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County Administrator's Report 14. 1.
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| BCC Regular Meeting |
Budget & Finance Consent |
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| RECOMMENDATION: |
Recommendation Concerning the Adoption of a Resolution Approving the Issuance of not Exceeding $8,000,000 Escambia County, Florida Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), Series 2019 - JoLinda Herring, Bryant Miller Olive P.A.
That the Board adopt and authorize the Chairman to execute the Resolution authorizing the issuance and sale of not to exceed $8,000,000 Escambia County, Florida Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), Series 2019 (herein, the “Bonds”), on behalf of International Paper Company (the “Company”) for the purpose of refunding certain outstanding bonds currently outstanding and issued by the County on behalf of the Company. The Bonds will not obligate the credit of the County or pose any obligation or liability for the County. |
| BACKGROUND: |
| The proposed Bonds are to be issued to refinance the costs of the acquisition, construction, installation and equipping of certain sewage and solid waste disposal facilities including, but not limited to, modifications to the wastewater treatment systems, landfill modifications and modifications and improvements to the bark boiler system used for the incineration of bark and waste wood at the Company’s Pensacola Mill (the “Mill”) by refunding the County’s Environmental Improvement Revenue Bonds, 2009 Series A (International Paper Company Project), currently outstanding in the aggregate principal amount of $8,000,000. The Mill is owned and operated by the Company and is located at 375 Muscogee Road in Cantonment, Florida. The principal of and interest on the Bonds are payable solely out of the revenues derived from the financing agreement which will be entered into by the County, the Company and PNC Bank, National Association, as the lender. The Bonds do not constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the statutes or Constitution of the State of Florida, and shall not constitute or give rise to a pecuniary liability of the County, or a charge against its general credit or taxing powers. The Bonds will be industrial development revenue bonds within the meaning of Chapter 159 Part II, Florida Statutes |
| BUDGETARY IMPACT: |
| The County will not be required to make any payments or incur any costs for the Bonds. The County shall be reimbursed by the Borrower for out of pocket expenses as outlined in Chapter 46, Article VII, of the County’s Code of Ordinances (the “Conduit Bonds Ordinance”). |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| JoLinda Herring, Bryant Miller Olive P.A., the County’s Bond Counsel, will review the documents on behalf of the County to insure that the County has no liability or obligation under the Bonds. Further, the County’s Financial Advisor, Public Resources Advisory Group, will also review the financing on behalf of the County. |
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| The Bonds will comply with the Board’s requirements for the issuance of conduit bonds, as established in the Conduit Bonds Ordinance. |
| IMPLEMENTATION/COORDINATION: |
| Execution by the authorized officers of the Board of the final financing and closing documents will be required at or prior to the Closing. |
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