Okaloosa County BOCC — October 2, 2012 — Revised Resolution — reading text

made in regard to the Loan shall bear interest at the Loan Rate in accordance with the terms of the Loan Agreement. The Public Agency further agrees to make all Loan Repayments required of it pursuant to the terms of the Loan Agreement. The letter of credit fee with respect to the Loan shall equal 85 basis points or such other amount as may be agreed upon between the Public Agency and the Bank. SECTION 7. AUTHORIZATION OF THE REFINANCING. The Public Agency does hereby authorize the refinancing of the Prior Loan as provided herein. SECTION 8. SECURITY FOR THE LOAN. The Public Agency's obligation to repay the Loan will be secured by a pledge of and lien upon the Designated Revenues in accordance with the terms of the Loan Agreement. The obligation of the Public Agency to repay the Loan shall not be deemed a pledge of the faith and credit or taxing power of the Public Agency and such obligation shall not create a lien on any property whatsoever of or in the Public Agency other than the Designated Revenues. SECTION 9, AMENDMENT OF RESOLUTION NO. 08-52. The description of the Project B-1 as set forth on Exhibit A to Resolution No. 08-52, adopted by the Public Agency on February 19, 2008, is hereby amended in its entirety to read as set forth in Exhibit B hereto, SECTION 10. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the making of the Loan by the Commission, this Resolution shall be deemed to be and shall constitute a contract between (i) the Public Agency and (ii) the Commission and the Bank. SECTION 11. GENERAL AUTHORITY. The members of the Board and the officers, attorneys and other agents or employees of the Public Agency are hereby authorized to do all acts and things required of them by this. Resolution and the Loan Agreement, or desirable or consistent with the requirements of this Resolution and the Loan Agreement, for the full punctual and complete performance of all the terms, covenants and agreements contained in this Resolution and the Loan Agreement, and each member, employee, attorney and officer of the Public Agency or its Board is hereby authorized and directed to execute and deliver any and all papers and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by this Resolution and the Loan Agreement. SECTION 12. SEVERABILITY. If any one or more of the covenants, agreements or provisions herein contained shall be held contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and shall in no way affect the validity of any of the other provisions hereof. SECTION 13. REPEAL OF INCONSISTENT RESOLUTIONS. All resolutions or parts thereof in conflict herewith are hereby superseded and repealed to the extent of such conflict. SECTION 14. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. DULY ADOPTED, in Regular Session this day of , 2012. BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY, FLORIDA (SEAL) By: Chairman ATTEST: By: Clerk EXHIBIT A PROPOSED REPAYMENT SCHEDULE* The principal of the Loan shall be repaid as follows (or on such other date or dates and in such amounts as the Chairman shall determine): Date Principal Amount December 5, 2017 $2,000,000 *The Loan is subject to mandatory prepayment pursuant to Section 5.06 of the Loan Agreement. EXHIBIT B Project Description The Project B-1 shall consist of local match funding for: construction of an approximately 4,000 square foot airport maintenance facility at the NW Florida Regional Airport rehabilitation of approximately 8,000 feet of Runway 17/35 at the Bob Sikes Airport construction of a public safety facility addition to the NW Florida Regional Airport terminal capital improvements to the runway at Destin/Fort Walton Beach Airport, including overlay EXHIBIT C FORM OF LOAN AGREEMENT (AIRPORT REVENUES)