You are hereby notified and invited to a Special Meeting to be held on June 18, 2024, beginning at 1:00 p.m., or as soon as possible to that time, at the Walton County Courthouse located at the South Walton Annex, 31 Coastal Centre Boulevard, Santa Rosa Beach, Florida, to conduct a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, and Chapter 125 of Florida Statutes regarding a proposed issuance by the County on behalf of The Seaside School, Inc., a Florida not for profit corporation (the “School”) of its revenue bonds as part of a plan of finance in an aggregate principal amount not to exceed $40,000,000, in one or more series of qualified 501(c)(3) bonds, for the purposes described below (the “Bonds”), and at which The Walton County Board of County Commissioners (the “Board”) proposes to enact the following by ordinance related thereto:
AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF WALTON COUNTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $40,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF ITS EDUCATIONAL FACILITIES REVENUE BONDS (THE SEASIDE SCHOOL PROJECT), SERIES 2024, IN ONE OR MORE SERIES OR INSTALLMENTS OF TAX-EXEMPT QUALIFIED 501(C)(3) BONDS OR TAXABLE BONDS (COLLECTIVELY, THE “SERIES 2024 BONDS”), FOR THE PURPOSE OF MAKING A LOAN OF FUNDS TO THE SEASIDE SCHOOL, INC. (THE “BORROWER”) TO FINANCE AND
REFINANCE, INCLUDING THROUGH REIMBURSEMENT, THE ACQUISITION, DEVELOPMENT, CONSTRUCTION, EQUIPPING, FURNISHING AND IMPROVEMENT OF VARIOUS EDUCATIONAL FACILITIES, WHICH ARE OR WILL BE OWNED BY THE BORROWER AND OPERATED BY THE BORROWER AND NORTHWEST FLORIDA STATE COLLEGE;
PROVIDING FOR THE RIGHTS OF THE OWNERS OF SUCH SERIES 2024 BONDS AND FOR THE PAYMENT THEREOF; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH SERIES 2024 BONDS; AUTHORIZING A NEGOTIATED SALE OF SUCH SERIES 2024 BONDS; PROVIDING CERTAIN TERMS AND DETAILS OF SAID SERIES 2024 BONDS, INCLUDING CONFIRMING THE SALE THEREOF AND PROVIDING FOR THE MANNER FOR ESTABLISHING THE INTEREST RATE OR RATES THEREON AND ESTABLISHING THE MATURITIES THEREOF;
APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE FINANCING AGREEMENT, THE SERIES 2024 BONDS AND ALL OTHER RELATED INSTRUMENTS INCLUDING, WITHOUT LIMITATION, A TAX CERTIFICATE AND AGREEMENT; APPROVING THE PLAN OF FINANCING AND ISSUANCE OF THE SERIES 2024 BONDS FOR PURPOSES OF AND PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING FOR OTHER FINDINGS AND MATTERS IN CONNECTION WITH THE FOREGOING; PROVIDING FOR THE SEVERABILITY OF PARTS HEREOF IF DECLARED INVALID; AND PROVIDING AN EFFECTIVE DATE.
The public hearing will be held in order to consider a proposed issuance by the County on behalf of the School of the Bonds, for the purposes described below.
The proceeds from the sale of the Bonds, when and if issued, will be loaned by the County to the School for the purpose of:
(i) financing and refinancing, including through reimbursement, the acquisition, construction, installation, furnishing and equipping of facilities, consisting of
(a) an approximately 29,000 square foot, three-story building to accommodate students in grades 9-10 at an educational institution known as Seacoast Collegiate High School (the “High School”), a Florida charter school,
(b) an approximately 28,100 square foot, three-story building to accommodate students in grades 11-12 and other students enrolled at Northwest Florida State College, a Florida College System institution (the “College”),
(c) an approximately 10,900 square foot, two-story building to be used for certain joint educational, recreational and community uses, and
(d) one or more additional buildings and other facilities to be used by the High School and the College for educational and sports uses, all located on an approximately five acre parcel on the South Walton Campus of the College, including related facilities, fixtures, furnishings and equipment, located at 109 Greenway Trail, Santa Rosa Beach, Florida 32459 (the “College Campus”), including related facilities, fixtures, furnishings and equipment (collectively, the “Projects”);
(ii) fund capitalized interest for the Bonds, if deemed necessary and desirable by the School;
(iii) fund a debt service reserve fund for the Bonds, if deemed necessary or desirable by the School, and (iv) financing and refinancing, including through reimbursement, certain costs incurred in connection with the issuance of the Bonds. The Projects are or will be owned by the School, the Projects are or will be operated by the School and/or the College, and all components of the Projects are or will be located at the College Campus.
The hearing is being held for the purpose of affording residents of the County and other interested persons an opportunity to express their views, both orally and in writing, on the proposed issuance of the Bonds and the nature and location of the Projects to be financed or refinanced with the proceeds thereof. Subsequent to the hearing, the Board will consider whether to enact the Ordinance, thereby approving the issuance of the Bonds.
THE BONDS WILL NOT CONSTITUTE AN INDEBTEDNESS OF THE STATE OF FLORIDA, THE COUNTY, THE SCHOOL DISTRICT OF WALTON COUNTY, FLORIDA, OR ANY POLITICAL SUBDIVISION THEREOF, but will be payable solely from the revenues pledged by the School to the payment of the principal of, and interest on, the Bonds.
The County adheres to the American with Disabilities Act and will make reasonable modifications for access to the meetings upon request. Please call (850) 892-8110 to make a request. For hearing impaired, please call 1-800-955-8771 (TDD), 1-800-955-8770 (VOICE). Requests must be received at least 48 hours in advance of the meeting to allow time to provide the requested services.
If any person decides to appeal any decision made by the County or the Board with respect to any matter considered at such meetings, such person will need a record of the proceedings and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and the evidence upon which the appeal is to be based.
Clay Adkinson,
Acting County Attorney
As approved by the BCC on May 6, 2024.
AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF WALTON COUNTY, FLORIDA AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $40,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF ITS EDUCATIONAL FACILITIES REVENUE BONDS (THE SEASIDE SCHOOL PROJECT), SERIES 2024, IN ONE OR MORE SERIES OR INSTALLMENTS OF TAX-EXEMPT QUALIFIED 501(C)(3) BONDS OR TAXABLE BONDS (COLLECTIVELY, THE “SERIES 2024 BONDS”), FOR THE PURPOSE OF MAKING A LOAN OF FUNDS TO THE SEASIDE SCHOOL, INC. (THE “BORROWER”) TO FINANCE AND
REFINANCE, INCLUDING THROUGH REIMBURSEMENT, THE ACQUISITION, DEVELOPMENT, CONSTRUCTION, EQUIPPING, FURNISHING AND IMPROVEMENT OF VARIOUS EDUCATIONAL FACILITIES, WHICH ARE OR WILL BE OWNED BY THE BORROWER AND OPERATED BY THE BORROWER AND NORTHWEST FLORIDA STATE COLLEGE;
PROVIDING FOR THE RIGHTS OF THE OWNERS OF SUCH SERIES 2024 BONDS AND FOR THE PAYMENT THEREOF; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH SERIES 2024 BONDS; AUTHORIZING A NEGOTIATED SALE OF SUCH SERIES 2024 BONDS; PROVIDING CERTAIN TERMS AND DETAILS OF SAID SERIES 2024 BONDS, INCLUDING CONFIRMING THE SALE THEREOF AND PROVIDING FOR THE MANNER FOR ESTABLISHING THE INTEREST RATE OR RATES THEREON AND ESTABLISHING THE MATURITIES THEREOF;
APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE FINANCING AGREEMENT, THE SERIES 2024 BONDS AND ALL OTHER RELATED INSTRUMENTS INCLUDING, WITHOUT LIMITATION, A TAX CERTIFICATE AND AGREEMENT; APPROVING THE PLAN OF FINANCING AND ISSUANCE OF THE SERIES 2024 BONDS FOR PURPOSES OF AND PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING FOR OTHER FINDINGS AND MATTERS IN CONNECTION WITH THE FOREGOING; PROVIDING FOR THE SEVERABILITY OF PARTS HEREOF IF DECLARED INVALID; AND PROVIDING AN EFFECTIVE DATE.
The public hearing will be held in order to consider a proposed issuance by the County on behalf of the School of the Bonds, for the purposes described below.
The proceeds from the sale of the Bonds, when and if issued, will be loaned by the County to the School for the purpose of:
(i) financing and refinancing, including through reimbursement, the acquisition, construction, installation, furnishing and equipping of facilities, consisting of
(a) an approximately 29,000 square foot, three-story building to accommodate students in grades 9-10 at an educational institution known as Seacoast Collegiate High School (the “High School”), a Florida charter school,
(b) an approximately 28,100 square foot, three-story building to accommodate students in grades 11-12 and other students enrolled at Northwest Florida State College, a Florida College System institution (the “College”),
(c) an approximately 10,900 square foot, two-story building to be used for certain joint educational, recreational and community uses, and
(d) one or more additional buildings and other facilities to be used by the High School and the College for educational and sports uses, all located on an approximately five acre parcel on the South Walton Campus of the College, including related facilities, fixtures, furnishings and equipment, located at 109 Greenway Trail, Santa Rosa Beach, Florida 32459 (the “College Campus”), including related facilities, fixtures, furnishings and equipment (collectively, the “Projects”);
(ii) fund capitalized interest for the Bonds, if deemed necessary and desirable by the School;
(iii) fund a debt service reserve fund for the Bonds, if deemed necessary or desirable by the School, and (iv) financing and refinancing, including through reimbursement, certain costs incurred in connection with the issuance of the Bonds. The Projects are or will be owned by the School, the Projects are or will be operated by the School and/or the College, and all components of the Projects are or will be located at the College Campus.
The hearing is being held for the purpose of affording residents of the County and other interested persons an opportunity to express their views, both orally and in writing, on the proposed issuance of the Bonds and the nature and location of the Projects to be financed or refinanced with the proceeds thereof. Subsequent to the hearing, the Board will consider whether to enact the Ordinance, thereby approving the issuance of the Bonds.
THE BONDS WILL NOT CONSTITUTE AN INDEBTEDNESS OF THE STATE OF FLORIDA, THE COUNTY, THE SCHOOL DISTRICT OF WALTON COUNTY, FLORIDA, OR ANY POLITICAL SUBDIVISION THEREOF, but will be payable solely from the revenues pledged by the School to the payment of the principal of, and interest on, the Bonds.
The County adheres to the American with Disabilities Act and will make reasonable modifications for access to the meetings upon request. Please call (850) 892-8110 to make a request. For hearing impaired, please call 1-800-955-8771 (TDD), 1-800-955-8770 (VOICE). Requests must be received at least 48 hours in advance of the meeting to allow time to provide the requested services.
If any person decides to appeal any decision made by the County or the Board with respect to any matter considered at such meetings, such person will need a record of the proceedings and for such purpose, may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and the evidence upon which the appeal is to be based.
Clay Adkinson,
Acting County Attorney
As approved by the BCC on May 6, 2024.
