Okaloosa County BOCC — May 6, 2014 — Amending Resolution to Beach Restoration Note

RESOLUTION NO. 14-___ A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA AMENDING ITS RESOLUTION NO. 12-142, ADOPTED WITH RESPECT TO THE COUNTY’S BEACH RESTORATION NOTE, SERIES 2012; ELIMINATING THE PLEDGE OF THE REVENUES DERIVED FROM SPECIAL ASSESSMENTS IN THE OKALOOSA COUNTY BEACH RESTORATION PROJECT MUNICIPAL SERVICES BENEFIT UNIT TO SECURE THE NOTE; AND PROVIDING AN EFFECTVIE DATE. WHEREAS, the Board of County Commissioners of Okaloosa County, Florida (the "Issuer") has previously issued its Beach Restoration Revenue Note, Series 2012 (the "Note") pursuant to Resolution No. 12-142 of the Board of County Commissioners of the Issuer, adopted October 16, 2012 (the "Note Resolution"); and WHEREAS, the Note Resolution pledges as security for the Note the Pledged Funds, which consists in part of the Pledged Revenues, which are defined in the Note Resolution to include certain special assessments (the "Special Assessments") imposed within the Okaloosa County Beach Restoration Project Municipal Services Benefit Unit; and WHEREAS, the Issuer desires to modify the security for the Note to delete the pledge of the Special Assessments and any future proceeds thereof; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA as follows: SECTION 1. The Note Resolution is hereby amended to provide that the definition of "Pledged Revenues" contained therein shall read as follows: "Pledged Revenues" shall mean the proceeds of the Tourist Development Tax. SECTION 2. The Note Resolution is hereby amended to provide that all references therein to the Special Assessments shall be eliminated, and the Issuer shall not be required to levy the Special Assessments in connection with payment of the Note. Notwithstanding the foregoing, any proceeds of Special Assessments received by the Issuer prior to the date of this Resolution shall be applied as provided in the Note Resolution before this amendment. SECTION 3. Except as amended hereby, the Note Resolution shall remain in full force and effect. SECTION 4. This Resolution shall take effect immediately upon its adoption.  PASSED, APPROVED AND ADOPTED this 6th day of May, 2014. OKALOOSA COUNTY, FLORIDA (OFFICIAL SEAL) Chairman, Board of County Commissioners ATTEST: Clerk of the Board of County Commissioners Approved as to form and correctness: County Attorney ACCEPTED AND APPROVED: HANCOCK BANK, as owner of the Note By: Its: