Okaloosa County BOCC — November 4, 2014 — Preliminary Official Statement — reading text

securities depository) with respect to the Series 2014 Bonds. Under current industry practices, however, DTC would notify its Direct or Indirect Participants of the County's decision but will only withdraw beneficial interests from a Series 2014 Bond at the request of any Direct or Indirect Participant. In that event, certificates for the Series 2014 Bonds will be printed and delivered. No Assurance Regarding DTC Practices The foregoing information in this section concerning DTC and DTC's book- entry system has been obtained from sources that the County believes to be reliable, but the County, the Underwriter and the Paying Agent take no responsibility for the accuracy thereof. So long as Cede & Co. is the registered owner of the Series 2014 Bonds as nominee of DTC, references herein to the holders or registered owners of the Series 2014 Bonds will mean Cede & Co. and will not mean the Beneficial Owners of the Series 2014 Bonds. None of the County, the Paying Agent or the Underwriter will have any responsibility or obligation to the Participants, DTC or the persons for whom they act 7 with respect to (i) the accuracy of any records maintained by DTC or by any Direct or Indirect Participant of DTC, (ii) payments or the providing of notice to the Direct Participants, the Indirect Participants or the Beneficial Owners, (iii) the selection by DTC or by any Direct or Indirect Participant of any Beneficial Owner to receive payment in the event of a partial redemption of the Series 2014 Bonds or (iv) any other action taken by DTC or its partnership nominee as owner of the Series 2014 Bonds. Registration, Transfer and Exchange The Series 2014 Bonds will be and have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code - Investment Securities Laws of the State of Florida, subject to the DTC Book-Entry Only System and to the provisions for registration, exchange and transfer contained in the Resolution and in the Series 2014 Bonds. The Series 2014 Bonds will be transferable only upon the registration books maintained for such purpose at the corporate trust office of the Registrar. So long as any of the Series 2014 Bonds remain outstanding, the Registrar must maintain and keep books for the registration of the Series 2014 Bonds. All Series 2014 Bonds presented for transfer, exchange, or payment (if so required by the County or the Registrar) must be accompanied by a written instrument or instruments of transfer or authorization for exchange, in form and with guaranty of signature satisfactory to the County or the Registrar, duly executed by the Registered Owner or by his or her duly authorized attorney. The Registrar or the County may require payment from the Registered Owner or transferee of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in connection with any exchange or transfer of the Series 2014 Bonds. Such charges and expenses shall be paid before any new Series 2014 Bonds shall be delivered. The Registrar is not required to issue, transfer or exchange any Series 2014 Bonds between the Record Date and the relative Interest Payment Date on such Series 2014 Bonds or, in the case of any proposed redemption of Bonds, after any such Series 2014 Bonds or any portion thereof has been selected for redemption. New Series 2014 Bonds delivered upon any transfer or exchange will be valid obligations of the County, evidencing the same debt as the Series 2014 Bonds surrendered, will be secured by the Resolution, and will be entitled to all of the security and benefits of the Resolution to the same extent as the Series 2014 Bonds surrendered. 8  The County and the Registrar may treat the Registered Owner of any Series 2014 Bond as the absolute owner thereof for all purposes, whether or not such Series 2014 Bond is overdue, and will not be bound by any notice to the contrary. Redemption Provisions Optional Redemption. The Series 2014 Bonds maturing on and before October 1, 20_, are not redeemable prior to their stated dates of maturity. The Series 2014 Bonds or portions thereof maturing on October 1, 20_, and thereafter, are redeemable prior to their stated dates of maturity, at the option of the County, in whole or in part on October 1, 20_, and on any date thereafter, and if in part from such maturities and in such amounts as the County in its sole discretion shall select and by lot within a maturity if less than a full maturity, from moneys which may be available for such purpose and deposited with the Paying Agent on or before the date fixed for redemption, at a redemption price (expressed as a percentage of the principal amount thereof) as set forth in the table below, together with accrued interest on such principal amount to the redemption date, if redeemed in the following periods: Redemption Period (Both Dates Inclusive) Redemption Price October 1, 20___ through September 30, 20___ October 1, 20___ through September 30, 20___ October 1, 20___ and thereafter Mandatory Redemption. The Term Series 2014 Bonds maturing on October 1, 20_ are to be retired from amounts credited monthly to the Payment Account as mandatory Amortization Installments, which amounts are required to be sufficient to retire by October 1 of each year the principal amount of such Series 2014 Bonds set forth in the table below: 20___ Term Bonds Year Principal Amount * *Maturity 9 Notice and Effect of Redemption The Series 2014 Bonds shall be redeemed only in the principal amount of $5,000 each and integral multiples thereof. The County shall, at least sixty (60) days prior to the redemption date (unless a shorter time period shall be satisfactory to the Registrar) notify the Registrar of such redemption date and of the principal amount of Series 2014 Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Series 2014 Bonds of a single maturity, the particular Series 2014 Bonds or portions of Series 2014 Bonds to be redeemed shall be selected not more than forty-five (45) days prior to the redemption date by the Registrar from the outstanding Series 2014 Bonds of the maturity or maturities designated by the County and, by lot within a maturity, in principal amounts of $5,000 and integral multiples thereof. If less than all of the outstanding Series 2014 Bonds of a single maturity are to be redeemed, the Registrar shall promptly notify the County and Paying Agent (if the Registrar is not the Paying Agent for such Bonds) in writing of the Series 2014 Bonds or portions of Series 2014 Bonds selected for redemption and, in the case of any Series 2014 Bond selected for partial redemption, the principal amount thereof to be redeemed. Notice of such redemption, which shall specify the Series 2014 Bond or Bonds (or portions thereof) to be redeemed and the date and place for redemption, shall be given by the Registrar on behalf of the County, and (A) shall be filed with the Paying Agent for such Series 2014 Bonds, and (B) shall be mailed first class, postage prepaid, at least thirty (30) days prior to the redemption date to all Holders of Series 2014 Bonds to be redeemed at their addresses as they appear on the registration books kept by the Registrar. Each notice of redemption shall state: (1) the CUSIP numbers of all Series 2014 Bonds being redeemed; (2) the original issue date of such Series 2014 Bonds; (3) the maturity date and rate of interest borne by each Series 2014 Bond being redeemed; (4) the redemption date; (5) the redemption price; (6) the date on which such notice is mailed; (7) if less than all outstanding Series 2014 Bonds are to be redeemed the certificate number (and, in the case of a partial redemption of any Series 2014 Bond, the principal amount) of each Series 2014 Bond to be redeemed; (8) that on such redemption date there shall become due and payable upon each Series 2014 Bond to be redeemed the redemption price thereof, or the redemption price of the specified portions of the principal thereof in the case of Series 2014 Bonds to be redeemed in part only, together with interest accrued thereon to the redemption date, and that from and after such date interest thereon shall cease to accrue and be payable; (9) that the Series 2014 Bonds to be redeemed, whether as a whole or in part, are to be surrendered for payment of the redemption price at the principal office of the Paying 10 Agent at an address specified; and (1 0) the name and telephone number of a person designated by the Paying Agent to be responsible for such redemption. Within 60 days of the date of redemption, the Paying Agent shall give a second notice of redemption by mailing another copy of the redemption notice to the Holders of Bonds called for redemption but which have not been presented for payment within 30 days after the date set for redemption. In addition to the mailing of the notice described above, each notice of redemption and payment of the Redemption Price shall meet the following requirements; provided, however, the failure to provide such further notice of redemption or to comply with the terms of this paragraph shall not in any manner defeat the effectiveness of a call for redemption if notice thereof is given as prescribed above. (a) Each further notice of redemption shall be sent by certified mail or overnight delivery service or telecopy to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds and to two or more national information services which disseminate notices of prepayment or redemption of obligations such as the Bonds. (b) Each further notice of redemption shall be sent to such other Person, if any, as shall be required by applicable law or regulation. The County may provide that a notice of redemption may be contingent upon the occurrence of certain condition(s) and that if such condition(s) do not occur the notice will be rescinded, provided notice of rescission shall be mailed in the manner described above to all affected Bondholders not later than three Business Days after the Issuer determines that such conditions will not be satisfied. Any Series 2014 Bond which is to be redeemed only in part shall be surrendered at any place of payment specified in the notice of redemption (with due endorsement by, or written instrument of transfer in form satisfactory to the Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing) and the County shall execute and the Registrar shall authenticate and deliver to the Holder of such Series 2014 Bond, without service charge, a new Series 2014 Bond or Series 2014 Bonds, of the same interest rate and maturity, and of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Series 2014 Bonds so surrendered. Notice of redemption having been given substantially as aforesaid, the Series 2014 Bonds or portions of Series 2014 Bonds so to be redeemed shall, on the 11 redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the County shall default in the payment of the redemption price) such Series 2014 Bonds or portions of Series 2014 Bonds shall cease to bear interest. Upon surrender of