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Okaloosa County BOCC — March 18, 2014 — Agreement to release SAR letter — reading text
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Hancock Bank
PUBLIC FINANCE DEPARTMENT
March 10, 2014
Honorable Board of County Commissioners of
Okaloosa County, Florida
C/o: Mr. Gary Stanford
Finance Officer
Okaloosa County, Florida
C/o: = Mr. Mark Galvin
Senior Vice President
First Southwest
Re: $5,000,000 Beach Restoration Revenue Note, Series 2012
Amending the loan documents to release the pledge of Special Assessment Revenues
Dear Commissioners:
The County’s financial adviser, First Southwest, has requested that Hancock Bank consider relinquishing
its rights to the pledge of “Special Assessment Revenues” (SARs) that are currently pledged toward the
repayment of the above referenced loan. In addition to the SARs the loan is also secured by the
proceeds of the County’s 1* penny Tourist Development Tax (TDT) and certain funds and accounts
established in conjunction with the issuance of the 2012 Note.
Hancock Bank very much desires to work with the County and to give the Board of Commissioners the
flexibility it needs to deal with its constituents and stakeholders. Given the sufficiency of the TDT
revenues, Hancock Bank would agree to release the pledge of Special Assessment Revenues toward the
Series 2014 Note.
Our offer is contingent upon the County’s Bond Counsel (Nabors, Giblin & Nickerson) working closely
with us regarding any amendments to the Note Resolution and other loan documents that would be
necessary to effect the release of the SARs lien.
113 Designer Circle / Dothan, AL 36303
334-792-8422 / Fax 334-792-8424 / Toll Free (888) 516-7373
Okaloosa County Beach Restoration Revenue Note, Series 2014
Page 2
The Bank would need to review and approve all changes to the loan documents (reflecting this release
of lien) prior to adoption and/or execution. In addition, the County’s Bond Counsel would provide to
Hancock Bank an opinion letter (addressed to the Bank) in a form and substance acceptable to the Bank.
The opinion letter would provide assurances to us that no changes are being made to the loan security
and terms, other than the releasing of the lien on the Special Assessment Revenues.
Please let me know if you need additional information.
Sincerely,
HANCOCK BANK
An ELE
Steven E. Cole
Senior Vice President
Public Finance Department