Okaloosa County BOCC — April 19, 2016 — Bond Resolution and Authorization — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: April 19, 2016 TO: Honorable Chairman and Members of the Board FROM: Frank Hart SUBJECT: Bond Resolution and Authorization DEPARTMENT: County Administrator BCC DISTRICT: All STATEMENT OF ISSUE: After presentation by Mark Galvin, First Southwest, a division of Hilltop Securities Inc., and review with Mark Mustian, Nabors, Giblin and Nickerson, P.A., the Board is asked to consider and approve: A Resolution supplementing Resolution No. 09-190 and providing for the issuance of the 2016 bonds for the Crestview Courthouse, not to exceed the amount of $14 million and delegating to the Chairman of the Board of County Commissioners and the County Administrator the authorization to determine final structure within certain established parameters. BACKGROUND: On February 16, 2016 the Board of County Commissioners authorized staff and the County’s Financial Advisor, Mark Galvin of First Southwest, a Division of Hilltop Securities Inc., to move forward with a 30 year bond issue for up to $14 million to fund the construction plan of the Crestview Courthouse. Concurrently, the County Administrator, legal team, Clerk of Courts Finance Director, and other staff members and the County’s bond underwriters (RBC Capital Markets and Crews and Associates) have worked with the County’s financial advisor and bond counsel in preparing the necessary documents including drafts of the preliminary official statement and supplemental bond resolution. The County, as part of this process, had their AA rating from Standard and Poor’s affirmed and Fitch Rating Services reaffirmed the County’s AA- rating. Approval of the Resolution will provide the Chairman of the Board of County Commissioners and the County Administrator the authorization to determine final structure within certain established parameters. OPTIONS: Approve/Disapprove RECOMMENDATIONS: Staff recommends approval of a resolution supplementing Resolution No. 09-190 and providing for the issuance of the 2016 bonds for the Crestview Courthouse, not to exceed the amount of $14 million, and delegating to the Chairman of the Board of County Commissioners and the County Administrator, the authorization to determine final structure within certain established parameters. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator