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BOCC Special Minutes October 23, 2007

                                         BOARD OF COUNTY COMMISSIONERS

 

            MADISON COUNTY, FLORIDA

 

                                                         COURTHOUSE ANNEX

 

                                           MINUTES OF THE SPECIAL MEETING

 

                                                   TUESDAY, OCTOBER 23, 2007

 

                                                                      5:30 P.M.

           

           

The Board of County Commissioners of Madison County, Florida met this day in Special Session with the following members present: Wayne Vickers (District 2), Ronnie Moore (District 3), Alfred Martin (District 4), and Roy Ellis (District 5).  Also present were County Coordinator Allen Cherry, County Attorney George T. Reeves, and County Clerk Tim Sanders.  Commissioner Ricky Henderson (District 1) was out of town on a work related assignment.

 

The Chairman, Honorable Alfred Martin, called the meeting to order and asked the County Attorney to explain the purpose of the meeting.

 

Mr. Reeves advised the purpose of the meeting is to consider a Resolution amending the Trust Indenture and Loan Agreement for Twin Oaks Industrial Revenue Bond, of which he gave a brief background.  He also reported the parties associated with the bond requested consideration of the proposed Resolution before the next Regular Meeting of the Board on November 7, 2007.  The original bond was for the purchase of the Madison and Liberty County juvenile detention facilities and with the purchase of additional property the Board is being asked to agree to change the structure of the original bond.  Mr. Reeves advised he did not see any danger in the bond structure and reiterated an Industrial Revenue Bond does not pledge any assets of the county.

 

Upon a motion by Commissioner Moore, seconded by Commissioner Vickers, the Board voted unanimously (4-0) to approve A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MADISON COUNTY, FLORIDA AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE IN CONNECTION WITH THE COUNTY’S FIRST MORTGAGE REVENUE BONDS (TWIN OAKS PROJECT), SERIES 2005A AND ITS SUBORDINATE REVENUE BONDS (TWIN OAKS PROJECT), SERIES 2005B; AUTHORIZING THE MODIFICATION OF THE MORTGAGE ENTERED INTO IN CONNECTION WITH SUCH FINANCING TO ADD ADDITIONAL PROPERTY AS SECURITY FOR THE BONDS; AUTHORIZING THE AMENDMENT OF THE LOAN AGREEMENT IN CERTAIN RESPECTS; PROVIDING FOR THE ISSUANCE OF CERTAIN SUBORDINATE INDEBTEDNESS; AND PROVIDING AN EFFECTIVE DATE.

 

In a matter unrelated to the Special Meeting agenda, the Board by consensus approved the Public Works Director to be responsible for the County Employee Appreciation Luncheon food preparation.

 

There being no further business, the Chairman adjourned the meeting at 5:40 P.M.

 

                                                                        Board of County Commissioners

                                                                        Madison County, Florida

 

By:_________________________

                                                                              Alfred Martin, Chairman

                                                                            

                                                                                                                                                                                   

ATTEST:

 

_____________________________

Tim Sanders, Clerk to the Board of

County Commissioners

 


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