|
Back to Calendar
Return
|
| |
County Administrator's Report 12. 1.
|
| BCC Regular Meeting |
Technical/Public Service Consent |
|
|
|
| RECOMMENDATION: |
Recommendation Concerning a Resolution Approving an Agreement of Resignation, Appointment and Acceptance in Connection with Certain Bonds Issued on Behalf of Gulf Power Company - Jolinda Herring, Shareholder, Bryant Miller Olive P.A.
That the Board adopt and authorize the Chairman to execute the Resolution approving the Agreement of Resignation, Appointment and Acceptance (the “Agreement”) among the County, as the issuer of the Bonds on behalf of Gulf Power Company, The Bank of New York Mellon Trust Company, N.A. (the “Prior Trustee”), and U.S. Bank National Association (the “Successor Trustee”), which Agreement approves the resignation of the Prior Trustee and the appointment of the Successor Trustee. |
| BACKGROUND: |
| On April 15, 2003, the County issued on behalf of Gulf Power its $32,550,000 Pollution Control Revenue Refunding Bonds (Gulf Power Company Project), Series 2003 (the “Series 2003 Bonds”), pursuant to a Trust Indenture dated as of April 1, 2003 (the “2003 Indenture”), between the County and the Prior Trustee.
On March 31, 2009, the County issued on behalf of Gulf Power its (i) $65,000,000 Solid Waste Disposal Revenue Bonds (Gulf Power Company Project), First Series 2009 (the “First Series 2009 Bonds”), pursuant to a Trust Indenture dated as of March 1, 2009 (the “First Series 2009 Indenture”), between the County and the Prior Trustee and (ii) $65,400,000 Solid Waste Disposal Revenue Bonds (Gulf Power Company Project), Second Series 2009 (together with the Series 2003 Bonds and the First Series 2009 Bonds, the “Bonds”), pursuant to a Trust Indenture dated as of March 1, 2009 (together with the 2003 Indenture and First Series 2009 Indenture, the “Indentures”) between the County and the Prior Trustee.
Gulf Power has advised the County that (i) the Prior Trustee desires to resign from the trusts created pursuant to the Indentures and (ii) the Successor Trustee is willing to accept appointment as Successor Trustee and has requested the County enter into the Agreement.
|
| BUDGETARY IMPACT: |
| The County will not be required to make any payments or incur any costs with respect to the adoption of the Resolution or approval of the Agreement. The County shall be also 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 Agreement on behalf of the County to insure that the County has no liability or obligation under the Agreement or creates any obligation under the Bonds.
|
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| Gulf Power will be required to comply with any applicable requirements of the Conduit Bonds Ordinance, if any, with respect to adoption of the Resolution and approval of the Agreement. |
| IMPLEMENTATION/COORDINATION: |
| None. |
|
|
|
|