HomeMy WebLinkAbout1991.11.05_OPGA Minutes_SpecialTuesday, November 5, 1991, 5:00 p.m.
Owasso City Hall
MIEMBERS PRESENT
Tom Rikkola
Brian Skelton (in at 5:07)
Glenna Anderson
Bob Oldefest
Ed Sokolosky
STAFF PRESENT
Marcia Boutwell
Rodney Ray
Sherry Bishop
Ron Cates
Also present were Reve Hammons and Cecil Cotner of Pittman, Poe and Associates.
The Owasso Public Golf Authority met in a special session on Tuesday, November 5, 1991 at
5:00 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 Friday, November 1, 1991.
Chairperson Tom Rikkola called the meeting to order at 5:00 p.m. and declared a quorum
present.
f Sokolosky moved to approve t of October 22, 1991 . seconded :1.'1 by Bob
Oldefest. Motioncarried t Anderson abstaining . 1 not
minutes prior f the meeting.
ITEM 3: REQUEST APPROVAL OF THE MINUTES OF OCTOBER 29,1991JOINT
MEETING
Bob Oldefest movedo approve of October f 1991seconded by x
Sokolosky. Motiont. with Glenna Anderson
An executive session was not requested and Mr. Howell was interviewed via phone. He
introduced himself as an investment banker with much experience in private placement. He bills
on an hourly basis and does not work on contingent. He discussed some of the types of
financing available. No action was requested nor taken on this item.
4
Owasso Public Golf Authority
Minutes of November 5, 1991
Page 2
ITEM 5: CONSIDERATION OF POSSIBLE OFFER FROM CITY FOR THE
PLEDGING OF REVENUES TOWARD SECURING A BOND ISSUE
A. PLEDGE OF 15 % CAPITAL FUTURE FUND
B. PLEDGE OF OTHER FUNDS TO ADDRESS ANNUAL DEFICIT IN
DEBT OBLIGATION USING AN ANNUAL MAXIMUM AND CAP ON
AGGREGATE
Short discussion on the use of city revenues and the Capital Future Fund. No action was taken.
EMPLOYMENT OF A FINANCIAL ADVISOR
No action can be taken at this time on the employment of a financial advisor as we have not yet
received the resignation of The Universal Group. Other groups have expressed a willingness
to visit with the Authority about the financial advisor/underwriter position.
ITEM 7: CONSIDERATION AND APPROPRIATE ACTION RELATING TO THE
DELAY AND POSTPONEMENT OF THE NOVEMBER 7 1991 BID
OPENING FOR GOLF COURSE CONSTRUCTION CONTRACT
Discussion was held concerning the time frame needed between the opening of bids and the
awarding of a contract and that financing needs to be in place when bids are awarded. Bob
Oldefest moved, seconded by Brian Skelton that the bid opening be postponed to December 19,
1991 at 5:00 p.m. The motion carried 5-0.
Discussion was held on an estimated budget. Questions concerned the number of rounds
projected and average greens fees. No action was taken.
Bob Oldefest moved, seconded be Ed Sokolosky, to authorize staff to reopen negotiations with
CCA-Silband to achieve the best possible fees for a Management Agreement, providing for a
"sliding scale" fee. Motion carried 5-0.
Owasso Public Golf Authority
Minutes of November 5, 1991
Page 3
ITEM 10: ADJOURNMENT
Ed Sokolosky moved, seconded by Brian Skelton to adjourn. Motion carried and the meeting
was adjourned at 6:45 p.m.
It F�
Tom Rikkola, Jr, Chairperson
Marci �Boutw�ell,u hority Secretary