Okaloosa County BOCC — November 4, 2014 — Amending Resolution — reading text

RESOLUTION NO. 14 – _____ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA AMENDING ITS RESOLUTION NO. 09-190, ADOPTED NOVEMBER 17, 2009, IN CERTAIN RESPECTS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Okaloosa County, Florida (the "County") has on November 17, 2009, previously adopted its Resolution No. 09-190 (the "Resolution"), which provides for the issuance from time to time of Sales Tax Revenue Bonds of the County; and WHEREAS, the County has previously issued its Sales Tax Revenue Bonds, Series 2009A and Taxable Sales Tax Revenue Bonds (Direct Payment Build America Bonds), Series 2009B (collectively, the "Series 2009 Bonds"); and WHEREAS, the Resolution provides for the issuance of Additional Bonds (as defined therein), and in connection therewith the creation of a subaccount of the Reserve Account established thereby funded at the Reserve Account Requirement; and WHEREAS, the County desires to amend the Resolution to provide that the Reserve Account Requirement may, with respect to a series of future Bonds, be zero; and WHEREAS, Section 7.01(L) of the Resolution authorizes amendments to the Resolution that, in the opinion of the County, would not materially adversely affect the security for the Bonds; and WHEREAS, since the Series 2009 Bonds continue to be secured by a separate subaccount of the Reserve Account and the absence of a reserve subaccount for a series of Additional Bonds does not affect such security, the County does not believe such amendment would adversely affect the security for the existing Bonds; and WHEREAS, Section 7.03 of the Resolution provides that if all the Bonds Outstanding thereunder are insured or guaranteed as to principal and interest by an Insurer or Insurers and said Bonds shall be rated by the rating agencies which shall have rated the Bonds at the time such Bonds were guaranteed no lower than in the top four rating categories (including gradations) established by said rating agencies on the date of being guaranteed, the Issuer may enact certain Supplemental Resolutions amending certain parts of the Resolution with the written consent of such Insurer or Insurers and the acknowledgment of such Insurer or Insurers that its guaranty policy will remain in full force and effect, without the prior written consent of the Bondholders; and  WHEREAS, Assured Guaranty is the Insurer of all of the Series 2009 Bonds, the only Bonds currently Outstanding under the Resolution, and is rated "AA" by Standard & Poor’s Rating Group, which is the rating agency which rated the Series 2009 Bonds and continues to rate them, and such rating is within the top four rating categories (including gradations) of such services; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY FLORIDA as follows: SECTION 1. The Resolution is hereby amended to provide that, at the option of the County, the Reserve Account Requirement with respect to any Additional Bonds issued under the Resolution may be zero; provided, that at the time of issuance of such Additional Bonds, the Additional Bonds shall be rated (without regard to any credit enhancement) at least AA- or Aa3 by Standard & Poor's Ratings Service or Moody's Investors Service, respectively. SECTION 2. This Amending Resolution shall take effect immediately upon its adoption, and the approval by Assured Guaranty Corp. referenced below.  PASSED AND ADOPTED this 4th day of November, 2014 OKALOOSA COUNTY, FLORIDA Charles K. Windes, Jr., Chairman Board of County Commissioners ATTEST: J D Peacock II Clerk Ad Interim APPROVED: ASSURED GUARANTY CORP. Its: The above-referenced official of Assured Guaranty Corp. acknowledges that its Policy No. D-2009-1620 with respect to the Series 2009 Bonds, shall remain in full force and effect after the above-referenced approval.