Subject:
Title
Approval for Florida Development Finance Corporation to Issue Solid Waste Disposal Revenue Bonds, Series 2021 (Waste Pro USA, Inc.) for a project in Brevard County, Florida
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Fiscal Impact:
There is no fiscal impact on the County
Dept/Office:
County Manager
Requested Action:
Recommendation
Request approval for Florida Development Finance Corporation to issue Solid Waste Disposal Revenue Bonds, Series 2021 for Waste Pro USA, Inc., not-to-exceed $1,800,000, to finance a project located in Brevard County.
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Summary Explanation and Background:
The Board entered into a Joinder to Interlocal Agreement on October 26, 1999 that allows Florida Development Finance Corporation (FDFC), a public agency as defined by Chapter 288, Part X, Florida Statutes, to function within Brevard County to issue revenue bonds to finance projects in the County for the benefit of approved Florida businesses to enhance the economic development of the State of Florida.
The County has no responsibility with respect to the repayment of the Bonds. The principal and the interest on the bonds shall not constitute an indebtedness or pledge of the general credit or taxing power of the County and shall be only payable from the revenues pledged pursuant to financing agreements entered into by and among the FDFC and Waste Pro USA, Inc.
The County’s Bond Counsel, Nabors, Giblin & Nickerson, has reviewed the project documentation. The Resolution proposed to be adopted by the Board meets legal requirements and provides 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 Waste Pro USA, Inc. project or the Bonds. The County Financial Advisor, PFM, has reviewed the project and the Bonds will be solely secured by revenues of Waste Pro USA, Inc. and will not have a negative financial impact on the County, impair the County’s credit rating or impact the County’s ability to issue debt in the future.
Clerk to the Board Instructions:
Return a signed copy of the Resolution to the County Manager’s Office