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.
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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
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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
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