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II 1. Human Services ` None 2. Sandridge Golf Club None 3. Recreation None D. Human Resources None E. Office of Management and Budp_et 11:48 1. Water & Sewer Revenue Refunding Bonds, Series 2005 Refunding a.m. Resolutions (memorandum dated August 11, 2015) 512-556 ----------------------------------------------------------------------------------------------------------- Director of Management and Budget Jason Brown provided background and analysis on the proposed refunding of the Water and Sewer Revenue Refunding Bonds Series 2005. } Vice Chairman Solari pointed out that the County's Utility Department is one of seven Florida Utilities to have an AAA rating on the Fitch Report. ON MOTION by Vice Chairman Solari, SECONDED by Commissioner Flescher, the Board unanimously: (1) approved refunding the Water & Sewer Revenue Refunding Bonds, Series 2005, as follows: approximately half of the outstanding principal ($7,100,000) will be refunded from available Utility reserves and the remaining half ($7,105,000) will be refunded by the Water and Sewer Revenue Refunding Notes, Series 2015; (2) accepted the proposal from Hancock Bank for a bank loan; (3) approved Resolution 2015-094, amending and supplementing Resolution No. 93-80 of the County, as previously amended and supplemented; authorizing the issuance of $7,171,000 in principal amount of its Water and Sewer Revenue Refunding Note, Series 2015, in order to refund a portion of the County's Water and Sewer Revenue Refunding Bonds, Series 2005; making certain other covenants and agreements in connection with the issuance of such note; providing certain terms and details of such note, including authorizing the sale of said note to Whitney Bank d/b/a/ Hancock Bank; appointing the paying agent and registrar with respect to said note; authorizing the delivery of a direction Board of County Commission Meeting Page 17 August 18,2015