The Norman Transcript

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November 21, 2012

County jail trust releases 8-month-old IRS audit letter

(Continued)

NORMAN —

The Transcript has over the past few weeks requested details of jail trust expenditures. Assistant District Attorney Carol Price Dillingham, the chief of the DA’s civil division, said Tuesday she continues to prepare documents for release to The Transcript

In March 2009, county commissioners acting as members of the Jail Trust Authority, sold the $52 million worth of bonds. They were surprised when the winning contract to build the jail came in at only $24 million, due to a downturn in the economy prompting the low bid.

    Commissioners have said that the actual cost of the jail on U.S. 77 south of Franklin Road is expected to be about $42 million, considering other improvements needed in addition to the jail construction itself. This would include site preparation and street improvements in the area. 

A small fraction of the one-fourth cent sales tax can be spent on maintenance and operations. Keeping a 5 percent reserve required by the state, total cost would be about $46 million, leaving $5 million to $6 million that is not encumbered.  Other allowable costs include payment to Glenn Floyd, the bond advisor, Authority counsel Lindsay Bailey and the financial adviser Marshall Hawkins of Governmental Finance of Oklahoma, Inc. 

Floyd’s law firm received $1.046 million for work on behalf of the authority. The fee amounted to 2 percent of the bond issue. Hawkins and the Authority’s own counsel Bailey were each paid 1 percent or $520,000. 

Floyd said last month that he had not been contacted by the IRS on the matter.

Floyd had reported in March, 2009 to the State Bond Council that his fee was 1 percent of the bond issue. Floyd said the incorrect amount on a state bond form about his fee was a clerical error and that his firm attempted to later correct the percentage.

 

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