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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: May 6, 2014
TO: Honorable Chairman and Members of the Board
FROM: Rick Owen
SUBJECT: Amended Bond Resolution for Beach Restoration MSBU
DEPARTMENT: County Administrator
BCC DISTRICT: All
STATEMENT OF ISSUE: Staff requests Board consideration and approval of
Amended Bond Resolution which eliminates the special assessments as a pledge
revenue for the repayment of the note funding the West Destin Project.
BACKGROUND: At the March 18, 2014 BCC meeting, the Commission gave
staff direction to prepare the necessary documentation to release the pledge of the
assessment revenue and to develop, advertise, and bring back to the Board an
ordinance to repeal existing Ordinance 07-57 that established the Okaloosa County
Beach Restoration Program MSBU.
This agenda item begins the aforementioned process through an Amended Bond
Resolution which would eliminate the special assessments as a pledge revenue for
the repayment of the note funding the West Destin project. This action is separate
from the repeal of the special assessment itself which is being scheduled for the
May 20th meeting.
The Amended Resolution has already been prepared and has been approved by the
bank holding the note, in addition to Mark Galvin at First Southwest. It is
important to note that the amendment of the bond resolution is distinct from the
repeal of the MSBU. The Board could amend the resolution and still keep the
assessments in place.
OPTIONS: Approve/Disapprove Amended Bond Resolution
RECOMMENDATION: Staff recommends approval of Amended Bond
Resolution.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator