Okaloosa County BOCC — November 5, 2013 — reading text

surcharge. - Decommissioning and demolition of the existing Main Base and Plew WWTPs are not included in this scope. - All work by OCWS must be approved in accordance with Section 255.20(1)(c)9 of Florida Statutes. *END OF SOW (dated REV: 25 Nov 2013) OKALOOSA COUNTY WATER & SEWER ENGINEERING (End of Summary of Changes) Packet Pg. 532  CONTRACT & LEASE INTERNAL COORDINATION SHEET Contract/Lease Number: _i - I 0 Tracking Number: -/ COntractor/Lessee Name:. 1<) 4 t Grant Funded: YES_ NO,' Purpose Date/Term /3c) )a_ -' LII GREATER THAN $50000 Amount 2 11 GREATER THAN $25 000 Department (.-C)13 3 ,$25 000 OR LESS Dept Monitor Name: L4 1i-. 1)ue Document has been reviewed and ircIudes any altachmenls or exhibits. Purchasing Review Pr c ent req ent m f: Date: 1 1 5Z7-13 Puc!'Yg ire r or dignee I Risk Management Review Date_ Risk M nager or designee County Attorney Review W ast Date. Following Okaloosa County approval: Contracts & Grants Document has been received: Date: Contracts & Grants Manager Packet Pg. 533  BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: December 17, 2013 TO: Honorable Chairman and Members of the Board FROM: John Hofstad SUBJECT: 2013/2014 Project Carry-forward Request DEPARTMENT: Public Works BCC DISTRICT: One & Three STATEMENT OF ISSUE: Due to weather, materials complications and contractor delays, staff is requesting that the following projects be carried forward from the Road and Bridge 2012/2013 capital budget to the 2013/2014 budget to allow vendors and staff sufficient time to complete this work. The projects include: Foxwood Phase 2, Gilmore Road, Robinson Road, Lighthouse Church Road, Kervin Road and the remainder of the Cold Mix Preservation funds. BACKGROUND: The Public Works Roads Division develops an annual 5-year Capital Improvement Program Budget for roads in Okaloosa County. Funds are budgeted for specific fiscal years and the money must be carried forward from one budget year to the next (or transferred from reserves) if a project will not be completed within the specified budget year. All account numbers and previously budgeted funding will remain the same, although it should be noted that some increases in materials costs for recently bid asphalt and base material contracts have not been taken into consideration and are awaiting contract approval by the Board. If additional funding will be required to complete the projects, transfers may be requested at a later date. OPTIONS: Approve/Disapprove. RECOMMENDATIONS: Staff recommends approval of the carry-forward project list as proposed. RECOMMENDED BY: APPROVED BY: Packet Pg. 534 Ernie Padgett, County Administrator Packet Pg. 535 Cold Mix Rehabilitation Double Chip List Fog Seal Chip Seal Seal Overlay Final List $ 0.40 $ 1.87 $ 3.25 $ 5.65 Treatments Double Chip Sq. Road Name From To District Fog Seal Chip Seal Seal Overlay Feet Width Yardage Cost Batten Rd John Nix End 1 100% 100% 1960 20 4356 $ 15,898 Clover St Auburn Rd End 1 100% 100% 1250 20 2778 $ 10,139 Donald Guy Chip Sealed area End 1 100% 3753 21 8757 $ 3,503 Bluebird Ln Swan Av End 1 100% 100% 1970 20 4378 $ 15,979 Gold Finch Way Hibiscus Av Kimp Rd 1 100% 100% 4000 20 8889 $ 20,178 Jonquil St Auburn Rd End 1 100% 100% 1243 20 2762 $ 10,082 Zadie Lane Bethany Drive Audrey Drive 1 100% 100% 1875 21 4375 $ 15,969 Perry Smith Road Hwy 90 End 3N 100% 2600 22 6356 $ 35,922 Robin Auburn Rd End 1 100% 4013 20 8918 $ 50,403 Gilmore Rd Hwy 90 End of CM 3N 100% 100% 2640 20 5867 $ 13,317 Griffith Mill Melton Rd Hwy 4 3N 100% 1584 20 3520 $ 1,408 Liberty Blvd Springtime Ave 3rd 3N 100% 1056 20 2347 $ 939 Total : $ 193,736 $ 193,736 MOB & MOT $ 2,520 District 1 $ 143,410 Total: $ 196,256 District 3 $ 52,846 Packet Pg. 536  BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: December 17, 2013 TO: Honorable Chairman and Members of the Board FROM: Sunil Harman SUBJECT: A Resolution Authorizing Refinancing Series 2013 Bonds and FLGFC Loan DEPARTMENT: Airport BCC DISTRICT: ALL STATEMENT OF ISSUE: The Board of County Commissioners is requested to approve a Resolution that will amend and restate Resolution No.13-164. This amended Resolution will authorize the refinancing of the County’s Series 2003 Airport Revenue Bonds and Repay $1.2 million of the existing $2 million loan with the Florida Local Government Finance Commission (“FLGFC”) through a negotiated sale with Compass Mortgage Corporation (“Compass”). BACKGROUND: The Board had previously approved Resolution No. 13-164 on November 5, 2013 which authorized the refinancing through a Bond Purchase Contract with Royal Bank of Canada and a subsequent resale of bonds to the public. Since then, the County has solicited nineteen banks to provide a direct loan for the refinancing. The County received three proposals. A fair and impartial analysis was performed by the County and coordinated with the County’s financial advisor. Two of the proposals were deemed non-responsive as they did not meet the criteria in the term sheet provided within the Request for Proposals. One of the non-responsive proposals offered a loan with a final maturity of October 1, 2023 with an approximately $5 million balloon payment due on that date, whereas the County was seeking a loan with a final maturity of October 1, 2030 structured to produce level annual debt service. The other non- responsive proposal required a County Covenant to Budget and Appropriate as an additional security for the Bonds. The third proposal, submitted by Compass, met all of the criteria in the term sheet. Compass is proposing a direct loan with a final maturity of October 1, 2030 at a fixed interest rate of 3.31% (Option 1). The County and its financial advisor evaluated the economics of this approval and concluded that it contained more favorable terms than what could be achieved through a bond offering to the public. Attached is a matrix that provides a comparison of the bank loan and a bond offering at estimated market interest rates. Furthermore, the bank is not requiring the County to have a Reserve Fund in place which will enable the County to use its existing Reserve Fund to pay down a portion of the Series 2003 Bonds and reduce the size of the loan. Compass also provided an alternate term structure with a final maturity of October 1, 2028 at a fixed interest rate of 3.15%. Even with the shorter term, the annual debt service on this loan would provide annual savings compared to what is currently being paid on the Series 2003 Bonds and have $500,000 lower interest cost than Option 1. This option would result in a present value savings of $1.7 million, or 20% of the refunded bonds. Thus, the County staff recommends proceeding with Option 2.The Resolution will delegate to the Chairman the authority to sign the final documents and approve final terms of the bonds based on final payoff amounts and dates. The principal amount shall not exceed $10 million, the net present value savings associated with refunding the Series 2003 Bonds shall not be less than 10%, and the costs of issuance shall not exceed 2% of the principal amount of the bonds. A copy Packet Pg. 537 of the Compass Bank proposal is also attached. OPTIONS: Approve, Reject or Table RECOMMENDATIONS: Approve and authorize the Chairman to sign the Resolution as of this date, and final loan closing documents when final payoff amounts and dates are established. RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator Packet Pg. 538 Packet Pg. 539 Packet Pg. 540 Packet Pg. 541 Packet Pg. 542 Packet Pg. 543 Packet Pg. 544 Packet Pg. 545 Packet Pg. 546 Packet Pg. 547 Packet Pg. 548 Packet Pg. 549 Packet Pg. 550 Packet Pg. 551 Packet Pg. 552 Packet Pg. 553 Packet Pg. 554 Packet Pg. 555 Packet Pg. 556 Packet Pg. 557 Packet Pg. 558 Packet