benefit of the Bondholders of all outstanding Bonds.

No delay or omission of the Trustee or of any holder of Bonds to exercise any right or power accruing upon any Event of Default shall impair the right or power or shall be construed to be a waiver of an Event of Default or an acquiescence therein. Every power and remedy given by this Article to the Trustee and to the Bondholders of the Bonds, respectively, may be exercised from time to time and as often as may be deemed expedient;

The Trustee may waive any Event of Default (other than an Event of Default regarding a Support Facility) which in its opinion shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted by it under the provisions of the Bond Indenture, or before the completion of the enforcement of any other remedy under the Bond Indenture;

Notwithstanding anything contained in the Bond Indenture to the contrary, the Trustee, upon written request of the Bondholders of at least fifty-one percent (51%) of the aggregate principal amount of the Bonds then outstanding, shall waive any Event of Default and its consequences (other than an Event of Default regarding a Support Facility) ; and

In case of a waiver by the Trustee of any Event of Default, the Authority, the Trustee and the Bondholders shall be restored to their former positions and rights under the Bond Indenture but no waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. The Trustee shall not be responsible or liable to anyone for waiving or refraining from waiving any Event of Default in accordance with this section.

Defeasance

Payment. If the Authority shall pay or cause to be paid with Available Monies or there shall otherwise be paid with Available Monies, to the Bondholders of all Bonds the principal or Redemption Price, if applicable, and interest due or to become due thereon, at the times and in the manner stipulated therein and in the Bond Indenture and all amounts owing to the issuer of a Support Facility under a Support Agreement, if applicable, are paid, then the assignment and pledge of the Trust Estate under the Bond Indenture and all covenants, agreements and other obligations of the Authority to the Bondholders shall thereupon cease, terminate and become void and be discharged and satisfied. In such event, the Trustee shall cause an accounting for such period or periods as shall be requested by the Authority and shall execute and deliver to the Authority all monies or securities held by them pursuant to the Bond Indenture which are not required for the payment of principal or Redemption Price, if applicable, or of interest on Bonds not theretofore surrendered to such payment or redemption. If the Authority shall pay

or cause to be paid, or there shall otherwise be paid to the Bondholders of all Outstanding Bonds the principal or Redemption Price, if applicable, thereof and interest due or to become due thereon, at the times and in the manner stipulated therein and in the Bond Indenture, such Bonds shall cease to be entitled to any lien, benefit or security under the Bond Indenture and all covenants, agreements and obligations of the Authority to the Bondholders shall thereupon cease, terminate and become void and be discharged and satisfied.

Provision for Payment. Bonds or interest installments for the payment or redemption of which direct obligations of, or obligations the payment of the principal of and interest on which are unconditionally guaranteed by, the United States of America (“Government Obligations”) purchased with Available Monies shall have been set aside and shall be held in trust by the Trustee at maturity or a date set for redemption by the Authority shall be deemed to have been paid within the meaning and with the effect expressed in the above paragraph “Payment”. All Outstanding Bonds and all interest on such Bonds shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning and with the effect expressed above (a) in case of any of said Bonds which are to be redeemed on any date prior to their maturity, the Authority shall have given to the Trustee in form satisfactory to it irrevocable instructions to give notice of redemption of such Bonds on said date; (b) there shall be Government Obligations the principal of and interest on which when due will provide monies, which shall be sufficient to pay when due the principal or Redemption Price of and interest due at the maturity or redemption date thereof, as the case may be; and (c) in the event such Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days the Authority shall have given the Trustee in form satisfactory to it irrevocable instructions to give, as soon as practicable, notice of redemption that the deposit required by (b) above has been made with the Trustee and that such Bonds and interest thereon are deemed to have been paid in accordance with this section and stating such maturity or redemption date upon which monies are to be available for the payment of the principal or Redemption Price of such Bonds.

SUMMARY OF CERTAIN PROVISIONS OF THE PROJECTS AGREEMENT

The following is a summary of certain provisions of the Projects Agreement and is qualified in its entirety by reference to the document itself, executed counterparts of which are on file in the offices of the Authority and in the corporate trust offices of the Trustee, for a complete recital of its terms.

The Projects Agreement dated as of June 1, 2012, between the Authority and the City provides that the Authority shall issue the Series 2012 Bonds and use the net proceeds from the sale thereof to refund the outstanding principal balance of the Prior Bonds, fund a bond fund reserve fund and to pay the costs of issuance of the Series 2012 Bonds, as more fully set out in the Bond Indenture.

In consideration of the issuance of the Bonds and implementation of the Project by the Authority, the City agrees, subject to availability and appropriation of funds and legal requirements and limitations to which the City is subject, to appropriate payments (the “Project Payments”) from available funds of the City, at such times and in such amounts, as may be necessary to timely pay debt service on the Bonds issued and outstanding under the Indenture to the Trustee on behalf of the Authority for immediate deposit in the Authority’s Bond Fund created under the Indenture. The Project Payments shall be made in the event the Revenues of the System are insufficient at any time to pay debt service on the Bonds when due (whether upon the scheduled due date, upon purchase, or acceleration, or otherwise) and all accrued interest thereon. The Authority agrees to give the City immediate notice of any event which with the passage of time may cause the Revenues of the System to be so insufficient.

The Project Payments shall not be subject to set-off or counterclaim by the City and shall be used as set forth in the Indenture and shall be in such amounts as are necessary for the payment when due (whether upon the scheduled due date, upon redemption, purchase, or acceleration, or otherwise) of (a) principal of and interest on the Bonds coming due at such time and (b) all other amounts due under the Indenture. In any case where the date fixed for any payment from the City to the Trustee on behalf of the Authority shall not be a Business Day (as defined in the Indenture), then such payment may be made on the next succeeding Business Day. In the event that Project Payments are not deposited in the Authority’s Bond Fund when due, the Trustee on behalf of the Authority shall give written notice of such failure to deposit to the Authority and to the City, and the City will have five calendar days to deposit such funds. Failure to deposit such funds within such five calendar day period shall constitute an event of default hereunder.

Under applicable Oklahoma law, the City may not become obligated beyond its fiscal year (July 1 through June 30) and therefore, the covenants made herein by the City shall be on a year-to-year basis. Payment of the Project Payments as set out in the Projects Agreement is subject to the availability of funds and annual appropriations thereof by the City. The Bonds issued by the Authority shall in no way be or become an obligation of the City.

The Projects Agreement is for an initial term commencing on the date thereof and ending on June 30, 2013. The Projects Agreement may be renewed for successive annual periods commencing July 1, 2013, at the option of the City, upon written notice of the exercise of each such option from the City to the Authority given prior to the expiration of the then current term and the taking by the City of such official action as shall be required by applicable laws to effect such renewal and annual appropriation described above. Notice of such renewal shall be provided to the Trustee and the Authority, not later than July 31 of each year.

It is understood and agreed that the Projects Agreement is a third party beneficiary contract for the benefit of the holders of the Bonds and may be pledged and assigned by the Authority as security for the Bonds.

TAX EXEMPTION

The following is a summary of certain anticipated federal income tax consequences of the purchase, ownership and disposition of the Series 2012 Bonds under the Internal Revenue Code of 1986, as amended (the “Code”), the regulations promulgated thereunder (final and proposed) (the “Regulations”), and the judicial and administrative rulings and court decisions now in effect, all of which are subject to change or possible differing interpretations. This summary does not purport to address all aspects of federal income taxation that may affect particular investors in light of their individual circumstances, nor certain types of investors subject to special treatment under the federal income tax laws. This summary does not discuss the tax laws of any state other than Oklahoma or any local or foreign governments. Potential purchasers of the Series 2012 Bonds should consult their own tax advisors in determining the federal, state or local tax consequences to them of the purchase, holding and disposition of the Series 2012 Bonds.

From time to time, there are legislative proposals in the Congress and in the states that, if enacted, could alter or amend the federal and state tax matters referred to below or adversely affect the market value of the Series 2012 Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether if enacted, it would apply to bonds issued prior to enactment. In addition, regulatory actions are from time to time announced or proposed and litigation is threatened or commenced which, if implemented or concluded in a particular manner, could adversely affect the market value of the Series 2012 Bonds. It cannot be predicted whether any such regulatory action will be

implemented, how any particular litigation or judicial action will be resolved or whether the Series 2012 Bonds or the market value thereof would be impacted thereby. Purchasers of the Series 2012 Bonds should consult their tax advisors regarding any pending or proposed legislation, regulatory initiatives or litigation. The opinions expressed by Bond Counsel are based upon existing legislation and regulations as interpreted by relevant judicial and regulatory authorities as of the date of issuance and delivery of the Series 2012 Bonds and Bond Counsel has not expressed any opinion as of any date subsequent thereto or with respect to any pending legislation, regulatory initiatives or litigation.

Federal Income Taxation

In the opinion of the Hilborne & Weidman, a professional corporation, Tulsa, Oklahoma, Bond Counsel, to be delivered at the time of original issuance of the Series 2012 Bonds, under existing statutes, regulations, published rulings and judicial decisions, interest on the Series 2012 Bonds (including any original issue discount properly attributable to an owner thereof) is (a) excluded from gross income for federal income tax purposes and (b) is not a specific item of tax preference for purposes of the federal alternative minimum tax that may be imposed on individuals and corporations under the Code. Such interest, however, will be included in the “adjusted current earnings” (i.e., alternative minimum taxable income as adjusted for certain items including those items that would be included in the calculation of a corporation’s earnings and profits under Subchapter C of the Code) of certain corporations and such corporations are required to include in the calculation of alternative minimum taxable income 75% of the excess of each such corporation’s adjusted current earnings over its alternative minimum taxable income (determined without regard to this adjustment and prior to reduction for certain net operation losses).

The opinions set forth above are subject to continuing compliance by the Authority with its covenants regarding federal tax laws in the Bond Indenture and tax certificate delivered in connection with the issuance of the Series 2012 Bonds. Failure to comply with such covenants could cause such interest to be included in gross income retroactive to the date of issue of the Series 2012 Bonds.

The accrual or receipt of such interest may otherwise affect the federal income tax liability of certain recipients such as banks, thrift institutions, property and casualty insurance companies, corporations (including S corporations and foreign corporations operating branches in the United States), Social Security or Railroad Retirement benefit recipients or taxpayers otherwise entitled to claim the earned income credit and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations, among others. The extent of these other tax consequences will depend upon the recipient’s particular tax status or other items of income or deduction. Bond Counsel expresses no opinion regarding any such consequences and investors should consult their own tax advisors regarding the tax consequences of purchasing or holding the Series 2012 Bonds.

The Series 2012 Bonds will not be “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code.

The Series 2012 Bonds that were offered at a price less than the principal amount thereof resulting in a yield greater than the interest rate for each such maturity as shown on the inside cover page hereof are herein referred to as the “OID Bonds.” The difference between such initial offering price and the principal payable at maturity constitutes original issue discount treated as interest which is excluded from gross income for federal income tax purposes. In the case of an owner of an OID Bond, the amount of original issue discount which is treated as having accrued with respect to such OID Bond is added to the cost basis of the owner in determining, for federal income tax purposes, gain or loss upon disposition of such OID Bond (including its sale, redemption or payment at maturity). Amounts received upon disposition of such OID Bond which are attributable to accrued original issue discount will be treated as tax-exempt interest, rather than as taxable gain, for federal income tax purposes. Original issue discount

is treated as compounding semiannually, at a rate determined by reference to the yield to maturity of each individual OID Bond, on days which are determined by reference to the maturity of such OID Bond. The amount treated as original issue discount on such OID Bond for a particular semiannual accrual period is equal to (a) the product of (i) the yield to maturity for such OID Bond and (ii) the amount which would have been the tax basis of such OID Bond at the beginning of the particular accrual period if held by the original purchaser, (b) less the amount of any payments of qualified stated interest on such OID Bond during the accrual period. The tax basis is determined by adding to the initial public offering price on such OID Bond the sum of the amounts which would have been treated as original issue discount for such purposes during all prior periods. If such OID Bond is sold between semiannual compounding dates, original issue discount which would have accrued for that semiannual compounding period for federal income tax purposes is to be apportioned in equal amounts among the days in such compounding period. An owner of an OID Bond should consult his or her own tax advisor with respect to the determination for federal income purposes of original issue discount accrued with respect to such OID Bond as of any date, with respect to the accrual of original issue discount for such OID Bond purchased in the secondary market and with respect to the state and local tax consequences of owning such OID Bond.

The Series 2012 Bonds that were offered at a price in excess of the principal amount thereof resulting in a yield less than the interest rate for each such maturity as shown on the inside cover page hereof are herein referred to as the “Premium Bonds.” Under the Code, the difference between the principal amount of a Premium Bond and the cost basis of such Premium Bond to an owner thereof is “bond premium.” A purchaser of a Premium Bond must amortize any premium over the term of such Premium Bond in accordance with the provisions of Section 171 of the Code. Owners of Premium Bonds (including purchasers of Premium Bonds in the secondary market) should consult their own tax advisors with respect to the precise determination for federal income tax purposes of the treatment of bond premium upon sale, redemption or other disposition of such Premium Bonds and with respect to the state and local consequences of owning and disposing of such Premium Bonds.

Upon the sale, exchange or retirement (including redemption) of a Series 2012 Bond, an owner of a Series 2012 Bond generally will recognize gain or loss in an amount equal to the difference between the amount of cash and the fair market value of any property received on the sale, exchange or retirement of the Bond (other than in respect of accrued and unpaid interest) and such owner’s adjusted tax basis in the Series 2012 Bond. To the extent the Series 2012 Bonds are held as a capital asset, such gain or loss will be capital gain or loss, except to the extent of accrued market discount not previously included in income, and will be long-term capital gain or loss if the Series 2012 Bond has been held for more than one year at the time of sale, exchange or retirement.

Backup Withholding

As a result of the enactment of the Tax Increase Prevention and Reconciliation Act of 2005, interest on tax-exempt obligations such as the Series 2012 Bonds is subject to information reporting in a manner similar to interest paid on taxable obligations. Backup withholding may be imposed on payments made after March 31, 2007, to any bondholder who fails to provide certain required information including an accurate taxpayer identification number to any person required to collect such information pursuant to Section 6049 of the Code. The new reporting requirement does not in and of itself affect or alter the excludability of interest on the Series 2012 Bonds from gross income for federal income tax purposes or any other federal tax consequence of purchasing, holding or selling tax-exempt obligations.

State Income Tax Exemption

Laws 2002, Chapter 351, § 12 (68 Okla. Stat., 2000 Supp., § 2358.5), effective July 1, 2001, provides that interest on local governmental obligations (including bonds or notes issued by public trusts

on behalf of cities, towns or counties) issued after July 1, 2001, for purposes other than to provide financing for projects for nonprofit corporations shall be exempt from Oklahoma income taxation. In the opinion of Bond Counsel, interest on the Series 2012 Bonds is exempt from Oklahoma income taxation.

No Other Opinions

The opinion to be rendered by Bond Counsel on the date of delivery of the Series 2012 Bonds is expected to be in substantially the form of Appendix A hereto. Bond Counsel expresses no opinion regarding other federal, state or local tax consequences arising with respect to the Series 2012 Bonds.

State and Local Taxation. Except with respect to State of Oklahoma taxation, the discussion above does not address the tax consequences of purchase, ownership or disposition of the Series 2012 Bonds under any state or local tax law. Investors should consult their own tax advisors regarding state and local tax consequences.

Other Tax Consequences. The foregoing is not intended to be a complete description of all Federal or Oklahoma income tax consequences associated with an investment in the Series 2012 Bonds, and except as set forth in Bond Counsel’s opinion (described above), Bond Counsel expresses no opinion regarding these tax consequences. Purchasers of Series 2012 Bonds should consult their own tax advisors regarding the particular tax consequences to them of an investment in such bonds.

LEGAL MATTERS

Legal matters incident to the authorization, issuance and sale of the Series 2012 Bonds are subject to the approval of Hilborne & Weidman, a professional corporation, Tulsa, Oklahoma, Bond Counsel, who will render an opinion in substantially the form attached hereto as Appendix A. Certain legal matters will be passed upon for the Authority by its counsel, GableGotwals, Tulsa, Oklahoma, and for the Underwriter by its counsel, Kutak Rock LLP.

NO LITIGATION

There is not now pending any litigation restraining or enjoining the issuance or delivery of the Series 2012 Bonds or questioning or affecting the validity of the Series 2012 Bonds or the proceedings and authority under which they are to be issued. Neither the creation, organization or existence of the Authority, nor the title of the present trustees or officers of the Authority to their respective offices, is being contested.

UNDERWRITING

The Series 2012 Bonds are to be purchased by Robert W. Baird & Co. (the “Underwriter”), pursuant to a Bond Purchase Agreement with the Authority (the “Bond Purchase Agreement”). The Underwriter has agreed to purchase the Series 2012 Bonds at a price of $______(representing the principal amount thereof less underwriter’s discount of $______, less original issue discount of $______and plus original issue premium of $______). The Bond Purchase Agreement provides that the Underwriter will not be obligated to purchase any Series 2012 Bonds if all Series 2012 Bonds are not available for purchase, and requires the Authority to indemnify the Underwriter against losses, claims, damages and liabilities arising out of any incorrect or incomplete statements or information contained in this Official Statement. The initial public offering price set forth on the inside cover page hereof may be changed by the Underwriter.

INDEPENDENT AUDITORS

The basic financial statements of the Tulsa Parking Authority as of and for the years ended June 30, 2011 and 2010, included in this Official Statement as Appendix B, have been audited by McGladrey LLP (formerly McGladrey & Pullen, LLP), independent auditors, as stated in their report appearing in Appendix B.

The basic financial statements for the City of Tulsa as of and for the year ended June 30, 2011, included in this Official Statement as Appendix D, have been audited by McGladrey LLP (formerly McGladrey & Pullen, LLP), independent auditors, as stated in their report appearing in Appendix D.

ONGOING DISCLOSURE

The Authority will enter into a Continuing Disclosure Agreement dated as of June 1, 2012, with the Trustee (the “Continuing Disclosure Agreement”) to provide certain periodic information and notices of material events in accordance with and to provide notice to the Municipal Securities Rulemaking Board of certain events, pursuant to the requirements of Section (b)(5)(i) of Securities and Exchange Commission Rule 15c2-12 (17 C.F.R. Part 240, § 240.15c2-12) (the “Rule”) for the benefit of the holders and beneficial owners of the Series 2012 Bonds. During the last five years, the Authority has not failed to comply in any material respect with any previous continuing disclosure undertaking made by it in accordance with the Rule. The Underwriter’s obligation to accept and pay for the Series 2012 Bonds is conditioned upon delivery to the Underwriter or its agent of a certified copy of the Continuing Disclosure Agreement. The proposed form of the Continuing Disclosure Agreement is attached hereto as Appendix E.

RATINGS

The Series 2012 Bonds have been assigned a rating of “AA-” by Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. Such rating reflects only the views of such organization at the time such rating is given, and the Authority and the Underwriter make no representation as to the appropriateness of such rating. An explanation of the significance of such rating may be obtained only from such rating agency. The Authority furnished such rating agency with certain information and materials relating to the Series 2012 Bonds that have not been included in this Official Statement. Generally, rating agencies base their ratings on the information and materials so furnished and on investigations, studies and assumptions by the rating agencies. There is no assurance that a particular rating will be maintained for any given period of time or that it will not be lowered or withdrawn entirely if, in the judgment of the agency originally establishing such rating, circumstances so warrant. Neither the Underwriter nor the Authority has undertaken any responsibility to bring to the attention of the owners of the Series 2012 Bonds any proposed revision or withdrawal of a rating of the Series 2012 Bonds or to oppose any such proposed revision or withdrawal. Any such revision or withdrawal of such a rating could have an adverse effect on the market price and marketability of the Series 2012 Bonds.

MISCELLANEOUS

The foregoing summaries or descriptions of provisions in the Bond Indenture and the Projects Agreement and all references to other materials not purporting to be quoted in full, are only brief outlines of certain provisions thereof and do not constitute complete statements of such provisions and do not summarize all the pertinent provisions of such provisions. For further information, reference should be made to the complete documents, copies of which are on file at the corporate trust offices of the 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 Official Statement is not to be construed as a contract or agreement between the Authority and the purchasers or holders of any of the Series 2012 Bonds.

This Official Statement has been approved by the Authority.

TULSA PARKING AUTHORITY

By: Barbara K. Hess, Chairperson

50 SCHEDULE I

DESCRIPTION OF PRIOR BONDS The $5,900,000 outstanding principal amount of the Tulsa Parking Authority (Tulsa, Oklahoma) Parking Revenue Bonds, Refunding Series 2002, as set forth below:

Maturity Principal Interest CUSIP Redemption Redemption July 1 Amount Rate Base: 899672 Date Price 2012 $ 735,000 4.150% DY2 Maturity 100% 2013 765,000 4.250 DZ9 07/20/12 100 2014 800,000 4.400 EA3 07/20/12 100 2015 840,000 4.500 EB1 07/20/12 100 2016 875,000 4.625 EC9 07/20/12 100 2017 920,000 4.700 ED7 07/20/12 100 2018 965,000 4.750 EE5 07/20/12 100 $5,900,000

The $9,820,000 outstanding principal amount of the Tulsa Parking Authority (Tulsa, Oklahoma) Parking Revenue Bonds, Series 2003, as set forth below:

Maturity Principal Interest CUSIP Redemption Redemption July 1 Amount Rate Base: 899672 Date Price 2012 $ 400,000 3.700% EN5 Maturity 100% 2013 415,000 3.800 EP0 Maturity 100 2014 435,000 4.000 EQ8 07/01/13 100 2015 450,000 4.050 ER6 07/01/13 100 2016 470,000 4.125 ES4 07/01/13 100 2017 490,000 4.200 ET2 07/01/13 100 2018 510,000 4.300 EU9 07/01/13 100

2023 2,940,000 4.625 EV7 07/01/13 100 2028 3,710,000 4.700 EW5 07/01/13 100 $9,820,000

The $3,145,000 outstanding principal amount of the Tulsa Parking Authority (Tulsa, Oklahoma) Parking Revenue Bonds, Series 2004, as set forth below:

Maturity Principal Interest CUSIP Redemption Redemption July 1 Amount Rate Base: 899672 Date Price 2012 $ 340,000 3.450% FE4 Maturity 100% 2013 355,000 3.600 FF1 Maturity 100 2014 370,000 3.750 FG9 07/01/13 100 2015 385,000 4.000 FH7 07/01/13 100 2016 400,000 4.000 FJ3 07/01/13 100 2017 415,000 4.000 FK0 07/01/13 100 2018 430,000 4.125 FL8 07/01/13 100 2019 450,000 4.250 FM6 07/01/13 100 $3,145,000

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APPENDIX A

FORM OF LEGAL OPINION

Upon delivery of the Series 2012 Bonds, Hilborne & Weidman, a professional corporation, Tulsa, Oklahoma, Bond Counsel, propose to issue their approval opinion in substantially the following form:

June , 2012

Trustees of the Tulsa Parking Authority Tulsa, Oklahoma

Re: $ Tulsa Parking Authority Parking Revenue Bonds, Refunding Series 2012

We have acted as Bond Counsel to the Tulsa Parking Authority in connection with the issuance and sale of the captioned Bonds.

In connection with the opinions expressed below, we have examined (i) originals or certified copies of the proceedings relating to the issuance of the Bonds as contained in a Transcript of Proceedings had in connection therewith, and (ii) executed Bond No. R-1. In addition, we have examined such other documents and instruments as we have deemed necessary to express the opinions hereinafter set forth.

Based upon our examination of all of the foregoing, and in reliance thereon, and on all matters of fact as we deem relevant under the circumstances, and upon consideration of applicable laws, we are of the opinion that:

1. The Authority is a duly created and validly existing public trust under the laws of the State of Oklahoma.

2. The Master Bond Indenture, dated as of June 1, 2012 and First Supplemental Bond Indenture authorizing the issuance of the captioned Bonds, dated as of June 1, 2012 (collectively the "Indenture") has been duly and lawfully authorized by the Authority and BOKF, NA dba Bank of Oklahoma, Tulsa, Oklahoma, as Trustee, and such Indenture is in full force and effect and is valid, binding and enforceable in accordance with its terms, except to the extent that enforceability may be limited by moratorium, bankruptcy, reorganization, insolvency, debt arrangement or other laws affecting creditors' rights generally and further subject to judicial limitations on rights to specific performance. The Indenture creates the valid pledge of the Trust Estate (as defined in such Indenture) that it purports to create.

3. The Bonds are validly authorized and constitute the valid, binding and enforceable obligations of the Authority, except as enforceability may be limited by moratorium, bankruptcy, reorganization, insolvency, debt arrangement or other laws affecting creditors' rights generally and further subject to judicial limitations on rights to specific performance.

4. The form of Bond No. R-1 and its execution are regular and proper.

5. The interest paid by the Authority on the Bonds is excludable from the gross income of the recipients thereof in the computation of federal income tax under present law and interpretation thereof, and interest on the Bonds is not treated as a preference item in calculating alternative minimum taxable income or individuals or corporations. The Code provides, however, that a portion of the adjusted current earnings not otherwise included in the minimum tax base will generally be included for purposes of calculating the alternative minimum tax for such years. The adjusted current earnings of a corporation will include the amount of any income received that is otherwise exempt from taxes, such as interest on the Bonds.

6. The Bonds are exempt from State of Oklahoma income taxation.

Respectfully submitted,

A-2

APPENDIX B

AUDITED BASIC FINANCIAL STATEMENTS OF THE TULSA PARKING AUTHORITY AS OF AND FOR THE YEARS ENDED JUNE 30, 2011 AND 2010

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TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma)

FINANCIAL REPORT June 30, 2011 and 2010

TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) INDEX June 30, 2011 and 2010

Page

Independent Auditor‟s Report 1

Management‟s Discussion and Analysis 3

Basic Financial Statements Statements of Net Assets 7 Statements of Revenues, Expenses and Changes in Net Assets 9 Statements of Cash Flows 10 Notes to Basic Financial Statements 12

Supplementary Information Note to Supplementary Information 25 Combining Schedule of Net Assets 26 Combining Schedule of Revenues, Expenses and Changes in Net Assets 28 Combining Schedule of Cash Flows 29 Other Statistical Information 31

Independent Auditor's Report

Board of Trustees Tulsa Parking Authority Tulsa, Oklahoma

We have audited the accompanying basic financial statements of the Tulsa Parking Authority (the “Authority”), a component unit of the City of Tulsa, Oklahoma, as of and for the years ended June 30, 2011 and 2010, as listed in the table of contents. These financial statements are the responsibility of the Authority's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Tulsa Parking Authority, as of June 30, 2011 and 2010, and the changes in its financial position and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying management’s discussion and analysis on pages 3 through 6 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Tulsa Parking Authority’s basic financial statements. The combining schedules and related note listed as supplementary information in the index are presented for the purposes of additional analysis and are not a required part of the basic financial statements. The combining schedules and related note have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The other statistical information as listed as supplementary information in the index have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on it.

Kansas City, Missouri December 1, 2011

2 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) MANAGEMENT’S DISCUSSION AND ANALYSIS Years Ended June 30, 2011 and 2010

As management of the Tulsa Parking Authority (the “Authority”), a component unit of the City of Tulsa, Oklahoma (the “City”), we offer readers of the Authority‟s financial statements this narrative overview and analysis of the financial activities of the Authority for the fiscal years ended June 30, 2011 and 2010. We encourage readers to consider the information presented here in conjunction with the Authority‟s financial statements, which begin on page 7. All amounts, unless otherwise indicated, are expressed in thousands of dollars.

Financial Highlights

The assets of the Authority exceeded liabilities at the close of the most recent year by $12,468.

The Authority‟s net assets increased from $12,382 at June 30, 2010 to $12,468 at June 30, 2011. The Authority‟s net assets increased $86 and $2,036, for the years ended June 30, 2011 and 2010, respectively.

The Authority‟s total liabilities decreased by $634 at June 30, 2011.

Overview of the Financial Statements

The Authority, a legally separate public trust, is reported by the City as a discretely presented component unit in the City‟s Comprehensive Annual Financial Report. The purpose of the Authority is to provide parking facilities to the general public.

This discussion and analysis is intended to serve as an introduction to the Authority‟s financial statements. The financial statements include: 1) statements of net assets, (2) statements of revenues, expenses, and changes in net assets, 3) statements of cash flows, and 4) notes to the financial statements.

Required Financial Statements

The financial statements of the Authority report information about the Authority using accounting methods similar to those used by private sector companies. These statements offer short- and long-term financial information about its activities. The Statement of Net Assets includes all of the Authority‟s assets and liabilities and provides information about the nature and amounts of investments in resources (assets) and the obligations to creditors (liabilities). It also provides the basis for assessing the liquidity and financial flexibility of the Authority. All of the current year‟s revenues and expenses are accounted for in the Statement of Revenues, Expenses and Changes in Net Assets. This statement measures the financial success of the Authority‟s operations over the past year and can be used to determine whether the Authority has successfully recovered all its costs through user fees and other charges, profitability, and credit worthiness. The third required financial statement is the Statement of Cash Flows. The primary purpose of this statement is to provide information about the Authority‟s cash receipts and cash payments during the reporting period. The statement reports cash receipts, cash payments, and changes in cash resulting from operations, investing, and financing activities. The cash flow statement provides answers to such questions as where did cash come from, what was cash used for, and what was the change in cash balance during the period.

3 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) MANAGEMENT’S DISCUSSION AND ANALYSIS, continued Years Ended June 30, 2011 and 2010

Net Assets

The Authority‟s net assets increased 0.7% from $12,382 at June 30, 2010 to $12,468 at June 30, 2011. Net assets increased 19.7% from $10,346 at June 30, 2009 to $12,382 at June 30, 2010. The following provides a summary of net assets:

SUMMARY OF NET ASSETS

2011 2010 2009

Current and other $ 9,164 $ 9,910 $ 9,374 Capital assets, net 24,436 24,238 24,228

Total assets 33,600 34,148 33,602

Current and other liabilities 2,665 1,925 2,083 Noncurrent liabilities 18,467 19,841 21,173

Total liabilities 21,132 21,766 23,256

Invested in capital assets, net of related debt 8,028 6,822 5,840 Restricted 1,571 2,782 2,312 Unrestricted 2,869 2,778 2,194

Total net assets $ 12,468 $ 12,382 $ 10,346

In 2011 total assets experienced a net decrease of $548 or 1.6%. Current and other assets decreased as cash provided by nonoperating activities decreased and payments to suppliers decreased. Capital assets increased related to improvements at all of the parking facilities.

In 2010, total assets increased by $546 or 1.6%. Current and other assets increased as cash provided by nonoperating activities increased and payments to suppliers decreased. Capital assets increased related to improvements at the North and Civic Center parking facilities.

Noncurrent Liabilities

In 2011 the Authority‟s outstanding revenue bond debt decreased 6.3% to $20,050 from $21,392. In 2010 the Authority‟s outstanding revenue bond debt decreased 5.7% to $21,392 from $22,689. Both decreases were due to regularly scheduled debt retirements.

As an issuer of bonds, the Authority is subject to numerous covenants contained within the bond indentures. Additional information regarding the Authority‟s covenants can be found in Note 4 to the financial statements.

4 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) MANAGEMENT’S DISCUSSION AND ANALYSIS, continued Years Ended June 30, 2011 and 2010

SUMMARY OF CHANGES IN NET ASSETS

2011 2010 2009

Operating revenues $ 5,688 $ 5,714 $ 5,663 Capital contributions 75 1,363 2,994 Investment income 24 59 197

Total revenues 5,787 7,136 8,854

Depreciation expense 870 791 754 Other operating expense 3,858 3,288 3,020 Nonoperating expense 973 1,021 1,066

Total expenses 5,701 5,100 4,840 Change in net assets 86 2,036 4,014 Net assets, beginning of year 12,382 10,346 6,332

Net assets, end of year $ 12,468 $ 12,382 $ 10,346

In 2011, the Authority‟s total revenues decreased $1,349 or 18.9% and total expenses increased $601 or 11.8%. Revenues exceeded expenses resulting in an increase in net assets of $86.

In 2010, the Authority‟s total revenues decreased $1,718 or 19.4% and total expenses increased $260 or 5.4%. Revenues exceeded expenses resulting in an increase in net assets of $2,036.

In 2011, decreased transfers of sales tax revenue and transfers of tax increment financing revenue had a negative effect on capital contributions.

In 2010, decreased transfers of sales tax revenue and had a negative effect on capital contributions, while increased transfers of tax increment financing revenue had a positive effect on capital contributions.

In 2011, other operating expense increased $570 or 17.3% due to increases in parking operator expenses, general and administrative expenses and repairs and maintenance expenses.

In 2010, other operating expense increased $268 or 8.9% due to increases in parking operator expenses and payments to the City of Tulsa for support services.

Capital Assets

The Authority‟s investment in capital assets as of June 30, 2011 amounts to $24,436 (net of accumulated depreciation). At June 30, 2010 the Authority‟s investment in capital assets was $24,238 (net of accumulated depreciation).

5 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) MANAGEMENT’S DISCUSSION AND ANALYSIS, continued Years Ended June 30, 2011 and 2010

CAPITAL ASSETS, NET OF ACCUMULATED DEPRECIATION

2011 2010 2009

Land $ 7,230 $ 7,230 $ 7,230 Construction in progress 1,485 720 3,747 Buildings 43,406 43,406 39,578 Equipment 777 474 474 52,898 51,830 51,029 Less accumulated depreciation (28,462) (27,592) (26,801) Capital assets, net 24,436 $ 24,238 $ 24,228

Requests for Information

This financial report is designed to provide interested parties with a general overview of the Authority‟s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City of Tulsa, Office of the Controller, 175 East Second Street, Tulsa, Oklahoma 74103.

6 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) STATEMENTS OF NET ASSETS June 30, 2011 and 2010______

ASSETS 2011 2010 (In Thousands) Current assets: Cash and cash equivalents $ 4,432 $ 2,341 Investments 1,403 1,950 Accounts receivable 12 - Interest receivable 34 57 Prepaid expense 343 275

Total current assets 6,224 4,623

Noncurrent assets: Cash and cash equivalents, restricted 1,525 2,396 Accounts receivable, restricted, net 85 57 Other assets, restricted 852 841 Investments - 1,470 Nondepreciable capital assets 8,715 7,950 Depreciable capital assets, net 15,721 16,288 Deferred bond issue cost, net 478 523

Total noncurrent assets 27,376 29,525

Total assets $ 33,600 $ 34,148

(Continued)

The accompanying notes are an integral part of these financial statements. 7 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) STATEMENTS OF NET ASSETS, Continued June 30, 2011 and 2010______

LIABILITIES 2011 2010 (In Thousands) Current liabilities: Accounts payable $ 359 $ 49 359 49

Liabilities payable from restricted assets: Accounts payable 446 37 Accrued interest payable on revenue bonds 440 464 Current portion of revenue bonds 1,420 1,375

Total liabilities payable from restricted assets 2,306 1,876

Total current liabilities 2,665 1,925

Noncurrent liabilities: Deposits subject to refund 4 4 Revenue bonds payable, net of $235 and $268, respectively, of unamortized deferred loss on refunding 18,630 20,017 Unamortized discount (167) (180)

Total noncurrent liabilities 18,467 19,841

Total liabilities 21,132 21,766

NET ASSETS

Invested in capital assets, net of related debt 8,028 6,822 Restricted for: Debt service 1,542 1,501 Capital projects 29 1,281 Unrestricted 2,869 2,778

Total net assets $ 12,468 $ 12,382

The accompanying notes are an integral part of these financial statements. 8 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Years Ended June 30, 2011 and 2010

2011 2010 (In Thousands) Operating revenues: Parking facilities income $ 5,532 $ 5,546 Rental income 156 168

Total operating revenues 5,688 5,714

Operating expenses: Contracting services 2,737 2,683 General and administrative 348 355 Repairs and maintenance 773 250 Depreciation 870 791

Total operating expenses 4,728 4,079

Operating income 960 1,635

Nonoperating revenues (expenses): Investment income 24 59 Interest and amortization expense (973) (1,021)

Total nonoperating expenses (949) (962)

Income before contributions 11 673

Capital contributions Contributions from operators 75 - Payments from primary government - 341 Payments from Tulsa Development Authority - 1,022

Total capital contributions 75 1,363

Change in net assets 86 2,036 Net assets, beginning of year 12,382 10,346

Net assets, end of year $ 12,468 $ 12,382

The accompanying notes are an integral part of these financial statements. 9 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) STATEMENTS OF CASH FLOWS Years Ended June 30, 2011 and 2010

2011 2010 (In Thousands) Cash flows from operating activities: Cash received from customers, including cash deposits $ 5,660 $ 5,512 Cash payments to suppliers for goods and services (3,358) (3,016) Cash payments for quasi-external operating transactions (400) (408)

Net cash provided by operating activities 1,902 2,088

Cash flows from noncapital financing activities: Principal paid on revenue bonds (320) (310) Interest paid on revenue bonds (140) (148) Payment for forward delivery agreement (999) (1,004) Receipts from forward delivery agreement 988 992

Net cash used by noncapital financing activities (471) (470)

Cash flows from capital and related financing activities: Payments from component units - 1,022 Payments from primary government - 341 Principal paid on revenue bonds (1,055) (1,020) Interest paid on revenue bonds (765) (803) Acquisition and construction of capital assets (455) (763)

Net cash used by capital and related financing activities (2,275) (1,223)

Cash flows from investing activities: Investment income received 56 167 Purchase of investments (1,437) (1,645) Sale or maturity of investments 3,445 1,645

Net cash provided by investing activities 2,064 167

Net change in cash and cash equivalents 1,220 562

Cash and cash equivalents, beginning of year 4,737 4,175

Cash and cash equivalents, end of year $ 5,957 $ 4,737

(Continued)

The accompanying notes are an integral part of these financial statements. 10 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) STATEMENTS OF CASH FLOWS, Continued Years Ended June 30, 2011 and 2010

2011 2010 (In Thousands) Reconciliation of cash and cash equivalents to the Statements of Net Assets: Unrestricted cash and cash equivalents $ 4,432 $ 2,341 Restricted cash and cash equivalents 1,525 2,396

Total cash and cash equivalents $ 5,957 $ 4,737

Reconciliation of operating income to net cash provided by operating activities: Operating income $ 960 $ 1,635 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 870 791 Increase in accounts receivable (40) (30) Increase in prepaid expense (68) (86) Increase (decrease) in accounts payable and deposits 180 (222)

Net cash provided by operating activities $ 1,902 $ 2,088

Noncash capital and investing activities: Purchase of capital assets in accounts payable and accrued liabilities $ 576 $ 38 Capital contributions 75 - Depreciation of fair value of investments (8) (117)

The accompanying notes are an integral part of these financial statements. 11

TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

1. NATURE OF BUSINESS, REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS - Tulsa Parking Authority (the “Authority”) was formed by the City of Tulsa, Oklahoma („the City”) in 1963 to develop and operate parking facilities for the benefit of the residents of the City and for the purpose of providing parking facilities to the general public. Trustees include the Mayor of the City of Tulsa and four additional trustees appointed by the Mayor. The Authority is included in the City's Comprehensive Annual Financial Report as a component unit.

REPORTING ENTITY - The Authority is a component unit of the City and is included in the City‟s comprehensive annual financial report as a discretely presented component unit.

BASIS OF ACCOUNTING AND PRESENTATION - The financial statements of the Authority have been prepared on the accrual basis of accounting using the economic resources measurement focus. Revenues, expenses, gains, losses, assets, and liabilities from exchange and exchange-like transactions are recognized when the exchange transaction takes place. Voluntary nonexchange transactions are recognized when all applicable eligibility requirements are met. Operating revenues and expenses include exchange transactions. Investment income and voluntary nonexchange transactions are included in nonoperating revenues and expenses.

The financial statements of the Authority are prepared in accordance with generally accepted accounting principles (“GAAP”) as applied to governmental units. The Governmental Accounting Standards Board (“GASB”) is the standard-setting body for governmental accounting and financial reporting. The GASB periodically updates its codification of the existing Governmental Accounting and Financial Reporting Standards, which, along with subsequent GASB pronouncements (Statements and Interpretations), constitutes GAAP for governmental units. All amounts are expressed in thousands unless otherwise noted.

CASH AND CASH EQUIVALENTS – Cash and cash equivalents balances, other than petty cash and non-pooled investments, are pooled with the City of Tulsa‟s cash and investments and invested by the City of Tulsa‟s Treasurer. Interest income on pooled cash and investments is allocated monthly based on the percentage of the Authority‟s average daily equity in the pooled portfolio to the total average daily pooled portfolio balance.

For purposes of reporting cash flows, the Authority considers all highly liquid debt instruments with an original maturity of three months or less when purchased, and any cash held by the City of Tulsa‟s internal pool, to be cash equivalents.

INVESTMENTS - Investments consist of obligations of the U.S. Treasury and various federal agencies and instrumentalities, investment agreements with financial institutions and money market funds. These investments are held by bond trustees and invested in accordance with the requirements and terms of various bond indentures.

12 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

1. NATURE OF BUSINESS, REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, continued

The Authority follows the provisions of GASB Statement No. 31, "Certain Investments and External Investment Pools," which requires governmental entities to report investments at fair value in the statement of net assets. Net increases (decreases) of investments have been recognized and reported in the Statement of Revenues, Expenses, and Changes in Net Assets as follows:

2011 2010 Interest $ 28 $ 174 Decrease in FV of investments and cash equivalents (4) (115)

$ 24 $ 59

CAPITAL ASSETS – Capital assets purchased or acquired are carried at historical cost; contributed assets are recorded at fair market value as of the date donated. Additions, improvements, and other capital outlays that significantly extend the useful life of an asset are capitalized. The excess of interest cost related to borrowings for financing capital assets over interest earned on the proceeds from such borrowings are capitalized during the construction period. Capital assets which are sold or disposed have their cost and related accumulated depreciation removed from the records. The related gain or loss is recorded in the period of sale or disposal.

DEPRECIATION – Capital assets placed in service are depreciated over the following estimated service lives and have the following capital thresholds:

Buildings 30 years $5 Equipment 5-15 years $5

RESTRICTED ASSETS - Restricted assets consist primarily of cash and investments held by a bank trustee for debt service payments and managed pursuant to a bond indenture.

DEFERRED BOND ISSUE COSTS AND DISCOUNTS - Deferred bond issue costs and bond discounts are amortized over the life of the revenue bonds using the effective interest method.

NET ASSETS – Net assets of the Authority represent the difference between assets and liabilities. Net assets invested in capital, net of related debt, consist of capital assets net of accumulated depreciation and reduced by the outstanding balances of borrowings used to finance the purchase or construction of those assets. Net assets are reported as restricted when there are limitations imposed on their use either through enabling legislation adopted by the Authority or through external restrictions imposed by creditors, grantors or, laws or regulations of other governments. When an expense is incurred for purposes for which both restricted and unrestricted net assets are available, the Authority first applies restricted resources. Unrestricted net assets are remaining assets less remaining liabilities that do not meet the definition of invested capital assets, net of related debt or restricted.

13 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

1. NATURE OF BUSINESS, REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, continued

INCOME TAXES - As a political subdivision, the Authority is exempt from federal income taxes under Section 115(l) of the Internal Revenue Code.

USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other changes in net assets during the reporting period. Actual results could differ from those estimates.

RECLASSIFICATIONS – Certain reclassifications have been made to the 2010 financial statements to conform to the 2011 financial statement presentation. These reclassifications had no effect on changes in net assets.

2. CASH DEPOSITS AND INVESTMENTS

POOLED CASH AND INVESTMENTS – A portion of the cash deposits of the Authority are maintained within the City's pooled cash and investments portfolio. Pooled cash and investments consist primarily of time deposits and other securities guaranteed by the U.S. government or its agencies and are recorded at fair value. At June 30, 2011 and 2010, pooled cash and investments amounted to $440 and $515, respectively. The amount pooled with the City at June 30, 2011 is represented by investments which were insured or registered or securities held by the City or its agent in the City‟s name.

NON-POOLED CASH AND INVESTMENTS – Non-pooled cash equivalents and investments are included in restricted cash and cash equivalents and investments on the accompanying Statements of Net Assets.

OTHER ASSETS – The amount recorded as other assets on the Statement of Net Assets consists of money market mutual funds and U.S. agency obligations.

14 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

2. CASH DEPOSITS AND INVESTMENTS, continued

For the years ended, the Authority had the following investments and maturities: June 30, 2011 Maturities in Years

Type Fair Value Less than 1 1-5

U.S. agency obligations $ 1,819 $ 1,819 $ - Money market mutual funds 5,917 5,917 - $ 7,736 $ 7,736 $ -

June 30, 2010 Maturities in Years

Type Fair Value Less than 1 1-5

U.S. agency obligations $ 2,778 $ 1,308 $ 1,470 U.S. Treasury securities 974 974 - Money market mutual funds 4,666 4,666 - $ 8,418 $ 6,948 $ 1,470

Interest Rate Risk – For investments not restricted by bond requirements, the Authority utilizes the City of Tulsa investment policy as a means of limiting its exposure to fair value losses arising from rising interest rates.

Pooled investments – In accordance with the City‟s investment policy, the City manages its interest rate risk by limiting the weighted average maturity of its investment portfolio to three years or less. No security, at the time of purchase, shall have a maturity exceeding five years. The weighted average maturity of the City‟s pooled investment portfolio is 2.07 years.

Non-pooled investments – Bond requirements limit the type of restricted investments that can be acquired and unrestricted investments are in U.S. Treasury money market mutual funds. The money market mutual funds are presented as an investment with a maturity of less than one year because they are redeemable in full immediately.

Credit Risk – Credit risk is the risk that the issuer or other counterparty to an investment will not fulfill its obligations. The Authority utilizes the City of Tulsa investment policy to limit its exposure to credit risks.

Pooled investments – The City‟s investment policy prohibits purchasing any investments rated below AA at the time of purchase. As of June 30, 2011 and 2010, the U.S. agencies obligations included in the City‟s pooled investment portfolio were rated Aaa and AAA by Moody‟s and Standard & Poor‟s, respectively.

15 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

2. CASH DEPOSITS AND INVESTMENTS, continued

Non-pooled investments – At June 30, 2011 and 2010, the Authority‟s investments in U. S. agencies obligations not directly guaranteed by the U. S. government were rated AAA by Standard & Poor‟s and Moody‟s Investors Service, and the Authority‟s money market mutual funds were rated AAAm and Aaa by Standard & Poor‟s and Moody‟s Investment Services, respectively.

Custodial Credit Risk – For deposits with financial institutions, custodial credit risk is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party.

Pooled deposits and investments – The City‟s investment policy requires that demand deposits be collateralized at least by 110% of the amount that is not federally insured. Securities pledged as collateral are held by a third party. Joint custody safekeeping receipts are held in the name of the depository institution, but pledged to the City. The securities cannot be released, substituted or sold without the City‟s approval and release of the security. Certificates of deposit are, according to the City‟s investment policy, to be collateralized at least by 102% of the amount that is not federally insured. As of June 30, 2011 and 2010, none of the deposits in the pooled portfolio was exposed to custodial credit risk. All safekeeping receipts for investment instruments are held in accounts in the City‟s name and all securities are registered in the City‟s name. Therefore, none of the Authority‟s pooled investments as of June 30, 2011 and 2010 was exposed to custodial credit risk.

Non-pooled deposits and investments – The Authority‟s deposit policy for custodial credit risk requires compliance with provisions of state law and that demand deposits be collateralized at least 110% of the amount that is not federally insured. As of June 30, 2011 and 2010, the Authority‟s bank balances of deposits with financial institutions of $36 and $65, respectively, were not exposed to custodial credit risk. For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Authority will not be able to recover the value of its investment or collateral securities that are in the possession of an outside party. All of the underlying securities for the Authority‟s investments in U.S. agency obligations at June 30, 2011 and 2010, are insured or registered or securities held by the Authority or by its agent in the Authority‟s name.

Concentration of Credit Risk – The Authority places no limit on the amount that may be invested in any one issuer. The Authority‟s investment in mutual funds is not subject to concentration of credit risk disclosure.

Pooled investments – At June 30, 2011, the City‟s investments in Federal Farm Credit Bank, Federal Home Loan Bank, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association constituted approximately 17%, 15%, 19%, and 13%, respectively, of its total pooled investment portfolio. At June 30, 2010, the City‟s investments in Federal Farm Credit Bank, Federal Home Loan bank, Federal Home Loan Mortgage Corporation, and Federal National Mortgage Association constituted approximately 11%, 10%, 14%, and 10%, respectively, of its total pooled investment portfolio.

16 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

2. CASH DEPOSITS AND INVESTMENTS, continued

Non-pooled investments – At June 30, 2011 the Authority‟s investments in the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association constituted approximately 18% and 5% of its total investments, respectively. At June 30, 2010 the Authority‟s investments in the Federal Home Loan Bank, Federal Home Loan Mortgage Corporation and U. S. Treasury Notes constituted approximately 12%, 17% and 12% of its total investments, respectively.

RECONCILIATION TO STATEMENTS OF NET ASSETS - A reconciliation of pooled cash and investments, and non-pooled investments to the carrying amounts on the statements of net assets is as follows:

2011 2010

Pooled cash and investments $ 440 $ 515 Non-pooled cash 36 65 Investments 7,736 8,418 $ 8,212 $ 8,998

Current cash and cash equivalents $ 4,432 $ 2,341 Current investments 1,403 1,950 Noncurrent cash and cash equivalents, restricted 1,525 2,396 Noncurrent other assets, restricted 852 841 Noncurrent investments - 1,470

$ 8,212 $ 8,998

17 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

3. CAPITAL ASSETS

The changes in capital assets during the year ended June 30, 2011, are summarized as follows:

Beginning Balance Additions Reductions Ending Balance

Non-depreciable capital assets: Land $ 7,230 $ - $ - $ 7,230 Construction in progress 720 765 - 1,485

Total non-depreciable capital assets 7,950 765 - 8,715

Depreciable capital assets: Buildings 43,406 - - 43,406 Equipment 474 303 - 777

Total depreciable capital assets 43,880 303 - 44,183

Less accumulated depreciation: Buildings (27,131) (862) - (27,993) Equipment (461) (8) - (469)

Total accumulated depreciation (27,592) (870) - (28,462)

Total depreciable capital assets, net 16,288 (567) - 15,721

Capital assets, net 24,238 198 - 24,436

18 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

3. CAPITAL ASSETS, continued

The changes in capital assets during the year ended June 30, 2010, are summarized as follows:

Beginning Balance Additions Reductions Ending Balance

Non-depreciable capital assets: Land $ 7,230 $ - $ - $ 7,230 Construction in progress 3,747 801 3,828 720

Total non-depreciable capital assets 10,977 801 3,828 7,950

Depreciable capital assets: Buildings 39,578 3,828 - 43,406 Equipment 474 - - 474

Total depreciable capital assets 40,052 3,828 - 43,880

Less accumulated depreciation: Buildings (26,342) (789) - (27,131) Equipment (459) (2) - (461)

Total accumulated depreciation (26,801) (791) - (27,592)

Total depreciable capital assets, net 13,251 3,037 - 16,288

Capital assets, net $ 24,228 $ 3,838 $ 3,828 $ 24,238

4. PARKING REVENUE BONDS

Bond activity during the year ended June 30, 2011 is as follows:

Due Bonds, Series and Issue Interest Beginning Ending Within Maturity Dates Amount Rate Balance Additions Reductions Balance One Year

Refunding, Series 2002, 2019 $ 9,030 4.0% - 4.75% $ 7,285 $ - $ (680) $ 6,605 $ 705 Parking Revenue, Series 2003, 2029 12,315 3.25% - 4.7% 10,580 - (375) 10,205 385 Parking Revenue, Series 2004 2020 5,250 3.0% - 4.25% 3,795 - (320) 3,475 330 21,660 - (1,375) 20,285 1,420 Deferred loss on refunding (268) - 33 (235) -

$ 21,392 $ - $ (1,342) $ 20,050 $ 1,420

19 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

4. PARKING REVENUE BONDS, continued

Bond activity during the year ended June 30, 2010 is as follows:

Maturity Dates Amount Rate Balance Additions Reductions Balance One Year

Refunding, Series 2002, 2019 $ 9,030 4.0% - 4.75% $ 7,940 $ - $ (655) $ 7,285 $ 680 Parking Revenue, Series 2003, 2029 12,315 3.25% - 4.7% 10,945 - (365) 10,580 375 Parking Revenue, Series 2004 2020 5,250 3.0% - 4.25% 4,105 - (310) 3,795 320 22,990 - (1,330) 21,660 1,375 Deferred loss on refunding (301) - 33 (268) -

$ 22,689 $ - $ (1,297) $ 21,392 $ 1,375

PARKING REVENUE BONDS, REFUNDING SERIES 2002 – During 2002, the Authority issued its Parking Revenue Bonds, Refunding Series 2002 in the amount of $9,030 to advance refund its 1985B Bonds.

The 2002 Bonds mature in 2019, and the 2002 Bonds maturing on and after July 1, 2013, are subject to redemption on thirty days‟ notice, at the option of the Authority on any date on or after July 1, 2012, in whole or in part, at the redemption price of 100% of the principal amount thereof together with accrued interest to the date fixed for redemption.

PARKING REVENUE BONDS SERIES 2003 - During 2003, the Authority issued its Parking Revenue Bonds Series 2003 in the amount of $12,315 to fund the cost of construction of the 100 West Facility, a 1,191 space parking garage in downtown Tulsa, Oklahoma.

The Series 2003 Bonds mature in 2029 and those bonds maturing on or after July 1, 2014, are subject to redemption, at the option of the Authority on any date on and after July 1, 2013, in whole or in part, at the redemption price of 100% of the principal amount thereof together with accrued interest to the date fixed for redemption.

20 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

4. PARKING REVENUE BONDS, continued

PARKING REVENUE BONDS SERIES 2004 - During 2004, the Authority issued its Parking Revenue Bonds Series 2004 in the amount of $5,250 to fund the cost of the Series 2004 Project which consists of the repair and improvement of two parking facilities; the North Garage, a 908- space parking structure, and the South Garage, a 776-space parking structure.

The Series 2004 Bonds mature in 2020 and those bondsmaturing on or after July 1, 2019, are subject to redemption, at the option of the Authority, on any date on and after July 1, 2018, in whole or in part, at the redemption price of 100% of the principal amount thereof together with accrued interest to the date fixed for redemption.

COLLATERAL - The Series 2002, 2003 and 2004 Bonds are collateralized solely by the monies and assets in the Trust Estate. The Trust Estate is defined as the revenues; any parking subscription agreements or guarantee agreements; any subordinate lien or claim upon non-system revenues; the Authority‟s interest in the Civic Center Parking Facility, Main Street Parking Facility, the 100 West Facility and the North and South Garages; all of the Authority‟s right, title and interest under the Amended Project Site Lease Agreement (dated as of September 1, 1985) between the City and the Authority; and any concession fees or charges and lease rentals derived from any rental space owned or operated by the Authority or operated for the benefit of the Authority.

COVENANT - The revenue bonds contain certain covenants. The covenants require that gross revenue of the parking system, as defined by the Master Bond Indenture, provide for a minimum debt service coverage ratio of 1.00.

DEBT SERVICE FORWARD DELIVERY AGREEMENT - In 1995, the Authority entered into a Debt Service Forward Delivery Agreement (the “Agreement”) with Bank One, as trustee for the Authority, and Wachovia Bank, National Association (“Wachovia”). Under the terms of the Agreement, the Authority received a fee of $275. This fee was initially recorded as deferred revenue and was recognized as interest income over the life of the original agreement. In 2002, in conjunction with the refunding of the Series 1985 Bonds, the agreement was amended and extended through the life of the Series 2002 Bonds.

In consideration of the monthly debt service deposit, Wachovia will deliver qualified securities to the Trustee on the stated delivery dates. The Trustee, from the funds provided by the debt service reserve, will purchase the securities for an amount equal to the maturity amount. The maturity amount is the amount payable in cash, representing principal and interest due on its maturity date. At delivery of the securities to the Trustee, the delivery notice specifies the maturity amount (amount paid by the Trustee) and the market value of the securities and any difference (the differential). The Trustee holds these securities until the next bond payment, which at that time, the securities mature and the proceeds are used to make principal and interest payments on the outstanding Series 2002 bonds. As of June 30, 2011 and 2010 the balance of the securities is $852 and $841 respectively, and is reported as other assets on the Statement of Net Assets.

21 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

4. PARKING REVENUE BONDS, continued

The Authority entered into this Agreement in order to lessen the Authority‟s exposure to declining interest rates associated with the Authority‟s investment of excess cash balances. Unless terminated earlier, the agreement terminates on the later of the last bond payment date of the Series 2002 Bonds or the date on which the Trustee and the Authority have satisfied all of their obligations under the Agreement. The final principal payment on the Series 2002 Bonds is due July 1, 2018. In terms of credit risk, the monthly debt service funds deposited with Wachovia are 100% collateralized by acceptable securities. The collateral could be liquidated by the Trustee should Wachovia fail to fulfill the Agreement.

PRINCIPAL AND INTEREST PAYMENTS IN SUBSEQUENT YEARS – Principal and interest payments in subsequent years are as follows:

Series 2002 Series 2003 Series 2004 Total Principal Interest Principal Interest Principal Interest Principal Interest 2012 $ 705 $ 280 $ 385 $ 445 $ 330 $ 129 $1,420 $ 854 2013 735 250 400 431 340 117 1,475 798 2014 765 219 415 416 355 105 1,535 740 2015 800 185 435 399 370 92 1,605 676 2016 840 148 450 381 385 77 1,675 606 2017-2021 2,760 200 2,565 1,597 1,695 144 7,020 1,941 2022-2026 - - 3,225 938 - - 3,225 938 2027-2031 - - 2,330 168 - - 2,330 168

$ 6,605 $ 1,282 $10,205 $ 4,775 $ 3,475 $ 664 $20,285 $ 6,721

5. PARKING REVENUES PLEDGED

The Authority has pledged future gross revenues derived from the operations of the parking facilities to repay approximately $26,595 in revenue bonds issued. Proceeds from the bonds provided financing for various parking facilities and debt refundings. The bonds are payable solely from gross revenues and are payable through July 2028. Annual principal and interest payments on the bonds required 40% of gross revenues. The total principal and interest remaining to be paid on the bonds is $27,006. Principal and interest paid for the year was $2,280. Total gross revenues were $5,712.

6. PARKING FACILITY LEASES

The Authority and the City have entered into two operating leases, which relate to the construction and financing of the Civic Center Parking Facilities. All leases are for a period sufficient to retire the long-term financing of the Facilities. Lease payments from the Authority to the City are nominal

The Lease Agreement with respect to the Underground Parking Facility also permits the Authority to release the Underground Parking Facility to the City upon the substitution of property satisfactory to the Authority which will yield equivalent revenues. The term of each of the Lease Agreements extends so long as there remains outstanding indebtedness secured by a pledge of revenues of the System.

22 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

6. PARKING FACILITY LEASES, continued

The operating leases are:

Site Lease – Includes an area north of the existing Assembly Center building upon which the Civic Center Parking Facilities have been constructed.

Underground Lot Lease – Includes the area underneath the Civic Center complex containing approximately 401 spaces. The lease also includes metered parking on the street level of the complex. Revenues derived from both areas are assigned to the Authority. In September 2010 the City sold the previous City Hall building. The sale reduced the number of parking spaces TPA leases from the City from 526 to 401.

7. OPERATING AGREEMENTS

The Authority has entered into various operating agreements for the operations and maintenance of System parking facilities in accordance with the Bond Indenture. Pursuant to the operating agreements, the operator is responsible for submitting an annual budget and, if necessary any revisions thereto to the Authority, including among other things, adjustments to the current rate structure of charges for parking, subject in all events to the adoption and approval by the Authority. The agreements generally provide that the Authority will advance funds to the operator to pay operating costs, including a management fee, on a monthly basis, based upon the budget. A settlement is made periodically when the actual expenses incurred by the operator are known. All revenues received from the parking facilities are deposited with the bond trustee.

100 West Facility- Operated by American parking, Inc. (“American”). Under this agreement, the Authority incurred costs of $478 and $450 for the years ended June 30, 2011 and 2010, respectively.

Main Street Parking Facility and retail areas- Operated by American. Under this agreement, the Authority incurred costs of $647 and $589 for the years ended June 30, 2011 and 2010, respectively.

Civic Center Parking Facilities- Operated by American. Under this agreement the Authority incurred costs of $604 and $586 for the years ended June 30, 2011 and 2010, respectively.

North and South Parking Facilities- Operated by Central Parking Systems, Inc. (“Central”). Under this agreement, the Authority incurred costs of $808 and $858 for the years ended June 30, 2011 and 2010, respectively.

The Authority has an operating agreement with the Tulsa Performing Arts Center Trust (“TPACT”) wherein the Authority will manage a parking lot owned by TPACT. The Authority in turn has an operating agreement with Central, to operate the TPACT parking lot. In exchange for its services, the Authority receives a management fee of $5 annually.

23 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTES TO BASIC FINANCIAL STATEMENTS (In thousands of dollars) June 30, 2011 and 2010

8. RISK MANAGEMENT

The Authority participates in the City‟s insurance programs through payment for services. The City retains all risk of loss. Significant losses are covered by commercial insurance for all major programs except workers‟ compensation, for which the City retains all risk of loss. For insured programs, there have been no significant reductions in insurance coverage. Settlement amounts have not exceeded insurance coverage for the current year or the three prior years.

9. COMMITMENTS

As of June 30, 2011, the Authority had open commitments for construction projects of approximately $4,296.

10. RELATED PARTY TRANSACTIONS

During the years ended, the Authority conducted the following transactions with related parties.

2011 2010

Payments to City of Tulsa - General Fund for support services $ 200 $ 200

Payments to City of Tulsa - General Fund for police services for special events $ 200 $ 200

Payments to Tulsa Public Facilities Authority for One Technology Center building operations $ - $ 8

Sale of parking permits to various City of Tulsa departments and portion of employee parking fees paid by the City $ 230 $ 263

Payments from Tulsa Performing Arts Center Trust for management of a parking lot $ 5 $ 5

Payments from tax increment financing district for capital improvements $ - $ 1,022

Payments from sales tax fund for capital improvements $ - $ 341

Capital contributions from Central Parking Systems, Inc. $ 75 $ -

24 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) NOTE TO SUPPLEMENTARY INFORMATION June 30, 2011

In addition to the basic financial statements, TPA presents combining schedule of net assets, combining schedule of revenues, expenses and changes in net assets and combining schedule of cash flows for its sub funds of the operations of TPA. The following is a description of each sub fund used by the Authority:

Operating Fund - The Operating Fund receives interest earnings on various investments and funds certain management and administrative services of the Authority.

Parking System Fund - The Parking System Fund (the “System”) receives parking revenues and pays the operating expenses and debt service of the parking facilities. Additionally, the system receives nonoperating revenues for capital expenditures related to the parking facilities. The System Master Bond Indenture provides for the financing of the Authority's parking operations through the issuance of bonds. Funds related to the Bonds are held in trust and managed by a trustee pursuant to the terms of the Master and Supplemental Bond Indentures.

25 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) COMBINING SCHEDULE OF NET ASSETS June 30, 2011

Parking Operating System ASSETS Fund Fund Total (In Thousands) Current assets: Cash and cash equivalents $ 63 $ 4,369 $ 4,432 Investments - 1,403 1,403 Accounts receivable - 12 12 Interest receivable - 34 34 Prepaid expense - 343 343

Total current assets 63 6,161 6,224

Noncurrent assets: Cash and cash equivalents, restricted - 1,525 1,525 Accounts receivable, restricted, net - 85 85 Other assets, restricted - 852 852 Nondepreciable capital assets - 8,715 8,715 Depreciable capital assets, net - 15,721 15,721 Deferred bond issue cost, net - 478 478

Total noncurrent assets - 27,376 27,376

Total assets $ 63 $ 33,537 $ 33,600

(Continued)

26 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) COMBINING SCHEDULE OF NET ASSETS, Continued June 30, 2011

Parking Operating System LIABILITIES Fund Fund Total (In Thousands) Current liabilities: Accounts payable $ 7 $ 352 $ 359 7 352 359

Liabilities payable from restricted assets: Accounts payable - 446 446 Accrued interest payable on revenue bonds - 440 440 Current portion of revenue bonds - 1,420 1,420

Total liabilities payable from restricted assets - 2,306 2,306

Total current liabilities 7 2,658 2,665

Noncurrent liabilities: Payable from restricted assets: Deposits subject to refund - 4 4 Revenue bonds payable, net of $235 and $268, respectively, of unamortized deferred loss on refunding - 18,630 18,630 Unamortized discount - (167) (167)

Total noncurrent liabilities - 18,467 18,467

Total liabilities 7 21,125 21,132

NET ASSETS

Invested in capital assets, net of related debt - 8,028 8,028 Restricted for: Debt service - 1,542 1,542 Capital project - 29 29 Unrestricted 56 2,813 2,869

Total net assets $ 56 $ 12,412 $ 12,468

27 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) COMBINING SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Year Ended June 30, 2011

Parking Operating System Fund Fund Total (In Thousands) Operating revenues: Parking facilities income $ 5 $ 5,527 $ 5,532 Rental income - 156 156

Total operating revenues 5 5,683 5,688

Operating expenses: Contracting services 200 2,537 2,737 General and administrative 286 62 348 Repairs and maintenance - 773 773 Depreciation - 870 870

Total operating expenses 486 4,242 4,728

Operating income (loss) (481) 1,441 960

Nonoperating revenues (expenses): Investment income 16 8 24 Interest and amortization expense - (973) (973) Transfers in (out) 608 (608) -

Total nonoperating revenues (expenses) 624 (1,573) (949)

Income (loss) before contributions 143 (132) 11

Capital contributions Contributions from operators - 75 75

Total capital contributions - 75 75

Change in net assets 143 (57) 86 Net assets, beginning of year (87) 12,469 12,382

Net assets, end of year $ 56 $ 12,412 $ 12,468

28 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) COMBINING SCHEDULE OF CASH FLOWS Year Ended June 30, 2011

Parking Operating System Fund Fund Total (In Thousands) Cash flows from operating activities: Cash received from customers, including cash deposits $ 5 $ 5,655 $ 5,660 Cash payments to suppliers for goods and services (97) (3,261) (3,358) Cash payments for quasi-external operating transactions (400) - (400)

Net cash provided (used) by operating activities (492) 2,394 1,902

Cash flows from noncapital financing activities: Advances from (to) other funds (70) 70 - Principal paid on revenue bonds - (320) (320) Interest paid on revenue bonds - (140) (140) Payment for forward delivery agreement - (999) (999) Receipts from forward delivery agreement - 988 988 Transfers in (out) 608 (608) -

Net cash provided (used) by noncapital financing activities 538 (1,009) (471)

Cash flows from capital and related financing activities: Principal paid on revenue bonds - (1,055) (1,055) Interest paid on revenue bonds - (765) (765) Acquisition and construction of capital assets - (455) (455)

Net cash used by capital and related financing activities - (2,275) (2,275)

Cash flows from investing activities: Investment income received 17 39 56 Purchase of investments - (1,437) (1,437) Sale or maturity of investments - 3,445 3,445

Net cash provided by investing activities 17 2,047 2,064

Net change in cash and cash equivalents 63 1,157 1,220

Cash and cash equivalents, beginning of year - 4,737 4,737

Cash and cash equivalents, end of year $ 63 $ 5,894 $ 5,957

(Continued)

29 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) COMBINING STATEMENTS OF CASH FLOWS, Continued Year Ended June 30, 2011

Parking Operating System Fund Fund Total (In Thousands) Reconciliation of cash and cash equivalents to the Statements of Net Assets: Unrestricted cash and cash equivalents $ 63 $ 4,369 $ 4,432 Restricted cash and cash equivalents - 1,525 1,525

Total cash and cash equivalents $ 63 $ 5,894 $ 5,957

Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ (481) $ 1,441 $ 960 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation - 870 870 Increase in accounts receivable - (40) (40) Increase in prepaid expense - (68) (68) Increase (decrease) in accounts payable and deposits (11) 191 180 Net cash provided (used) by operating activities $ (492) $ 2,394 $ 1,902

Noncash capital and investing activities: Purchase of capital assets in accounts payable and accrued liabilities $ - $ 576 $ 576 Capital contributions - 75 75 Depreciation of fair value of investments - (8) (8)

30 TULSA PARKING AUTHORITY (A Component Unit of the City of Tulsa, Oklahoma) OTHER STATISTICAL INFORMATION (Unaudited) Year Ended June 30, 2011

PARKING SYSTEM FUND – The system‟s parking facilities currently provide 6,328 parking spaces. The facilities and spaces are as follows:

Main Street Parking Facility (1,130 spaces) Civic Center Parking Facility (1,425 spaces) Underground Parking Facility (401 spaces) Metered Spaces adjacent to the Civic Center (246 spaces) South Garage (776 spaces) North Garage (908 spaces) 100 West Facility (1,191 spaces)

DEBT SERVICE COVERAGE – The following table presents ten-years of debt service coverage under the Master Bond Indenture. Gross revenue of the System is defined by the terms of the Master Bond Indenture. Revenues derived outside of the System are excluded. The required minimum coverage is 1.00.

Direct Available Gross1 Operating for Debt Debt Service Year Revenue Expenses Service Principal Interest Total Coverage

2011 $ 5,860 $ 3,580 $ 2,280 $ 1,375 $ 905 $ 2,280 1.00 2010 5,760 2,834 2,926 1,330 951 2,281 1.28 2009 5,839 2,655 3,184 1,280 997 2,277 1.40 2008 5,280 2,343 2,937 1,235 1,042 2,277 1.29 2007 5,458 2,201 3,257 1,195 1,083 2,278 1.43 2006 5,233 2,921 2,312 1,130 1,124 2,254 1.03 2005 4,912 2,355 2,557 515 1,093 1,608 1.59 2004 3,421 2,121 1,300 495 644 1,139 1.14 2003 2,717 875 1,842 300 527 827 2.23 2002 2,929 1,080 1,849 685 715 1,400 1.32

Note 1- Gross revenues as defined by the terms of the bond indenture. In 2011 $147 of revenue was derived from prior years‟ excess net revenues.

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APPENDIX C

SELECTED INFORMATION ON THE CITY OF TULSA, OKLAHOMA

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THE CITY

Governmental Structure and General Information

Tulsa has grown dramatically since its incorporation in 1898. A town site survey in 1900 indicated a population of 1,390. The population of the Tulsa MSA (comprised of Tulsa, Osage, Creek, Rogers, Wagoner, Pawnee and Okmulgee Counties), as reflected in the 2010 census, is 937,478.

The City was governed under a Commission form of government from 1909 until May 1990, at which time City government changed to a Mayor-Council form under a voter-approved Charter change. The Mayor, elected every four years, serves as the chief executive of the City and is responsible for all administration of city departments and preparing and submitting an annual budget to the City Council pursuant to the City Charter and the Oklahoma Municipal Budget Act. The City Council consists of nine members, elected for two year terms and by geographic districts, and serves as the legislative branch under the direction of a Chairman, elected by and from its nine members. The City Auditor, elected biennially, and the Mayor are the only two officials elected at large.

The City Council has the authority to establish procedures for the appropriation of funds and amendment of City budgets. Annual budget requests are prepared by each department and agency of the City desiring public funds. These requests are submitted to the Department of Finance and reviewed by the Mayor and his/her management team. The Mayor’s proposed annual budget is submitted to the City Council on or before May 1 for its review. State law requires the annual budget to be adopted no later than seven days before the start of the new fiscal year on July 1. The City Council may increase, reduce or omit any item, subject to the veto power of the Mayor. A veto by the Mayor can be overridden by a two- thirds super-majority of the City Council. Budget expenditures cannot exceed estimated revenues and fund balance available for appropriation, and it is unlawful for the City to create or authorize a deficit in any fund. Unencumbered appropriation balances lapse at the end of the year.

Downtown Tulsa is the business, financial, governmental and cultural center for the metropolitan area. It contains half of the region’s office space and is the site of the Tulsa Performing Arts Center, Maxwell Convention Center and an 18,000 seat all-purpose arena, Bank of Oklahoma Center, which opened in September 2008. Additionally, ONEOK Field was completed and opened for use in April 2010. The nearly 8,000 seat stadium is home to Tulsa’s AA baseball affiliate.

Tulsa County Independent School District No. 1, the second largest school district in Oklahoma, serves most of the area within the city limits. Other school districts serving parts of Tulsa include: Broken Arrow (No. 3), Bixby (No. 4), Jenks (No.5) and Union (No. 9). The Tulsa Technology Center, which serves high school students not going to college, has been recognized as one of the best job training programs in the country. Both of the state’s major universities, the University of Oklahoma and Oklahoma State University, have branch campuses in Tulsa. Tulsa is also home of the largest community college in the state, Tulsa Community College. Long standing private universities, the University of Tulsa and Oral Roberts University, also offer a wide variety of graduate and post graduate degrees.

As in many cities across the country, medical service is becoming an important component of the region’s economic base. Tulsa is the region’s medical center with five major hospital facilities. There are also special facilities catering to patients with special needs. Two of the local hospitals are affiliated with the OU and OSU medical schools.

Tulsa has numerous points of interest and cultural institutions. There are over 130 parks including Mohawk Park, the sixth largest municipal park in the United States and the site of two golf courses, a nature center and the Tulsa Zoo. Woodward Park is the site of a nationally recognized municipal rose garden. Cultural institutions include: Philbrook Museum, the city owned Thomas Gilcrease Institute of American History and Art, and nationally recognized opera and ballet companies. Tulsa is the home of professional baseball, hockey, basketball and arena football, as well as a full complement of NCAA Division I college athletics including: football, basketball, golf, baseball, soccer, and tennis.

Tulsa also offers a wide range of shipping options: rail, water, truck, and air. The completion of the McClellen-Kerr Arkansas River Navigation System in 1970 made Tulsa the westernmost inland port on the Inland Waterway System.

Economic and Demographic Characteristics of the City

The Tulsa Metropolitan Statistical Area (TMSA) comprises 25% of the state’s population and 32.5% of the state’s economy (TMSA share equals $35.2 billion in 2010 constant dollars). Though the local economy contracted in 2009, the TMSA never experienced the contraction seen at the national level. Therefore, the TMSA is positioned to grow faster than the U.S. in both employment and the production of goods and services thru the remainder of 2011 and into 2012. Key characteristics such as: low rent, low energy costs and low taxes – have kept the cost of doing business in the TMSA a strong 11% below the national average. Furthermore, the cost of living in the Tulsa area is 12% below the U.S. average. These, among other factors, have led Forbes to predict strong growth in the Tulsa metro, naming it the No. 4 city for jobs in 2011.

Beginning in April of 2009, Tulsa sales tax began a decline that continued for 13 straight months resulting in a 7.3% decline in FY 10. It was the steepest decline in the history of the City’s sales tax. Further decline was anticipated in FY 11, but at a lower rate of 3.0%. Fortunately, by mid year the economy appeared to have stabilized, and sales tax again began to grow. FY 11 ended with a year over year increase in sales tax of 2.5%. A review of current indicators suggests that a similar growth rate can be expected for FY 12.

The declines previously seen in the TMSA labor force appear to have stabilized over 2010. The Oklahoma Employment Security Commission (OESC) forecasts slight growth in 2011; followed by 0.41% annual growth in 2012 through 2015. Wage & Salary employment has fared even better over the last year. After losing close to 15,000 seasonally adjusted jobs in 2010, the TMSA is now seeing slight but steady monthly gains. The OESC forecasts growth in Wage & Salary employment of 3.3% in 2011 and an annual growth rate of 2.3% for the four following years. The TMSA has already seen a gain of 5,000 jobs from January, 2011 to July, 2011 in its monthly actuals. With OSU’s Center for Applied Economic Research (CAER) forecasting an annual population growth of 1.3% in population, job opportunities should outpace the rising labor force over the next 4 years. The OESC forecasts the TMSA’s 12 month moving unemployment average to peak at 7.3% in 2011 before falling to 6.9% in 2012. It is forecast to decline to 5.4% by 2015.

As the labor force grows and unemployment recedes, the Bureau of Economic Analysis (BEA) forecasts that real per capita income in the TMSA should grow by 2.8% in 2011 and an annual 3.7% through 2015. As consumer confidence gradually rises, this should allow for greater retail activity in the TMSA.

A review of the last 30 years of retail sales in the TMSA and the CAER’s predictions indicate that 3% growth in 2012 and beyond might not be overly-optimistic. Forecasting a 3% annual increase in total retail sales in FY 12 and 13 is positively correlated with historic growth rates. Additionally, Moody’s Analytics has forecasted a 2.9% growth in the TMSA’s Gross Metro Product (GMP) in 2012; and thereafter an annualized growth rate of 2.0% until 2015. This lends support to the likelihood of 2-3% annual growth in sales tax over the near-term future. Specifically, it appears that non-durable sales will

C-2 outperform durable sales over the next 5 years; with non-durable increasing close to 14% and durable increasing about 9%. This is due to the fact that production of durables is often more energy and material intensive to produce and distribute. Even as energy and raw material prices continue to climb, producers have shown either an unwillingness or inability to pass those costs on to consumers in a meaningful manner. Therefore, it is reasonable to assume that as consumers remain ever price-sensitive, producers of non-durable goods will have less of their profit margins erode. Although more related to manufacturing than retail, this could be a problem the TMSA faces in the future as it has a very dense concentration of durable goods manufacturing. However, as most of the durable goods produced in the TMSA are categorized as “miscellaneous durable” (manufactured parts), this sector should have less trouble than arenas of more traditional durable goods productions.

Considering the forecasted growth in employment and improved GMP the local economy should soon experience greater momentum in its recovery.

Sales Tax Revenue History

The City's most significant source of General Governmental Revenues is the sales tax. Sales tax collections in 2011 represented 66% of all such governmental revenues received by the City (exclusive of business-type activities). The City's sales tax is a 3.167% tax, of which 1% (the 2006 sales tax) is a special tax dedicated to capital improvements, and 0.167% will fund $166.6 million in street improvement projects. This sales tax will remain in effect until June 30, 2014.

Sales tax revenues increased from 2002 to 2011 at an average growth rate of 0.65%.

Sales Tax Revenues ($ in MM)

$235 $225 $215 $205 $195 $185 $175 $165 $155 $145 $135 $125 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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APPENDIX D

AUDITED BASIC FINANCIAL STATEMENTS FOR THE CITY OF TULSA AS OF AND FOR THE YEAR ENDED JUNE 30, 2011

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Independent Auditor’s Report

The Honorable Mayor and City Council City of Tulsa, Oklahoma Tulsa, Oklahoma

We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Tulsa, Oklahoma, as of and for the year ended June 30, 2011, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City of Tulsa, Oklahoma's management. Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Tulsa Industrial Authority (TIA), which is a discretely presented component unit of the City. The financial statements of TIA, which comprise 1 percent of total assets and 0.4 percent of total revenues of the aggregate discretely presented component units, were audited by other auditors whose report has been furnished to us and our opinion, insofar as it relates to the amounts included for TIA, are based solely on the reports of the other auditor. Also, we did not audit the financial statements of the Tulsa Stadium Trust (TST), which is a blended component unit and major enterprise fund of the City. The financial statements of TST, which comprise 7 percent of total assets and 2 percent of total revenues of the business-type activities and represent 100 percent of the assets and revenues of the TST major enterprise fund, were audited by other auditors whose report has been furnished to us and our opinion, insofar as it relates to the amounts included for TST, are based solely on the report of the other auditor. Also, we did not audit the financial statements of The Operations of The BOK Center, as Managed by SMG, and The Operations of The Tulsa Convention Center, as Managed by SMG, an agent operating these facilities (collectively, SMG), which are presented within the Arena and Convention Center Fund, a major enterprise fund of the City. The financial statements of SMG, which collectively comprise 4 percent and 59 percent, respectively, of the total assets and total revenues of the Arena and Convention Center major enterprise fund and 2 percent and 20 percent, respectively, of the total assets and total revenues of the business-type activities. Those statements were audited by other auditors whose reports have been furnished to us and our opinion, insofar as it relates to the amounts included for The Operations of the BOK Center, as managed by SMG and The Operations of the Tulsa Convention Center, as managed by SMG, are based solely on the reports of the other auditors.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the reports of the other auditors provide a reasonable basis for our opinions.

In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Tulsa, Oklahoma, as of June 30, 2011, and the respective changes in financial position and the cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.

As explained in Note 2(3.)to the basic financial statements, the City adopted GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, which changed its classifications for governmental funds’ fund balances, and restated the Sales Tax Fund and aggregate remaining fund beginning fund balances. The City also adopted GASB Statement No. 61, The Financial Reporting Entity: Omnibus, an amendment of GASB Statements No. 14 and 34, which changed its presentation of the Tulsa Stadium Trust from a discretely presented component unit to a blended component unit and major enterprise fund, and restated beginning net assets of the business-type activities, the Tulsa Stadium Trust major enterprise fund and the aggregate discretely presented component units.

The accompanying management’s discussion and analysis and pension and postemployment information as listed in the table of contents are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Tulsa, Oklahoma’s basic financial statements. The combining and individual nonmajor fund financial statements and other schedules, listed in the table of contents as supplementary information, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

The accompanying introductory and statistical sections, 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. This information has not been subjected to the auditing procedures applied in our audit of the basic financial statements and, accordingly, we express no opinion on them.

Kansas City, Missouri December 13, 2011

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ëê APPENDIX E

FORM OF CONTINUING DISCLOSURE AGREEMENT

This Continuing Disclosure Agreement (this “Disclosure Agreement”), dated as of June 1, 2012, is executed and delivered by the Tulsa Parking Authority (the “Authority”) in connection with the issuance of its $______Parking Revenue Bonds, Refunding Series 2012 (the “Series 2012 Bonds”). The Series 2012 Bonds are issued under and pursuant to a Master Bond Indenture (the “Master Bond Indenture”), dated as of June 1, 2012, by and between the Tulsa Parking Authority (the “Authority”) and BOKF, NA dba Bank of Oklahoma, as trustee (the “Trustee”), as supplemented by a First Supplemental Bond Indenture (the “First Supplemental Indenture”) dated as of June 1, 2012, by and between the Authority and the Trustee, (the Master Bond Indenture, as amended by the First Supplemental Indenture is collectively referred to herein as the “Bond Indenture”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Bond Indenture.

Section 1. Purpose of the Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Authority for the benefit of the Holders and Beneficial Owners of the Series 2012 Bonds and in order to assist each Participating Underwriter in complying with Rule 15c2-12(b)(5) of the Securities and Exchange Commission (the “Commission”). The Authority represents that it will be the only “obligated person” (as defined in the Rule) with respect to the Series 2012 Bonds at the time the Series 2012 Bonds are delivered to each Participating Underwriter and that no other person presently is expected to become an obligated person with respect to the Series 2012 Bonds at any time after the issuance of the Series 2012 Bonds.

Section 2. Definitions. In addition to the definitions set forth in the Bond Indenture, which apply to any capitalized term used in this Disclosure Agreement unless otherwise defined in this Disclosure Agreement, the following capitalized terms shall have the following meanings:

“Beneficial Owner” means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Series 2012 Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Series 2012 Bonds for federal income tax purposes.

“City” means The City of Tulsa, Oklahoma, which has agreed to act as the initial Dissemination Agent for the Authority pursuant to Section 7 hereof.

“EMMA” means the MSRB’s Electronic Municipal Market Access System. Reference is made to Commission Release No. 34-59062, December 8, 2008 (the “Release”) relating to the EMMA system for municipal securities disclosure effective on July 1, 2009.

“Listed Event” means any of the events listed in Exhibit A to this Disclosure Agreement.

“Listed Event Notice” means notice of a Listed Event in Prescribed Form.

“MSRB” means the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934.

“Official Statement” means the “final official statement,” as defined in the paragraph (f)(3) of the Rule, relating to the Series 2012 Bonds.

“Participating Underwriter” means any of the original underwriters of the Series 2012 Bonds required to comply with the Rule in connection with offering of the Series 2012 Bonds.

“Prescribed Form” means, with regard to the filing of Annual Financial Information, Audited Financial Statements and Listed Event Notices with the MSRB at www.emma.msrb.org (or such other address or addresses as the MSRB may from time to time specify), such electronic format, accompanied by such identifying information, as shall have been prescribed by the MSRB and which shall be in effect on the date of filing of such information.

“Rule” means Rule 15c2-12 promulgated by the Commission under the Securities Exchange Act of 1934 (17 CFR Part 240, §240.15c2-12), as in effect on the date of this Disclosure Agreement, including any official interpretations thereof.

Section 3. Annual Financial Information and Audited Financial Statements. The Authority, as the “obligated person” for purposes of the Rule, hereby agrees to provide or cause to be provided, at least annually to the MSRB in Prescribed Form, financial information and operating data, as of the end of the Authority’s fiscal year, regarding the Authority, the City and the Series 2012 Bonds of the type set forth in the Official Statement dated June ___, 2012, under the following captions or in the following Appendices, or portions thereof (the “Annual Financial Information”):

Appendix B—Tulsa Parking Authority Audit Reports for the Years Ended June 30, 2011 and 2010. The same shall include updates to the following information appearing under the caption “THE SYSTEM”: (i) the description of the Authority’s parking facilities included in the System; and (ii) any material change in the operation of the System, e.g., termination or replacement of the operators.

Appendix D—Audited Basic Financial Statements for the City of Tulsa for the Year Ended June 30, 2011. The same may be included in the City’s Comprehensive Annual Financial Report, which Report shall include the revenue, expense and debt service coverage information for the immediately preceding fiscal year as presented in the table under “HISTORICAL AND PRO FORMA HISTORICAL DEBT SERVICE COVERAGE—Historical Debt Service Coverage.”

The Annual Financial Information described above shall be filed no later than 190 days after the end of the fiscal year of the Authority, beginning with the Authority’s fiscal year ending June 30, 2012, and may be provided in one document or in multiple documents. Such information also shall include audited financial statements of the Authority and the City (the “Audited Financial Statements”) prepared in accordance with generally accepted accounting principles and generally accepted auditing standards as established by the Government Accounting Standards Board and Government Auditing Standards, issued by the Comptroller General of the United States, as in effect from time to time; provided, however, that if Audited Financial Statements are not available within 190 days after the end of the preceding fiscal year, unaudited financial statements will be provided by such date with Audited Financial Statements to be provided within ten (10) business days after they become available.

The financial and operating information described above shall be provided at least annually notwithstanding a fiscal year longer than twelve (12) calendar months. The Authority may change its current fiscal year, but must promptly notify the MSRB of each such change.

All or any portion of the Annual Financial Information may be provided by way of cross-reference to other documents previously provided to the MSRB.

Section 4. Failure to File Annual Financial Information and Audited Financial Statements. If the Authority fails to provide the Annual Financial Information or the Audited Financial Statements to the MSRB by the date specified in Section 3, the Authority shall send a notice of such failure to the MSRB by a date not in excess of ten (10) business days after the occurrence of such failure.

E-2 Section 5. Disclosure of Listed Events. The Authority hereby covenants that it will disseminate in a timely manner, not in excess of ten (10) business days after the occurrence of the event, a Listed Event Notice to the MSRB in Prescribed Form with a copy thereof provided to the Trustee. Notwithstanding the foregoing, notice of optional or unscheduled redemption of any Series 2012 Bonds or defeasance of any Series 2012 Bonds need not be given under this Disclosure Agreement any earlier than the notice (if any) of such redemption or defeasance is given to the owners of the Series 2012 Bonds pursuant to the Bond Indenture. The Authority is required to deliver such Listed Event Notice in the same manner as provided by Section 3 of this Disclosure Agreement.

Section 6. Duty To Update EMMA/MSRB. The Authority shall determine, in the manner it deems appropriate, whether there has occurred a change in the MSRB’s e-mail address or filing procedures and requirements under EMMA each time it is required to file information with the MSRB.

Section 7. Dissemination Agent. The Authority may, from time to time, engage or appoint an agent to assist the Authority in disseminating information hereunder (the “Dissemination Agent”). The Authority may discharge any Dissemination Agent with or without appointing a successor Dissemination Agent. The City has agreed to act as the initial Dissemination Agent under this Disclosure Agreement.

Section 8. Termination of Obligations. Pursuant to paragraph (b)(5)(iii) of the Rule, the Authority’s obligation to provide Annual Financial Information, Audited Financial Statements and Listed Event Notice, as set forth herein, shall terminate if and when the Authority no longer remains an obligated person with respect to the Series 2012 Bonds, which shall occur upon either payment of the Series 2012 Bonds in full at maturity or by means of prior redemption or the legal defeasance of the Series 2012 Bonds in accordance with the Bond Indenture. If such termination occurs prior to the final maturity of the Series 2012 Bonds, the Authority shall give notice of such termination in the same manner as for a Listed Event Notice under Section 5.

Section 9. Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Authority may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, provided that the following conditions are satisfied:

(a) If the amendment or waiver relates to the provisions of Sections 3, 4, or 5, it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of an obligated person with respect to the Series 2012 Bonds, or the type of business conducted;

(b) The undertaking, as amended or taking into account such waiver, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Series 2012 Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

(c) The amendment or waiver either (i) is approved by the Holders of the Series 2012 Bonds in the same manner as provided in the Bond Indenture for amendments to the Bond Indenture with the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Holders or Beneficial Owners of the Series 2012 Bonds.

In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Authority shall describe such amendment in the next Annual Financial Information, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change of accounting principles, on the presentation) of financial information or

E-3 operating data being presented by the Authority. In addition, if the amendment relates to the accounting principles to be followed in preparing Audited Financial Statements, (i) notice of such change shall be given in the same manner as for a Listed Event Notice under Section 5, and (ii) the Annual Financial Information for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.

Section 10. Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Authority from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Financial Information or Listed Event Notice, in addition to that which is required by this Disclosure Agreement. If the Authority chooses to include any information in any Annual Financial Information or Listed Event Notice in addition to that which is specifically required by this Disclosure Agreement, the Authority shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Financial Information or Listed Event Notice.

Section 11. Failure to Comply. In the event of a failure of the Authority to comply with any provision of this Disclosure Agreement, any Holder or Beneficial Owner of the Series 2012 Bonds may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Authority to comply with its obligations under this Disclosure Agreement. A failure to comply under this Disclosure Agreement shall not be deemed an Event of Default under the Bond Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Authority to comply with this Disclosure Agreement shall be an action to compel performance.

Section 12. Duties, Immunities and Liabilities of Dissemination Agent. The Bond Indenture is hereby made applicable to this Disclosure Agreement as if this Disclosure Agreement were (solely for this purpose) contained in the Bond Indenture. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement, and the Authority agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent’s gross negligence or willful misconduct. The obligations of the Authority under this Section shall survive resignation or removal of the Dissemination Agent.

Section 13. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Authority, the Dissemination Agent, each Participating Underwriter and Holders and Beneficial Owners from time to time of the Series 2012 Bonds, and shall create no rights in any other person or entity.

Section 14. Recordkeeping. The Authority shall maintain records of all filings of Annual Financial Information, Audited Financial Statements and Listed Event Notices, including the content of such disclosure, the names of the entities with whom such disclosure was filed and the date of filing such disclosure.

Section 15. Past Compliance. The Authority represents that it has complied with the requirements of each continuing disclosure undertaking entered into by it pursuant to the Rule in connection with previous financings to which the Rule was applicable.

Section 16. Counterparts. This Disclosure Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

E-4 Section 17. Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma, provided that to the extent this Disclosure Agreement addresses matters of federal securities laws, including the Rule, this Disclosure Agreement shall be construed in accordance with such federal securities laws and official interpretations thereof.

[Signatures Omitted – Exhibit A on Next Page]

E-5 EXHIBIT A

EVENTS WITH RESPECT TO THE BONDS FOR WHICH MATERIAL EVENT NOTICES ARE REQUIRED

1. Principal and interest payment delinquencies.

2. Nonpayment-related defaults, if material.

3. Unscheduled draws on debt service reserves reflecting financial difficulties.

4. Unscheduled draws on credit enhancements reflecting financial difficulties.

5. Substitution of credit or liquidity providers, or their failure to perform.

6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security.

7. Modifications to rights of security holders, if material.

8. Bond calls, if material.

9. Defeasances.

10. Release, substitution or sale of property securing repayment of the securities, if material.

11. Rating changes.

12. Tender offers.

13. Bankruptcy, insolvency, receivership or similar event of the Authority†.

14. The consummation of a merger, consolidation or acquisition involving the Authority or the sale of all or substantially all of the assets of the Authority, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material.

15. Appointment of a successor or additional trustee or the change of name of a trustee, if material.

†This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Authority in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Authority, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Authority.

E-6