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Okaloosa County BOCC — April 1, 2014 — reading text
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Warrior Service Dogs and all travelers
•No bones about it, the Airport welcomes the increasing number of
furry passengers who visit the airport and we’re sure the dog park
will help ‘keep those tails a waggin.’
L-R: Wounded Warrior with service
animal; Angie & Dozer the Therapy
Dog; Past Commissioner Elaine
Tucker’s dog Rambo travels with her
all the time from VPS!
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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: April 1, 2014
TO: Honorable Chairman and Members of the Board
SUBJECT: Visitor - FL Dept. of Health, Okaloosa
Florida Department of Health in Okaloosa County requests to present memorandum of
agreements (MOA) to the Board for consideration and approval. These MOA pertains to use the
Emerald Coast Convention Center and the Boardwalk on Okaloosa Island during public health
emergencies. The attached documents have been approved and signed by the FDOH - Okaloosa
legal team and the Director.
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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: April 1, 2014
TO: Honorable Chairman and Members of the Board
FROM: Rick Owen
SUBJECT: Public Hearing - Issuance of Utilities System Revenuel Bonds
DEPARTMENT: County Administrator
BCC DISTRICT:
STATEMENT OF ISSUE: Auburn Water District requests Board assistance in obtaining
industrial bonds for Auburn Water Systems.
BACKGROUND: Mr. Jason Grubbs from the Frazier Lanier Company presented a proposal to
the Board at the February 18, 2014 BCC meeting for assistance in obtaining utility system
revenue bonds for Auburn Water System. Along with approval of an inducement resolution, the
Board gave direction to advertise a public hearing.
A resolution approving the issuance of Utilities System Revenue Bonds is attached.
OPTIONS: Approve/Disapprove the resolution.
RECOMMENDATIONS: Staff recommends approval of the resolution.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator
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NGN Draft No.2 3/26/2014
019.14
BOND TRUST INDENTURE
BETWEEN
OKALOOSA COUNTY, FLORIDA, as Issuer
AND
__________________________,
as Bond Trustee
DATED AS OF APRIL 1, 2014
$___________
Okaloosa County, Florida
Utilities System Revenue Bonds, Series 2014
(Auburn Water System, Inc. Project)
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TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
SECTION 1.1. DEFINITIONS ............................................................................................4
ARTICLE II
THE BONDS
SECTION 2.1. AUTHORIZED AMOUNT OF BONDS ..................................................14
SECTION 2.2. ISSUANCE OF SERIES 2014 BONDS; ADDITIONAL BONDS ..........14
SECTION 2.3. EXECUTION; LIMITED OBLIGATION; NO LIABILITY OF
STATE .................................................................................................16
SECTION 2.4. AUTHENTICATION................................................................................16
SECTION 2.5. FORM OF BONDS AND TEMPORARY BONDS .................................17
SECTION 2.6. DELIVERY OF SERIES 2014 BONDS ...................................................17
SECTION 2.7. MUTILATED, LOST, STOLEN OR DESTROYED BONDS ................18
SECTION 2.8. TRANSFER AND EXCHANGE OF BONDS; PERSONS
TREATED AS OWNERS ...................................................................18
SECTION 2.9. BOOK-ENTRY ONLY SYSTEM FOR THE BONDS ............................19
SECTION 2.10. SUCCESSOR SECURITIES DEPOSITORY; TRANSFERS
OUTSIDE BOOK-ENTRY ONLY SYSTEM ....................................20
SECTION 2.11. PAYMENTS AND NOTICES TO CEDE & CO .....................................20
ARTICLE III
APPLICATION OF BOND PROCEEDS AND
REQUIRED FUND DEPOSITS
SECTION 3.1. EXPENSE FUND......................................................................................21
SECTION 3.2. PROJECT FUND ......................................................................................21
SECTION 3.3. DEPOSIT OF BOND PROCEEDS...........................................................22
ARTICLE IV
REVENUES AND FUNDS
SECTION 4.1. SOURCE OF PAYMENT OF BONDS ....................................................24
SECTION 4.2. BOND SINKING FUND ..........................................................................24
SECTION 4.3. REDEMPTION FUND .............................................................................24
SECTION 4.4. INVESTMENT OF FUNDS; INCOME ...................................................24
SECTION 4.5. TRUST FUNDS ........................................................................................25
SECTION 4.6. EXCLUDED FUNDS; TRANSFERS TO REBATE FUND....................25
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ARTICLE V
REDEMPTION OF BONDS
SECTION 5.1. MANDATORY SINKING FUND REDEMPTIONS WITHOUT
PREMIUM...........................................................................................26
SECTION 5.2. OPTIONAL REDEMPTION ....................................................................27
SECTION 5.3. PURCHASE IN LIEU OF REDEMPTION ..............................................28
SECTION 5.4. NOTICE OF REDEMPTION; CONDITIONAL NOTICE ......................28
SECTION 5.5. METHOD OF SELECTING BONDS IN CASE OF PARTIAL
REDEMPTION....................................................................................29
SECTION 5.6. BONDS DUE AND PAYABLE ON REDEMPTION DATE;
INTEREST CEASES TO ACCRUE ...................................................29
SECTION 5.7. CANCELLATION ....................................................................................29
ARTICLE VI
GENERAL COVENANTS
SECTION 6.1. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, AND
INTEREST...........................................................................................30
SECTION 6.2. PERFORMANCE OF COVENANTS; LEGAL
AUTHORIZATION.............................................................................30
SECTION 6.3. OWNERSHIP; INSTRUMENTS OF FURTHER ASSURANCE ...........30
SECTION 6.4. RECORDING AND FILING ....................................................................31
SECTION 6.5. BOOKS AND RECORDS ........................................................................31
SECTION 6.6. LIST OF BONDHOLDERS......................................................................31
SECTION 6.7. RIGHTS UNDER THE LOAN AGREEMENT .......................................31
SECTION 6.8. DESIGNATION OF ADDITIONAL PAYING AGENTS .......................31
SECTION 6.9. ARBITRAGE; COMPLIANCE WITH TAX EXEMPTION
AGREEMENT.....................................................................................31
ARTICLE VII
EVENTS OF DEFAULT AND REMEDIES
SECTION 7.1. EVENTS OF DEFAULT ..........................................................................33
SECTION 7.2. ACCELERATION ....................................................................................34
SECTION 7.3. REMEDIES; RIGHTS OF BONDHOLDERS..........................................35
SECTION 7.4. DIRECTION OF PROCEEDINGS BY HOLDERS.................................35
SECTION 7.5. APPOINTMENT OF RECEIVERS ..........................................................36
SECTION 7.6. APPLICATION OF MONEYS.................................................................36
SECTION 7.7. REMEDIES VESTED IN BOND TRUSTEE...........................................37
SECTION 7.8. RIGHTS AND REMEDIES OF BONDHOLDERS .................................37
SECTION 7.9. TERMINATION OF PROCEEDINGS.....................................................38
SECTION 7.10. WAIVER OF EVENTS OF DEFAULT ...................................................38
SECTION 7.11. BORROWER'S RIGHTS OF POSSESSION AND USE OF
PROPERTY.........................................................................................39
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SECTION 7.12. WAIVER OF REDEMPTION; EFFECT OF SALE OF TRUST
ESTATE...............................................................................................39
SECTION 7.13. NOTICE OF DEFAULT. ..........................................................................39
ARTICLE VIII
THE BOND TRUSTEE
SECTION 8.1. ACCEPTANCE OF THE TRUSTS ..........................................................40
SECTION 8.2. FEES, CHARGES AND EXPENSES OF BOND TRUSTEE AND
ANY ADDITIONAL PAYING AGENT ............................................42
SECTION 8.3. NOTICE TO THE ISSUER AND BONDHOLDERS IF
DEFAULT OCCURS ..........................................................................43
SECTION 8.4. INTERVENTION BY BOND TRUSTEE ................................................43
SECTION 8.5. SUCCESSOR BOND TRUSTEE .............................................................43
SECTION 8.6. BOND TRUSTEE REQUIRED; ELIGIBILITY ......................................43
SECTION 8.7. RESIGNATION BY THE BOND TRUSTEE ..........................................44
SECTION 8.8. REMOVAL OF THE BOND TRUSTEE .................................................44
SECTION 8.9. APPOINTMENT OF SUCCESSOR BOND TRUSTEE BY THE
BONDHOLDERS; TEMPORARY BOND TRUSTEE ......................44
SECTION 8.10. CONCERNING ANY SUCCESSOR BOND TRUSTEES ......................45
SECTION 8.11. BOND TRUSTEE PROTECTED IN RELYING UPON
RESOLUTION, ETC...........................................................................45
SECTION 8.12. SUCCESSOR BOND TRUSTEE AS BOND TRUSTEE OF
FUNDS, PAYING AGENT AND BOND REGISTRAR ...................45
SECTION 8.13. PAYING AGENTS; APPOINTMENT AND ACCEPTANCE OF
DUTIES; REMOVAL .........................................................................46
ARTICLE IX