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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: November 5, 2013
TO: Honorable Chairman and Members of the Board
FROM: Sunil Harman
SUBJECT: Airport Revenue Refunding Bonds Public Hearing
DEPARTMENT: Airport
BCC DISTRICT: All
STATEMENT OF ISSUE: The Board of County Commissioners is requested to conduct a
public hearing in compliance with the Internal Revenue Code of 1986, to receive comments for
or against the issuance of Airport Revenue Refunding Bonds.
BACKGROUND: The County’s Series 2003 Bonds, which the proposed Series 2013 Bonds
will refund, were issued as “private activity bonds,” since they financed improvements to the
airport used in part by private parties (generally, the commercial airlines). Under the Internal
Revenue Code of 1986, as amended (the “Code”), prior to issuance of such refunding Series
2013 Bonds the County is required to hold a duly noticed public hearing (also called a TEFRA
hearing), at which members of the public may comment on the advisability of issuing or not
issuing the Series 2013 Bonds for such purpose. After such hearing is held, the County may
“approve” the issuance of the Series 2013 for purposes of the Code.
OPTIONS: Approve, Table, Disapprove
RECOMMENDATIONS: Staff recommends approval of the Resolution allowing the issuance
of Series 2013 Okaloosa County, Florida Airport Revenue Refunding Bonds.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator