Subject:
Title
Resolution approving an amendment to the Revolving Line of Credit Agreement between the Titusville-Cocoa Airport Authority ("Authority") and Truist Bank extending the maturity date and increasing the available credit.
End
Fiscal Impact:
None.
Dept/Office:
Titusville-Cocoa Airport Authority
Requested Action:
Recommendation
Adopt the Resolution approving the amendment to the 2021 Revolving Line of Credit Agreement between the Authority and Truist Bank.
End
Summary Explanation and Background:
On November 30, 2021 the Authority and Truist Bank entered into a revolving line of credit agreement with a maximum commitment amount of $1,500,000.00 to allow the Authority to borrow funds from time to time to finance various capital projects at the airport. The Authority and Truist Bank seek to amend this agreement to increase the maximum commitment amount of the original note to $4,000,000.00 and to extend the final maturity date to April 14, 2026. The County is not liable for repaying any amounts due under the line. The Authority intends to repay amounts due under the line from legally available revenues of the Authority and grant proceeds. Pursuant to the special act creating the Authority, Chapter 2003-361, Laws of Florida, 2003, County approval is required for the line of credit.
Steve Miller, the County's bond counsel from Nabors, Giblin & Nickerson has reviewed and opines that from the County's standpoint, the documentation adequately provides that neither the County nor any of the elected officials or staff of the County will have any obligation or liability, financial or otherwise, with respect to the line of credit. Jay Glover, the County's financial advisor from PFM, has reviewed and confirmed that the proposed issuance of the line of credit will not have any negative impact on the County and the County will have absolutely no liability with respect to the payment of the principal or interest on the Line of Credit.
It is respectfully reque...
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