Resolution 155-2024 RESOLUTION NO. 155 - 2024
A RESOLUTION APPROVING ADDITIONAL DRAWS OF
NOT TO EXCEED $1,340,000 IN AGGREGATE
PRINCIPAL AMOUNT AGAINST THE TAX-EXEMPT
MASTER AIRPORT REVENUE NOTE (PNC BANK,
NATIONAL ASSOCIATION LINE OF CREDIT), SERIES
2024 (AMT) FOR PURPOSES OF SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED;
AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. FINDINGS AND AUTHORIZATIONS. It is hereby found
and determined that:
(A) On August 17, 2022, the Board of County Commissioners (the 'Board") of
Monroe County, Florida (the "County") held a duly noticed and called public hearing and
approved the issuance of up to $50,000,000 in tax-exempt indebtedness to finance and
refinance various costs related to the herein described Project (the "Prior Approval").
(B) In connection with the Prior Approval, the County has issued its $41,340,000
aggregate principal amount of Monroe County, Florida Airport Revenue Bonds (Key West
International Airport), Series 2022 and has executed and delivered a Line of Credit
Agreement with PNC Bank, National Association, as amended, allowing the County to
borrow up to $10,000,000 of tax-exempt indebtedness to finance and refinance various
costs of the Project, subject to the terms and provisions of such Agreement.
(C) It is necessary and desirable to hold an additional public hearing in order to
comply with applicable federal tax laws with respect to any draws that may be made under
the Agreement that exceed the $50,000,000 approved amount under the Prior Approval.
(D) The County desires to approve additional draw of not to exceed $1,340,000
in aggregate principal amount against its Tax-Exempt Master Airport Revenue Note (PNC
Bank, National Association Line of Credit), Series 2024 (AMT) (the "Master Note") to
finance and refinance the costs of certain capital improvements to the Key West
International Airport (the "Airport"), including the development, construction and
equipping of a new second-level concourse of approximately 48,805 square feet
("Concourse A") consisting of. (1) seven gates all fitted with passenger boarding bridges,
holdroom areas, passenger circulation space, concession areas, restrooms, a nursing room,
a pet relief area, building support areas, including mechanical rooms, IT/Communication
rooms, an electrical room, elevator, storage,janitors closet, and stair areas and(2) a ground
(apron) level below Concourse A to support a new baggage make-up area and device(s),
tug lanes, airline ramp space, ramp equipment storage and circulation space (collectively
the "Project").
(E) On the date hereof, in accordance with all requirements of law, upon
reasonable public notice setting forth the location and nature of the Project and the
proposed additional draws against the Master Note by the County, which notices were
published on April 2, 2024 in the Key West Citizen and Key West Weekly, each a
newspaper of general circulation in the County, a copy of the affidavit of publication of
such notice being attached hereto as Exhibit A, the County held a public hearing at which
hearing a quorum of the Board of County Commissioners of the County (the "Board")were
present and members of the public were afforded reasonable opportunity to be heard on all
matters pertaining to the issuance of the Master Note and the location and nature of the
Project, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code").
(F) The Board is the elected legislative body and has jurisdiction over the entire
area in which the Project is located.
(G) For purposes of meeting the requirements of Section 147(f) of the Code, the
Board is required to approve the additional draws against the Master Note to finance the
Project.
SECTION 2. APPROVAL. For purposes of meeting the requirements of
Section 147(f) of the Code, the Board hereby approves the issuance of the Master Note to
finance the Project as described herein.
SECTION 3. EFFECTIVE DATE. This Resolution shall take effect
immediately upon its adoption.
[Remainder of page intentionally left blank]
2
PASSED AND ADOPTED by the Board of County Commissioners of Monroe
County, Florida, at a regular meeting of said Board held on the 17 day of April 2024.
•
Mayor Holly Merrill Raschein Yes
Mayor Pro Tem Jim Scholl Yes
Commissioner Craig Cates Yes
Commissioner Michelle Lincoln Yes
Commissioner David Rice Yes
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2 BOARD OF COUNTY COMMISSIONERS
yr ti -1 (Spal) OF MONROE COUNTY, FLORIDA
t l=,`\` '.•tr, ..i a-'e 7vt!�fir','.' �•' t
7 j,Y r.•a.,•,.J,gp ,6,'t4 s 3 Attest:: :R= evin Madok, Clerk
By: dei0 By:y
As eputy Jerk Mayor
ANROE COUNTY ATTOfNEY
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ASSI&- `► '0 UNTY'ATTORNEY
Date 3/27/24
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EXHIBIT A
KeysNews.com
KE ZEN
khullv Islailds'VOne N",(Jice
The Florida Keys Only Daily Newspaper, Est. 1876
PO Box 1800,Key West FL 33041
P:(941)206-1025 F:(305)294-0768
legals@keysnews.com
MONROE CO DEPARTMENT OF AIRPORTS
3491 S ROOSEVELT BLVD
KEY WEST FL 33040
Account: 420155 Ticket: 3924569
PUBLISHER'S AFFIDAVIT
STATE OF FLORIDA NOTICE OF PUBLIC HEARING Live Closed Captioning is available at
our web portal @ http:Hmonroecoun-
COUNTY OF MONROE Notice is hereby given of a public hear- tyfI.igm2.com/Citizens/Default.aspx
ing to be held by the Board of County for meetings of the Monroe County
Commissioners (the "Board")of Mon- Board of County Commissioners. Any
Before the undersigned authority personally appeared roe County, Florida (the "County")on person deciding to appeal any decision
April 17,2024,at 9:00 a.m.or as soon made by the County after the hearing
thereafter as the matter can be heard, will need to ensure that a verbatim re-
in the Board meeting room of the Mar- cord of the proceeding is made,which
Amber Douglas who on oath says that he or she is athon Government Center - BOCC, record includes the testimony and evi-
2798 Overseas Highway, 2nd Floor, dence upon which the appeal is to be
Marathon, Florida,for the purpose of based.
The legal advertising representative of the Key West Citizen,a five day news- receiving comments and hearing dis-
cussion concerning the County's pro- The public hearing is required by
paper published in Key West, in Monroe County, Florida;that the attached copy posed additional draws of not to ex- Section 147(f) of the Internal Reve-
of advertisment, being a legal notice in the matter of TEFRA Hearing 04.17 was ceed$1,340,000 in aggregate principal nue Code of 1986, as amended (the
amount against the Monroe County, "Code"). Subsequent to the public
published In said newspaper In the Issues of: Florida Tax-Exempt Master Airport Rev- hearing,the Board will consider wheth-
enue Note(PNC Bank,National Associ- er to approve the issuance of the Mas-
ation Line of Credit),Series 2024(AMT) ter Note as required by Section 147(f)
Tuesday,April 2,2024 (the"Master Note"),pursuant to a res- of the Code.Any person interested in
olution to be considered for adoption the issuance of the Master Note or the
by the Board on April 17,2024,as sup- location or nature of the Project may
Affiant further says that the Key West Citizen is a newspaper published in Key plemented. appear and be heard.
West, in said Monroe County, Florida and that the said newspapers has hereto- Draws against the Master Note will be By order of the Board of County Com-
fore been continuously published in said Monroe County, Florida Tuesday thru applied to: finance and refinance the missioners of Monroe County,Florida.
Saturday weekly,and has been entered as periodicals matter at the post office in costs of certain capital improvements MONROE COUNTY,FLORIDA
Key West, in said Monroe County, Florida,for a period of 1 year next preceding to the Key West International Airport /s/Holly Merrill Raschein
(the"Airport"),including the develop- Holly Merrill Raschein,Mayor
the first publication of the attached copy of advertisement;and affiant further says ment,construction and equipping of a Board of County Commissioners
that he or she has neither paid nor promised any person,firm or corporation any new second-level concourse of approx- 04/02/24-KWC
imately 48,805 square feet("Concourse 420155 3924569
discount, rebate, commission or refund for the purpose of securing this advertise- A")consisting of:(1)seven gates all fit-
ment for publication in the said newspaper. ted with passenger boarding bridges,
holdroom areas, passenger circulation
space, concession areas, restrooms, a
nursing room,a pet relief area,build-
ing support areas, including mechan-
ical rooms, IT/Communication rooms,
an electrical room, elevator, storage,
janitors closet,and stair areas and(2)a
ground(apron)level below Concourse
� Pe A to support a new baggage make-up
area and device(s), tug lanes, airline
(Signature ofAffiant) ramp space, ramp equipment storage
and circulation space (collectively the
Affirmed and subscribed before me this 2nd day of April 2024 "Project").
The Project will be located at Key West
International Airport,3491 South Roos-
evelt Boulevard,Key West,Florida.The
County will own and operate the Proj-
(Notary Public Signature) ect which will be part of the Airport.
All interested persons are invited to at-
tend said hearing and to,either person-
Jill Kelli Di Benedetto ally or through their representatives,
(Notary Public Printed Name) present oral or written comments and
discussion concerning the proposed
plan of finance.Written comments may
My commission expires 8/19/2027 also be submitted prior to the hearing
at the Office of the County Attorney,
1111 12th Street,Suite 408,Key West,
Personally Known X Produced Identification_ Florida 33040,Attention:County Attor-
Type of Identification Produced (Notary Seal) ney.In accordance with the Americans
with Disabilities Act,persons needing a
special accommodation in order to par-
Notary Public State of Florida ticipate in this proceeding should con-
Ak Jill Ke111 Di Benedetto tact the County Administrator's Office,
t1N My Commission HH 390294 by phoning (305) 292-4441, between
ExpirBS 6/1912027 the hours of 8:30 a.m.-5:00 p.m.,no
later than five(5)calendar days prior
to the scheduled meeting; if you are
hearing or voice-impaired, call "711".