By Peggy Laizure
Transcript Staff Writer
Cleveland County’s newly-formed Justice Authority waived the competitive bid process for the sale of bonds funding the new detention center.
Attorney Glenn Floyd requested the action and said the sale would be competitive.
“This does not mean the interest rate will not be competitive,” Floyd said. “All that means is they wouldn’t advertise two weeks before in a newspaper.”
The action was taken at a special meeting of the Cleveland County Justice Authority. Floyd said the sale of bonds would not exceed $52 million, the projected cost of construction, attorney, architect and financial adviser fees.
Floyd said it’s better to do an educated negotiated rate. He also said about 80 percent of bonds issued across the nation do it this way. The package will be put together, Floyd said, and at least 100 statements will be mailed to different bidders, including those interested in Oklahoma and Cleveland County.
Although the original estimates for construction and the initial operation of the center has been a little over $40 million, Floyd said they always ask for a little more.
“It’s better to than to come back two or three times asking for more money,” he said. “Also the tax money won’t be available for a while.”
The one-fourth of a cent sales tax voters approved in December will not go into effect until April 1, and that money won’t be received by the county until after that.
The bonds will be tax-exempt from both state and federal income taxes and will be available for purchase by local investors. These bonds will be sold on a negotiated basis to D.A. Davidson & Co. Interested local investors should contact D.A. Davidson & Co., the underwriter, at its office here in Norman at 3750 W. Main St., 360-9238. The bonds should be available for purchase by mid February.
Meeting as county commissioners, Rod Cleveland was elected chairman of the board of commissioners at Monday’s meeting. Rusty Sullivan was elected vice chairman.
Cleveland expressed concern over interlocal agreements with the City of Norman, asking for quicker response time from the city.
“We want to work with Norman as much as possible but we can’t wait for them,” he said.
Also Monday, commissioners:
• Appointed Sheriff Joseph Lester and Rhett Burnett as requesting officers on all sheriff’s office accounts and Canita Reeves as receiving officer on all election board accounts.
• Tabled bids for bulk oils for another week on the request of purchasing agent Melinda Duke and struck a maintenance agreement between the county treasurer and Stanley Convergent Security Solutions, Inc. for a video surveillance system.
Also Monday, commissioners:
· Appointed Sheriff Joseph Lester and Rhett Burnett as requesting officers on all sheriff's office accounts and Canita Reeves as receiving officer on all election board accounts.
· Tabled bids for bulk oils for another week on the request of purchasing agent Melinda Duke and struck a maintenance agreement between the county treasurer and Stanley Convergent Security Solutions, Inc. for a video surveillance system.
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UPDATED: County waives competitive bidding on jail bonds
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