Inside your Collab course site, click on Online Meetings. Click "Schedule a new meeting."

Scroll down and select the option for "Recurring meeting."

You can set the meeting to occur daily, weekly, monthly, or no fixed time. 

Selecting the weekly option will allow you to choose the specific days you would like the meeting to occur (for example, Monday, Wednesday, and Friday). 

Selecting the option for monthly recurrence allows you to select the day each month the meeting will happen. 

The "No fixed time" option will create a meeting that you can begin or end at any time. The link will remain valid until you delete the meeting.