Kay County Justice Facilities Authority

Wednesday, July 23, 2008

Newkirk, Oklahoma

 

 

The Trustees of the Kay County Justice Facilities Authority (JFA) met in special session at 1:30 p.m., Wednesday, July 23, 2008, in the Commissioners Court of the Kay County Courthouse in Newkirk, Oklahoma.  Notice of the special meeting was posted for public information on July 21, 2008, at the Courthouse front door, Commissioners Court, and basement handicapped entrance of the Kay County Courthouse in Newkirk, Oklahoma.

 

Chairman Bruce Robinson called the meeting to order.  Those present were as follows:  Trustees – Vice-Chairman Carl Giddens; Norris Frederick; Darrel Grossardt; Jim Stieber; Everette Van Hoesen, Kay County Sheriff; Laile Wilson, Kay County Commissioner; Wes Young; JFA Attorney David Cummings; Bond Attorney Brent Clark; Paul Smith, Financial Advisor; Claude and Bill Williams, Taxpayers for Transparency; Scott Cloud, The Newkirk Herald Journal; Sharon Rowen, Ponca City News; Tammy Reese, Kay County Clerk/Secretary (see sign-in sheet).  

 

Motion made by Van Hoesen and seconded by Young approving regular meeting minutes of July 11, 2008.  Motion carried.

 

Bond Attorney Brent Clark said he recommended this type of bond procedure; he said the finance committee carefully analyzed this method and it was the consensus of the committee this is an effective way to finance.

 

Clark said the issuance is not to exceed $22 million an amount larger than needed.  He said you can only issue $10 million a year, but you need to anticipate the possibility of a cost over run.  Clark explained that is why the amount is larger than the actual budget costs associated with the bonds to be issued in 2008 and 2009.

 

Clark said the financial institutions will benefit from these bonds that will be bank qualified and competitive bidding will be waved on the sale of obligations.

 

Financial Advisor Paul Smith said no one competitively bids on bonds where there is a pledged sales tax – there is not a formal competitive bid under the law.

 

Attorney David Cummings said the finance committee met to study these options and were able to speak directly to financial institutions.  Cummings said there were three advantages to the resolution:  1) No reserve account; 2) No bond insurance policy; 3) No underwriter’s fee.  Cummings commented to the authority “you pressed and you got the best package.”

 

 

 

 

Motion was made by Grossardt and seconded by Giddens approving Resolution granting

final approval to the issuance of not to exceed Twenty-Two Million Dollars $22,000,000.00 in

tax-exempt bonds or notes (the “Bonds”) for county capital improvement projects as follows: (a)

acquisition, construction, operating, maintaining and equipping of a new Kay County Detention

Facility; and (b) operations, maintenance, renovations, repairs, construction and/or demolition of

the existing Kay County Jail for conversion in whole or in part to other governmental uses and

purposes; waiving competitive bidding with regard to sale of the bonds; authorizing and

approving the execution of an Administration Agreement between Kay County ex rel the Kay

County Commissioners and the Authority for the administration of certain sales tax revenues; and

authorizing the Chairman and the Secretary of the Authority to execute any and all required

documents to effectuate the issuance of the Bonds.  Motion carried with a unanimous vote: 

Frederick, aye; Giddens, aye; Grossardt, aye; Robinson, aye; Stieber, aye; Van Hoesen, aye;

Wilson, aye; Young, aye.

 

Cummings said the regular meeting scheduled for Friday, July 25, 2008, would be cancelled and future meetings will follow the regular meeting schedule.  The next meeting will be Friday, August 8, 2008.

 

No unscheduled public appearances were made.

 

There being no other business, motion was made by Frederick and seconded by Van Hoesen to adjourn (1:45 p.m.).  Motion carried.

 

 

 

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Approved this 8th day of August, 2008.

 

 

                                                                             _________________________________

                                                                             Bruce Robinson, Chairman

 

 

Attest:

 

 

________________________________________

Tammy Reese, County Clerk

County of Kay, State of Oklahoma

Secretary, Kay County Justice Facilities Authority

 

 

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