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Public Hearings 14.
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| BCC Regular Meeting |
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| RECOMMENDATION: |
5:35 p.m. Public Hearing concerning the Issuance of $55,000,000 Revenue Bonds.
Recommendation: That the Board take the following action concerning the issuance by Capital Trust Agency (the “Agency”) of not to exceed $55,000,000 Revenue Bonds (herein, the “Bonds”), on behalf of Provident Group – East Village Properties LLC, a limited liability company of the State of Delaware, or one of its affiliates (herein, the “Borrower”), for financing or refinancing the Series 2013 Project:
A. Ratify the scheduling of the 5:35 p.m., Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing, and advertising of the Notice of Public Hearing, for consideration of authorizing the issuance of the Bonds; and
B. Adopt, and authorize the Chairman to execute, the Resolution authorizing the issuance of the Bonds by the Agency upon the terms established therein.
[The Bonds are not issued by the County and will not obligate the credit of the County or the Agency or pose any obligation or liability for the County or the Agency] |
| BACKGROUND: |
The Agency is a separate legal and administrative agency of the State of Florida, organized and existing under the provisions of Chapter 163, Part I, and Chapter 159, Part II, Florida Statutes, as amended; Ordinance No. 5-97, as amended, of the City of Gulf Breeze, Florida, Ordinance No. 2-00, as amended, of the Town of Century, Florida, Chapter 617, Florida Statutes, and other applicable provisions of law (collectively the “Act”), and is empowered pursuant to the Act to issue revenue bonds for the purpose of providing funds to pay all or any part of the cost of any project (as defined in the Act).
The Borrower has requested the Agency issue the above-referenced Bonds for the purpose of financing or refinancing all or a portion of the Series 2013 Project, to fund allowable working capital and start-up costs, to fund development costs for the Series 2013 Project, to fund the Debt Service Reserve Fund and to pay the costs of issuance of the Bonds (collectively, the “Plan of Finance”).
Section 147(f) of the Internal Revenue Code of 1986, as amended, requires public approval of such bonds by an applicable elected representative of the governmental unit on behalf of which such bonds are to be issued, and any plan of finance therefor, following a public hearing. Accordingly, a public hearing has been scheduled to be held on July 25, 2013, following published notice as required by federal law.
Under the terms of the standard financing documents, the Borrower is responsible for use and operation of the Series 2013 Project, and the Bonds will not obligate the credit of the Agency, the County or the University or pose any obligation or liability for the Agency, the County or the University. McGuireWoods LLP will serve as bond counsel.
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| BUDGETARY IMPACT: |
| The Agency does not receive funds from the County, and no funds of the County are expended in connection with the Series 2013 Project or the Bonds. |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| The County’s bond counsel, Richard I. Lott of McGuireWoods LLP, also serves as bond counsel to the Agency. Mr. Lott will review the documents on behalf of the County and the Agency to insure that neither the County nor the Agency has any liability or obligation under the Bonds. |
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| The Series 2013 Project in the community improves the prosperity and welfare of the State of Florida and its inhabitants; improves education, living conditions, and health care; increases opportunities for gainful employment and otherwise contributes to the welfare of the State and its inhabitants. |
| IMPLEMENTATION/COORDINATION: |
| None Needed. |
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