HomeMy WebLinkAbout1991.11.07_OPGA Minutes_SpecialOWK61 WN •'
Thursday, November 7, 1991, 7:00 p.m.
Owasso City Hall
MEMBERS PRESENT
Tom Rikkola
Brian Skelton
Glenna Anderson
Ed Sokolosky
STAFF PRESENT
Marcia Boutwell
Rodney Ray
Sherry Bishop
Ron Cates
Steve Compton
The Owasso Public Golf Authority met in a special session on Thursday, November 7, 1991 at
7:00 p.m. in the Owasso City Hall Conference Room per the Notice of Public Meeting posted
on the City Hall bulletin board at 4:00 p.m. on Monday, November 4, 1991.
Chairperson Tom Rikkola called the meeting to order at 7:08 p.m. and declared a quorum
present.
The Authority discussed the performance of the financial advisor and the consensus was that his
performance under the terms of the contract has been unsatisfactory and that the contractual
obligations have not been met. A resignation has been requested from Mr. Smith, but has not
been received.
Glenna Anderson moved that in view of the fact that Mr. Smith's resignation has not been
received as expected and that the Authority must proceed with the project, the contract with The
Universal Group for financial advisor services be terminated for non-performance. The motion
was seconded by Ed Sokolosky and carried 4-0.
ITEM 3: CONSIDERATION AND APPROPRIATE ACTION ON A PROPOSAL BY
THE PHOENIX r: ,• PTOCONSTRUCT
GOLF FACILITY
Mr. Ray briefly reviewed the proposal from The Phoenix Group to fund and construct a
municipal golf facility. This proposal had been discussed by the Authority at an earlier meeting.
Based on the high fees and the starting point budget, staff recommends that the proposal as
submitted be rejected.
Glenna Anderson moved that the proposal from The Phoenix Group be rejected. Motion
seconded by Ed Sokolosky and carried 4-0.
Owasso Public Golf Authority
Minutes of November 7, 1991
Page 2
ITEM 4: CONSIDERATION AND APPROPRIATE ACTION RELATING TO AN
AGREEMENT BETWEEN THE OWASSO PUBLIC GOLF AUTHORITY
AND A FINANCIAL ADVISOR OR UNDERWRITER
Mr. Keith McDonald of Leo Oppenheim Company was present and made a presentation to the
Authority on the type of financing his company could make available to the funding and
construction of a municipal golf facility. He answered questions concerning the best types of
bond issues for this project and explained their fee structure. No action was taken.
The Chair called for a Special Meeting of the Authority at 5:30 p.m. on Monday, November
18, 1991 to make a decision on the hiring of a financial advisor or underwriter.
Ed Sokolosky moved, seconded by Brian Skelton to adjourn. Motion carried and the meeting
was adjourned at 8:30 p.m.
Tom Rikkola, Jr, Chairperson
Marc! �Bout�well��Auo�rity Secretary