READ ALONGSIDE THE SOURCE
Okaloosa County BOCC — October 2, 2012 — Action Item Printout — reading text
Part 1 of 1. These parts divide the reading text for browsing; they are not the source document's page numbers.
Machine-extracted text — 38-Action Item Printout.pdf
Machine-extracted OCR text · Review label: Machine produced / unreviewed
Compare this copy with the preserved source. Review labels describe the recorded status of this file; they do not guarantee that the text is error-free. Spacing and line breaks are retained, with long lines wrapped to fit the screen.
BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: November 6, 2012
TO: Honorable Chairman and Members of the Board
FROM: Greg Donovan
SUBJECT: Approval of Resolution to Refinance Capital Projects Loan
DEPARTMENT: Airport
BCC DISTRICT: All
STATEMENT OF ISSUE: The BCC is requested to approve a resolution authorizing the
refinancing of an existing $2 million loan.
BACKGROUND: The Airport currently has a $2 million loan from the Florida Local
Government Finance Commission for the purpose of financing various capital projects at County
airports. There is an unspent balance of $875,742.51 from the previous loan which will be rolled
into the new loan. Use of these funds will provide necessary matches to FAA and FDOT grants
for new capital projects listed in Exhibit B. The refinancing is being done at this time because
the loan principal is due in December 2012 and finance conditions are extremely favorable. The
Airport intends to replace the loan with fixed rate bonds within the next year with BCC
concurrence in conjunction with a potential refunding of its Series 2003 Bonds. Attached to the
proposed BCC Resolution is a copy of the loan agreement which is for information only and
should not be signed. The Loan Agreement will be executed at the same time as the closing
documents a week or so before closing.
OPTIONS: Approve, Reject or Table
RECOMMENDATIONS: Approve and sign the Resolution and authorize the signature of the
Loan Agreement when required for the closing.
RECOMMENDED BY:
APPROVED BY:
James D. Curry, County Administrator