|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - September 23, 2014|
Agenda Item #43
Public hearings and adoption of Resolution No. R-14-141 providing for TEFRA approval of Manatee County Port Authority Revenue Notes, Series 2014A and Series 2014B.
Contact and/or Presenter Information
William E. Clague, Assistant County Attorney
I move to adopt Resolution R-14-141, which approves the issuance of Revenue Note, Series 2014A and Revenue Note, Series 2014B to be issued by the Manatee County Port Authority (the "Port Authority") within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended.
Section 147(f) of the Internal Revenue Code of 1986, as amended (Tax Equity and Fiscal Responsibility Act).
The Port Authority proposes to issue its not to exceed $1,000,000 outstanding at any one time Revenue Note, Series 2014A (the "Series 2014A Note") pursuant to Resolution No. PA-14-20, adopted by the Port Authority on August 21, 2014 (the "Series 2014 A Note Resolution") and that certain revolving line of credit agreement with Whitney Bank, doing business as Hancock Bank (the "Bank") for the purpose of financing a portion of the costs of a dredging project. Since the dredging project primarily benefits private users and tenants of the Port, a TEFRA hearing is required under the Internal Revenue Code of 1986, as amended (the "Code").
In addition, the Port Authority proposes to issue its not to exceed $3,000,000 Revenue Note, Series 2014B (the "Series 2014B Note") and, together with the Series 2014A Note, the "Notes") pursuant to Resolution No. PA-14-21 adopted by the Port Authority on August 21, 2014 (the "Series 2014B Note Resolution" and, together with the Series 2014A Note resolution, the "Resolutions") to refinance existing debt of the Port Authority, together with other funds of the Port Authority, which debt was incurred to finance the acquisition of two (2) mobile harbor container cranes. The refinancing will result in debt service savings for the Port Authority. Since the cranes are used primarily by Logistec USA, a TEFRA hearing is required by the Code in order to issue the Series 2014B Note on a tax-exempt basis.
In order to issue the Notes pursuant to the Resolutions, the BCC will hold two (2) TEFRA hearings and thereafter it is necessary for the Board to adopt Resolution No. R-14-141 to approve the issuance of the Notes of the Port Authority within the meaning of Section 147(f) of the Code.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
Instructions to Board Records
Please provide one (1) executed copy of Resolution No. R-14-141 to County Attorney's Office, William E. Clague, Assistant County Attorney, and original to Board Records for recordation.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Manatee Port Authority TEFRA Resolution - 2014..pdf
Attachment: Affidavit - Notice of Public Hearing.pdf