|REVISED - June 21, 2016 - Regular Meeting|
Agenda Item #49
Public hearing and adoption of Resolution No. R-16-98 providing for TEFRA approval of Manatee County Port Authority's borrowing up to $2,000,000 outstanding at any one time, such borrowing evidenced by the issuance of a tax-exempt revenue note.
Contact and/or Presenter Information
Jan Brewer, Director, Financial Management Department, x 3726
Candice Cruz, Sr Budget Analyst, Financial Management Department, x 3733
- Adopt Resolution R-16-98 approving the issuance of the revenue notes within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended.
- Conduct a TEFRA public hearing on behalf of Manatee County Port Authority (the "Authority") in connection with the Authority's borrowing up to $2,000,000 outstanding at any one time to finance a portion of the costs of berth rehabilitation. Such borrowing evidenced by the issuance of a tax-exempt revenue note.
Section 147(f) of the Internal Revenue Code of 1986, as amended, Chapter 125 and 163 of Florida Statutes, and all other applicable provisions of law.
- This agenda item has been placed on the agenda by the Financial Management Department at the request of the Authority. Representatives of the Authority will be present at the public hearing to address questions or comments of the Board and the public.
- In 2014 the Authority entered into a revolving line of credit with Whitney Bank operating under the trade name Hancock Bank (the "Bank") whereby the Authority could borrow up to $1,000,000 outstanding at any one time to finance a dredging project. The borrowing was evidenced by the issuance of Revenue Notes, Series 2014A (the "Original Notes"). The Original Notes mature in 2019 and are secured by excess port revenues. The Bank has agreed to extend an additional $2,000,000 under the line of credit agreement to pay for berth rehabilitation. The additional costs of the berth rehabilitation will be funded by a SIB loan. The new borrowing will be evidenced by the issuance of new notes containing the same terms as the Original Notes. Under federal tax law, the new notes are treated as a new tax-exempt issue which requires the holding of a TEFRA hearing and the approval of the issuance of the new Notes by the Board of County Commissioners. To evidence such approval, the Board should adopt Resolution No. 16-98 after the hearing.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
The Resolution has also been reviewed by the County's Bond Counsel, Steve Sanford, of Greenberg Truarig, P.A.
Instructions to Board Records
Please provide one (1) signed copy of the Resolution to Candi Cruz, Financial Management Department, firstname.lastname@example.org.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Notice of TEFRA Hearing -06-04-16.pdf
Attachment: Manatee Port Authority TEFRA Resolution No R-16-98.pdf