Agenda

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County Attorney's Report 13. 4.

BCC Regular Meeting

Action

Meeting Date:	04/23/2015
Issue: Governmental Facilities Leasing Corporation
From:	Meredith Crawford
Department:	County Attorney's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Governmental Facilities Leasing Corporation

That the Board take the following action concerning the Governmental Facilities Leasing Corporation:

    A. Repeal Resolution R97-93, the “Sponsorship Resolution,” which approved the issuance and sale of not exceeding $15,000,000 revenue bonds by Escambia County Office Facilities Leasing Corporation, approved the corporation and the members thereof and certain other matters with respect thereto; Repeal Resolution R97-121, reflecting the name change of the corporation to Governmental Facilities Leasing Corporation; Repeal Resolution R98-104 which amended Resolution R97-121; Repeal Resolution R2007-118 which amended Resolution R98-104; Repeal Resolution R2009-118 which amended Resolution R2007-118; Repeal Resolution R2010-98 which amended Resolution R2009-118; and

    B. Request that the County Administrator’s Office provide letters of appreciation to the following members to thank them for their service:

        1. Mark L. Lyons, III;
        2. Joseph A. Maloney; and
        3. William E. Bassett, Sr.

BACKGROUND:

On April 29, 1997, Escambia County, by adoption of its Resolution Number R97-93 (the “Sponsorship Resolution”) approved the issuance of not exceeding $15,000,000 of revenue bonds by the Escambia County Office Facilities Leasing Corporation, now known as the Governmental Facilities Leasing Corporation (GFLC). The GFLC was created by the Board in order to facilitate the financing and construction of public purpose buildings. Only two buildings were constructed and financed by the GFLC: The Northside Building at 8190 Pensacola Blvd. and Central Services Building at 3670 L Street. However, the Shuaney Irrevocable Trust, the registered owner of most of the bonds, which bonds had been pledged as collateral on an indebtedness owed to Beach Community Bank, filed for bankruptcy. The GFLC defaulted on the bond repayments and a foreclosure action was filed by the Bank. In December, 2014, the Board agreed to waive the cure period and allow the foreclosure to proceed. The Bank has foreclosed on the properties and has assumed title to the buildings. Action of the Board is needed to dissolve the relationship between the County and GFLC.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Resolution R1997-93
Resolution R1997-121
Resolution R1998-104
Resolution R2007-118
Resolution R2009-118
Resolution R2010-98