Newspaper article THE JOURNAL RECORD

Committies Discuss Criteria for Choosing Bond Advisor

Newspaper article THE JOURNAL RECORD

Committies Discuss Criteria for Choosing Bond Advisor

Article excerpt

The processes for selecting a state bond advisor and establishing regulations governing bond issuances by state agencies were discussed Thursday in meetings of both the Legislative Bond Oversight Commission and a joint meeting of the legislative and executive bond oversight commissions.

Two separate bond oversight commissions, one legislative and another executive, were established to oversee government bonding activity by the Oklahoma Economic Recovery Act.

The executive commission met last month. Thursday was the first meeting of the legislative commission.

Bond issuances by state agencies have been of great concern to Gov. Henry Bellmon.

Paul Woolsey, formerly the governor's bond advisor, told a committee of the Oklahoma Legislature earlier this year that state agencies had incurred approximately $3.5 billion indebtedness through bonding activities of the past few years.

"We have been acting in a sort of ad hoc way for about the last six months to bring some order to the system," Bellmon told members of the joint commission Thursday.

The commission chose to place a $1,000 limit on advertising expenses in order to seek a state bond advisor - an individual who will act as chief executive officer for the bond commissions and will work with the various state agencies on their bond issues to make sure they are properly handled.

Placing an advertisement for five days in The Bond Buyer Daily, a national trade publication, as well as ads in The Sunday Oklahoman and Sunday edition of The Tulsa World were discussed at the meeting to get applicants for the position.

Also on the topic of the state bond advisor was the tentative discussion of an annual salary for that position of $75,000.

Sept. 30 has been set as the deadline for receiving applications. The joint commission will meet Oct. 8 to consider the applications received.

In addition, the joint commission plans to meet again Sept. 2 to discuss adoption of rules and regulations for bond activity by the various agencies.

Included in the set of rules to be considered by the joint commission is one which would provide that the state bond advisor would issue a letter or letters setting out approval of the consultants or experts involved in the development of a financing program on a given bond issue.

In addition to the information which has to be provided by the issuing agency, further information from the party which is using the proceeds of the bonds may be required by the two commissions, such as:

- Copies of the user's previous five years annual financial statements, current financial statements and a copy of the recent annual report, if one exists. …

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