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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: October 15, 2013
TO: Honorable Chairman and Members of the Board
FROM: Sunil Harman
SUBJECT: Bond Refunding Resolution
DEPARTMENT: Airport
BCC DISTRICT: All
STATEMENT OF ISSUE: The Board of County Commissioners is requested to approve a
resolution to refund Series 2003 Airport Revenue Bonds and Florida Association of Counties
2008 commercial paper loan.
BACKGROUND: The County has previously approved the solicitation of an underwriter and
bond counsel with the intention of issuing refunding revenue bonds. The bonds are to be used to
finance the refunding of the current Series 2003 airport revenue bonds and repayment of a
"bridge" loan from the Florida Association of Counties used to finance the construction of
projects at Northwest Florida Regional Airport and Bob Sikes Airport. This Resolution formally
authorizes the sale and refunding. Attached hereto are drafts of the Preliminary Official
Statement (POS) and the Third Supplemental Indenture required by the Securities and Exchange
Commission (SEC) which disclose and require continuing disclosure of pertinent financial and
operational information about the Airport of interest to potential bond purchasers. Also attached
is an Escrow Deposit Agreement with The Bank of New York Mellon Trust Company which
serves as the Trustee and Escrow Agent for the bonds, and a Bond Purchase Contract with the
Royal Bank of Canada, the authorized underwriter for the sale, which company agrees to
purchase the bonds for resale to the public.
In addition, the Board is requested to approve the holding of a public hearing on November 5,
2013, to consider adoption of a resolution to approve the issuance of the Refunding Bonds
(Series 2013) a portion of which will be used to repay a commercial paper loan from the Florida
Association of Counties. A portion of that loan was used to finance facilities to be used by
private parties, so Section 147(f) of the Internal Revenue Code of 1986 requires satisfactory
documentation and approval of bond counsel as to the tax-exempt status of any or all of the
proposed Series 2013 Bonds in a public forum.
OPTIONS: Approve, Table or Disapprove
RECOMMENDATIONS: Airport staff and Bond Counsel recommend approval of the
Resolution and the scheduling of a Section 147(f) Public Hearing on November 5, 2013.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator