PLACEMENT: Public Hearings
TITLE:
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CONSIDER A RESOLUTION AUTHORIZING THE ISSUANCE OF MARTIN COUNTY, FLORIDA REVENUE REFUNDING BONDS (FLORIDA POWER & LIGHT COMPANY PROJECT), SERIES 2022, (THE "SERIES 2022 BONDS"), IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT EXCEEDING $95,700,000
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EXECUTIVE SUMMARY:
executive summary
Florida Power & Light Company ("FPL") requests that the County consider approval of the issuance of revenue refunding bonds, secured solely by loan repayments from FPL under a Loan Agreement with the County, in order to provide for the refinancing of outstanding pollution control revenue refunding bonds previously issued by the County to assist in the refinancing of pollution control facilities at FPL's Martin Plant.
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DEPARTMENT: County Attorney
PREPARED BY: Name: Sarah W. Woods
Title: County Attorney
REQUESTED BY: FPL
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Background: The County has previously issued its Pollution Control Revenue Refunding Bonds (Florida Power & Light Project), Series 2000 in the aggregate principal amount of $95,700,000 (collectively, the "Outstanding Pollution Control Bonds"), the proceeds of which were used to refund then outstanding pollution control revenue bonds previously issued by the County (the "Prior Pollution Control Bonds"). The proceeds of the Prior Pollution Control Bonds were loaned to FPL to finance or refinance the cost of certain pollution control facilities at FPL's Martin Plant. No revenues of the County are or were pledged to the repayment of the Prior Pollution Control Bonds or the Outstanding Bonds. FPL has now requested that the County approve a plan of finance to provide for the refinancing of the Outstanding Pollution Control Bonds and to authorize at this time the issuance of Pollution Control Revenue Refunding Bonds in an aggregate amount of $95,700,000.
The Internal Revenue Code of 1986, as amended (the "Code"), permits the issuance of bonds by the...
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