The Cleveland County Recreational and Entertainment Facilities Authority unanimously approved a resolution<\/a> naming a trustee bank and underwriters for anticipated bonds up to $230 million to finance the Rock Creek Entertainment District<\/a> arena during its meeting Monday.<\/p>\n Cleveland County residents will be able to purchase bonds, according to the authority\u2019s financial advisor, Michael Newman.<\/p>\n \u201cAnybody in Cleveland County who wants to buy a bond will get a bond. Second priority will be Oklahoma residents, third will be institutional investors and then, it\u2019s called \u2018member orders\u2019 for the underwriters to buy for their own account,\u201d Newman said.<\/p>\n This comes after the Cleveland County Board of Commissioners approved an up-to $50 million in bond anticipation note<\/a> in March. The board sold a $5 million portion<\/a> of the bonds in April.<\/p>\n The authority named BancFirst<\/a> as the trustee bank.<\/p>\n \u201cBancFirst is below fee and not charging an acceptance fee, or an annual fee,\u201d Newman said.\u00a0<\/p>\n He recommended the authority name a syndicate of underwriters, who will, according to the resolution, share the responsibility of determining the best terms and conditions for the issuance and sale of the bonds:<\/p>\n \u2022\u00a0Goldman Sachs<\/a> at 47.5%,<\/p>\n \u2022\u00a0Stifel, Nicolaus & Company<\/a> at 45.7%<\/p>\n \u2022 and\u00a0Commerce Blank<\/a> at 5%<\/p>\n Newman explained the decision to recommend Goldman Sachs and Stifel as underwriters.\u00a0<\/p>\n \u201cGoldman has that experience dealing with residents voicing their views. It does not scare them, they\u2019re aware of it, and we make sure all potential underwriters responding were aware of prior litigation\u2026\u201d Newman said. \u201cStifel does a lot of work in the state of Oklahoma as well, at the state level, including the University of Oklahoma.\u201d<\/p>\n On March 6<\/a>, Oklahomans for Responsible Economic Development sent a letter to the city of Norman stating the organization\u2019s intent to sue the city and Cleveland County.<\/p>\n ORED\u2019s letter claims the city and county violated the Open Meetings Act in connection with the adoption of and attempt to move forward with the Rock Creek Entertainment District project plan. The letter noted the Cleveland County Board of County Commissioners\u2019 March 2 meeting<\/a>, where the board unanimously approved the bond anticipation note for the entertainment district.<\/p>\n Read more:<\/strong><\/p>\n