Item N7BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: June 18, 2008 Division:Clerk's Office
Bulk Item: Yes X No Department: D. Kolhage's Office
Contact Person: Pam Hancock ext. 3550
AGENDA ITEM WORDING:
Authorization for the Clerk to take any and all action required
under the Bond Documents to effect the replacement of the Remarketing Agent under the bond
documents concerning Airport Variable Rate Revenue Bonds (Key West International Airport),
Series 2006.
ITEM BACKGROUND:
The County appointed UBS Securities LLC as the Remarketing
Agent with respect to Bonds. UBS has discontinued its municipal bond underwriting practice
and the County's financial advisor, Public Financial Management, Inc., has advised the County
that it should appoint a successor Remarketing Agent for the Bonds. Banc of America Securities
LLC has offered to assume the role of Remarking Agent with respect to the Bonds upon the
same terms and provisions as UBS.
______________________________________________________________________________
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
A formal Resolution confirming these actions will
be presented to the Board for approval at the July 16, 2008 meeting.
______________________________________________________________________________
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: BUDGETED:
________________ YesNo
COST TO COUNTY: SOURCE OF FUNDS:
REVENUE PRODUCING:AMOUNT PER MONTHYear ____
Yes No
APPROVED BY:
County Atty OMB/PurchasingRisk Management ____
DOCUMENTATION:
Included Not Required_____
DISPOSITION: AGENDA ITEM #
Revised 8/06