Public Facilities Board Meeting
July 15, 2008, 4:00 P.M.
The Public Facilities Board met July 15, 2008, at 4:00 p.m. in the Sherwood District Courtroom. Present were Chairman Linda Napper, Jack Wilson, Bob Dawson, and Forrest Penney. Member Robert Franks absent.
Linda Napper called the meeting to order, and the roll call made. Bob Dawson asked Steve Cobb, City Attorney who employed Joseph Gregory. Mr. Cobb stated that as an extension of the City the Tim Grooms firm hire them. Bob Dawson, seconded by Forrest Penny, made a motion to adopt the minutes of July 14, 2008, as amended. The roll call vote was 4 ayes. Robert Franks absent.
Linda Napper advised that Jim Buttry was on tele-conference if there were any questions for him.
Jack Wilson, seconded by Bob Dawson, made a motion to open for discussion the Twin City Bank proposal. All members present were in favor. Jack Wilson asked that if the research on the revenue stream allowed the public facilities board to finance through franchise fees. Mr. Buttry stated this was correct because the franchise fees are non-tax revenues. Mr. Wilson asked if the Advertising and Promotion tax because of a Supreme Court ruling. Mr. Buttry advised that Amendment 62 and 65, stated that to pledge taxes to debt requires a vote.
Linda Napper asked Mr. Buttry if the proposal with Twin City Bank needs to specify the revenue stream. Mr. Buttry stated there would need to be an understanding of the revenue stream. It was determined that Mr. Buttry would prepare all documents and a resolution for the council advising of the action taken by the public facilities board. Annette VanPelt, Vice President of Twin City Bank, stated that the attorney’s for Twin City Bank would prepare the documents and have Mr. Buttry review them.
Bob Dawson, seconded by Forrest Penney, made a motion to accept the amended proposal from Twin City Bank. The roll call vote was 4 ayes. Robert Franks absent.
Bob Dawson, seconded by Forrest Penney, made a motion to request statement of qualifications. The roll call vote was 4 ayes. Robert Franks absent.
********************************Public Facilities Board Meeting
July 14, 2008, 12:00 p.m.
The Public Facilities Board met July 14, 2008, at 12:00 p.m. in the city council chambers. Present were Chairman Linda Napper, Jack Wilson, and Bob Dawson. Members Robert Franks and Forrest Penny absent. Also present were James A. Buttry and D. Michael Moyers, Attorney’s with Friday Eldredge & Clark.
Linda Napper called the meeting to order, and the roll call made. Jack Wilson, seconded by Bob Dawson, made a motion to adopt the minutes of the July 9, 2008, meeting.
Jack Wilson made a motion to table Twin City Bank’s amended proposal until the public facilities board could seek legal counsel.
Jack Wilson, seconded by Bob Dawson, made a motion to hire counsel to represent the Public Facilities Board. The roll call vote was 3 ayes, Robert Franks and Forrest Penny absent.
Mr. Wilson advised the facilities board is concerned that the board is not moving forward according to statutes as to how the financing is obtained. A request was made by the council to the public facilities board to assist in the financing of up to $6.1 million dollars for the purpose of funding a condemnation suit that will be tried in the next few days.
Mr. Wilson asked Friday Eldredge & Clark attorneys to advise and assist the public facilities board in the financing of the North Hills Country Club property.
The intent of the Public Facilities board is to assist the City of Sherwood in obtaining funds quick to handle the outcome of the condemnation suit.
Jack Wilson, seconded by Bob Dawson, made a motion to recess the meeting until more information could be obtained from legal counsel. The roll call vote was 3 ayes, Robert Franks and Forrest Penny absent.
Joseph Gregory, of Jack Nelson Jones Law Firm, advised the board that they were hired by Tim Grooms firm extending through the city council to represent them in the financing of the North Hills Country Club property. He stated that they would be willing to share the information they have obtained with Friday Eldredge & Clark.
Jack Wilson, seconded by Bob Dawson, made a motion to adjourn.
********************************Public Facilities Board Meeting
July 9, 2008,12:00 p.m.
The Public Facilities Board met July 9, 2008, at 12:00 p.m. in the city council chambers. Present were Chairman Linda Napper, Jack Wilson, Bob Dawson, and Bob Franks. Member Forrest Penny absent.
Linda Napper called the meeting to order, and the roll call made. Jack Wilson, seconded by Robert Franks made a motion to adopt the minutes of the July 1, 2008. All members present were in favor.
Linda Napper opened the sealed proposal made by Twin City Bank.
Jack Wilson, seconded by Bob Dawson, made a motion to consider the proposal and open for discussion.
Jack Wilson, seconded by Bob Dawson, made a motion to accept the proposal subject to Twin City Bank making the following amendments: 1) the prepayment penalty be eliminated, 2) the maturity date be changed from 24 months to 36 months, 3) that the requirements that the City of Sherwood and Public Facilities Board deposit relationship be moved to Twin City Bank be removed. The roll call vote was 4 ayes, Forrest Penny absent.
Annette Van Pelt, Vice President of Twin City Bank, stated that she could have an answer to the above concerns within twenty-four hours. She further stated attorneys for Twin City Bank would prepare the legal documents.
Bob Dawson, seconded by Jack Wilson, made a motion to adjourn.
Jack Wilson, seconded by Bob Dawson, made a motion to adjourn. All members present were in favor.
