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Okaloosa County BOCC — August 19, 2014 — FLGFC — reading text
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Florida Local Government Finance Commission (FLGFC)
Pooled Commercial Paper Program
• This Pooled Commercial Paper Program is sponsored by the Florida Association
of Counties.
• The Airport participated in the program for the Terminal construction – $4.5 mil.
o Repaid from proceeds of Series 2003 Bond issue
• The Airport also participated in the program in 2008 to assist in construction of
projects for rental car service area and cargo facility in the amount of $2 million
o Repaid from proceeds of Series 2014 Bond issue
• The Airport is considering participating in the program again to fund projects at
NWFRA, Bob Sikes, and Destin Airports
o Purpose is to serve as a “bridge” loan pending reimbursement from grants
anticipated to be received from the FAA and FDOT over the next five
years
• Interest rates are variable on this tax-exempt financing.
o Current short-term rates are approximately 0.25%
o Other fees authorized for the FLGFC result in an “all-in” rate of
approximately 1.25%
o Flexible repayment terms
o Loan would be subordinate to Airport’s outstanding series of bonds