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BOOK 63 rmu 6-S3 <br />ON MOTION by Commissioner Lyons, SECONDED by <br />Commissioner Bird, the Board unanimously accepted <br />staff's recommendation to call in the $10,000 bond <br />at the appropriate time unless other financial <br />arrangements are made. <br />Gwenn Bennett advised that if the bond cannot be renewed, <br />the mining operation intends to post the cash. <br />STATUS REPORT ON SANDRIDGE GOLF CLUB <br />Administrator Wright reported that they plan to meet with <br />the contractor next Monday to renegotiate the construction costs <br />on the golf course. <br />Commissioner Bird hoped to bring back a positive report at <br />the next Commission meeting, but felt that we might have to <br />adjust our proposed timetable a bit. <br />Chairman Scurlock advised that bond counsel is proceeding to <br />have things all in place ready to issue when we give him the <br />notice which probably would be within 60-90 days. He reported <br />that Ambec, the insurance agency which has indicated they will <br />insure the golf course issuer, will probably require the race <br />track funds to be pledged. He felt we must be very cautious with <br />those funds because they are the primary source of funds on the <br />golf course issue. <br />Commissioner Lyons wished to see them pledged because the <br />State might decide we cannot have them in the future. <br />OMB Director Joseph Baird explained that he, Administrator <br />Wright and Attorney Vitunac had talked to the bond counsel and <br />even if we were to finance the 30 months of capitalized interest, <br />we will have to bring the money in there and transfer it out. We <br />just have to acknowledge that we have the interest covered and <br />then drop it out at the bottom. It is just a pass through and we <br />can handle it and they are going to put that in writing to us. <br />50 <br />