|Historical Timeline Of
The Quail Springs Church of Christ
The elders decided to finance a new larger building with a bond issue. To save consultant fees, Darvin Keck and James Cail offered to issue the bonds themselves. The original issue for $1,567,000 was in 1978. In 1980 a second issue for $1 million paid for a classroom addition.
Partially because of a financial slump in Oklahoma City during the 1980's,
the congregation had financial difficulties. When the first series of bonds matured in 1982
funds were not available to pay them. Thus another $1.3 million in bonds was issued to pay
the previous issue. This was repeated in 1985, 1987, 1988, 1989 and 1990. New bonds were
issued to pay the maturing bonds plus accrued interest. Shortfalls in the operational budget
prevented deposits into a bond sinking fund. Financial collapse was approaching.*
*Henderson, Robert Mark, "Leadership and the life of God: distribution of ministerial gifts and leadership practices at the Quail Springs Church of Christ" (2004), thesis presented to ACU, page 14.