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Public Hearings 9.
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| BCC Regular Meeting |
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| RECOMMENDATION: |
5:32 p.m. TEFRA Public Hearing for consideration of authorizing the issuance of not-to-exceed $60,1,00,000 Escambia County, Florida, Refunding Revenue Bonds, Series 2015 (International Paper Company Project), Series 2015, for the purpose of refunding certain outstanding Bonds currently outstanding and issued by the County on behalf of International Paper Company.
Recommendation: That the Board take the following action concerning the issuance of not-to-exceed $60,100,000 Escambia County, Florida, Refunding Revenue Bonds, Series 2015 (International Paper Company Project) (herein, the “Bonds”), on behalf of International Paper Company (the “Company”), for the purpose of refunding certain outstanding Bonds of the County issued on behalf of the Company:
A. Ratify the scheduling and publication of the Notice of the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing for consideration of authorizing the issuance of the Bonds and advertising of the notice of Public Hearing;
B. Conduct the TEFRA Public Hearing; and
C. Following the public hearing, adopt, and authorize the Chairman to execute, the Resolution authorizing the issuance and sale of the Bonds upon the terms established therein. 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, improvement, construction and installation of certain pollution control, solid waste disposal, wastewater treatment and sewage facilities at the Company’s Pensacola Mill (the “Mill”), by refunding the County’s (a) Pollution Control Revenue Refunding Bonds, 2003 Series A (International Paper Company Project), (b) Environmental Improvement Revenue Bonds, 2003 Series A (International Paper Company Project), (c) Environmental Improvement Revenue Bonds, 2006 Series A (International Paper Company Project), (d) Environmental Improvement Revenue Refunding Bonds, 2006 Series B (International Paper Company Project), and (e) Environmental Improvement Revenue Refunding Bonds, 2006 Series A (International Paper Company Project). 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 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 also 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: |
| Richard Lott and 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, First Southwest Company, Inc., 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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