Claremore Daily Progress

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July 31, 2012

Bond attorney arranges $33.5M repayment plan

Commissioners approve resolutions

CLAREMORE — The Rogers County Commissioners unanimously voted  Monday to approve two separate resolutions that will pave the way for the payment of the multi-million-dollar judgment for Material Services Inc.

As the judgment approaches $30 million, the commissioners were looking for a way to “stop the bleeding” as interest continues to accrue, according to commissioner Mike Helm.
“We have been working on this diligently,” said Paul Johanning, municipal bond attorney from Oklahoma City.
Johanning continued to explain how the special account would work, be managed and the purpose.
The resolution to approve the issue has a maximum amount of $33.5 million and the bond is not expected to exceed this amount, according to Johanning.
Tax collection will begin Oct. 1 and repayment is expected to begin in November.
However, collection from the recent sale tax proposal is not expected to be received until early 2013.
As a result, the bond, has been put into place to secure funding to begin scheduled payments and reduce fees associated with any delay that would occur.
“You don’t want to go in and scrap up money to make a payment, so we have set up a system,” Johanning said.
The potential for an increase in sales tax revenue exists and as a result, more money could be collected than needed to meet payments. Due to this condition, the account has been set up to handle that situation if it occurs.
“To accommodate the increase,  the long bond will be called in with excess revenue,” Johanning explained.
The excess will be used to pay the judgment off faster.
“You can not use this money for anything else,” Johanning said. “You voted it for this and nothing else.”
Johanning explained in detail to the commissioners what the purpose of the bond will be and made multiple statements that the funds were solely for this purpose.

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