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HomeMy WebLinkAbout1992.03.12_City Council MinutesOWASSO CITY COUNCIL MARCH 12, 1992 On Thursday, March 12, 1992 the Owasso City Council met in a special session in the Conference Room at City Hall per the Notice of Public Hearing and Agenda posted on the City Hall bulletin board at 1:00 p.m. on Tuesday, March 10, 1992. ITEM 1: CALL TO ORDER. The meeting was called to order at 5:00 p.m. with Mayor Phillips presiding. ITEM 2: ROLL CALL. PRESENT: John Phillips, Mayor Patricia Marlar, Vice Mayor Mark Thompson, Councilman Bob Randolph, Councilman Jason Gittelman, Councilman Rodney J. Ray, City Manager Ronald D. Cates, City Attorney Jane Buchanan, City Clerk Sherry Bishop, City Treasurer ABSENT: None A quorum was declared present. ITEM 3: PRESENTATION AND DISCUSSION OF FUNDING OPTIONS AVAILABLE FOR DEBT SERVICE OF A BOND ISSUE TO FUND IMPROVEMENTS TO THE OWASSO SPORTS-PARK PROJECT. Mr. Ray presented this item to Council and those interested parties in attendance. Mr. Keith McDonald and Mr. Mike Prescott with Leo Oppenheim and Company, the financial advisor on the issue were present to answer questions. The proposed resolution calling the election and giving the propositions that will be presented to the voters was discussed along with the size of the issue that can be made. 1 OWASSO CITY COUNCIL MARCH 12, 1992 ITEM 4: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR A FIFTEEN MINUTE RECESS OF THE COUNCIL MEETING. After much discussion and questions, a motion was made by P. Marlar, seconded by J. Gittelman, to recess for fifteen minutes and then reconvene the meeting so the financial advisor could have some time to prepare responses to some of the questions raised. The meeting was recessed at 5:40 p.m. and reconvened at 6:05 p.m. ITEM 5: CONSIDERATION AND APPROPRIATE ACTION RELATING TO A REQUEST FOR DIRECTION TO THE STAFF RELATIVE TO THE SIZE AND TYPE OF BOND ISSUE TO BE INCORPORATED INTO THE SPORTS-PARK BALLOT TITLE LANGUAGE AND PRESENTED TO THE COUNCIL ON MARCH 17, 1992. The financial advisors and Mr. Ray reviewed the options with the Council pertaining to the bond issue. Motion One: A motion was made by P. Marlar, seconded by J. Phillips to change the wording in Proposition 1 Explanatory Note from will be issued to will not be issued. AYE: Marlar, Phillips, Randolph, Gittelman, Thompson NAY: None MOTION: Carried 5-0 Motion Two: A motion was made by M. Thompson, seconded by J. Gittelman, to have the issue amount be $1,230,000. AYE: Thompson, Gittelman, Marlar, Randolph, Phillips NAY: None MOTION: Carried 5-0 Motion Three: A motion was made by P. Marlar, seconded by M. Thompson, to incorporation into the issue the wording for any early pay-off if the funds are available in the sinking fund. AYE: Marlar, Thompson, Gittelman, Randolph, Phillips NAY: None MOTION: Carried 5-0 2 OWASSO CITY COUNCIL MARCH 12, 1992 ITEM 6• ADJOURN. A motion was made by B. Randolph, seconded by M. Thompson, to adjourn. AYE: Randolph, Thompson, Marlar, Gittelman, Phillips NAY: None MOTION: Carried 5-0 Meeting was adjourned at 6:13 p.m. __ _ ..... A J P 1 lips, Mayor ne Buchanan, City Clerk 3