Sarasota County, Florida Notes to Financial Statements September 30, 2022 B. Debt Issuance $15,750,000 Public Improvement Revenue Refunding Bonds, Series 2021A (Federally Taxable) In November 2021, the County issued Public Improvement Revenue Refunding Bonds, Series 2021A (Federally Taxable) in the principal amount of $15,750,000 to advance refund all of the County’s outstanding Second Guaranteed Entitlement Revenue Bonds, Series 2013. The refunding resulted in an aggregate difference in debt service of $2.6 million and a net present value savings to the County of $2.0 million. The Series 2021A Bonds are secured by a lien upon and pledge of revenue sharing moneys and have interest rates ranging from 0.564% to 3.033%. $20,795,000 Public Improvement Revenue Refunding Bonds, Series 2021B In December 2021, the County issued Public Improvement Revenue Refunding Bonds, Series 2021B in the principal amount of $20,795,000 to refinance certain loans from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. The Series 2021B Bonds are secured by a lien upon and pledge of revenue sharing moneys and have interest rates of 4.0% and 5.0%. $135,730,000 Utility System Revenue Bonds, Series 2022 In September 2022, the County issued Utility System Revenue Bonds, Series 2022 in the principal amount of $135,730,000 to refinance a loan under the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission, to finance a portion of the costs of the acquisition and construction of additions, extensions and improvements to the County’s utility system and to pay the costs of issuance of the Series 2022 Bonds. The Series 2022 Bonds are secured by a lien upon and pledge of Net Revenues derived by the County from the operation of its Utility System, Subsidy Payments (if any) and from lawfully available Impact Fees and have interest rates of 5.0% to 5.25%. Commercial Paper In fiscal year 2022, the County issued the following five Florida Local Government Finance Commission Pooled Commercial Paper Revenue Notes totaling $60,498,000. (1) Draw No. A-31-1 for $1,133,000 to finance costs for the design of the Emergency Services Administration Building Project. (2) Draw No. A-32-1 for $23,686,000 to finance costs of the Bee Ridge Water Reclamation Facility (WRF) Expansion and Advanced Wastewater Treatment (AWT) Conversion Project. (3) Draw No. A-33-1 for $8,891,000 to finance costs for the design and construction of the Fire Station #23 Project. (4) Draw No. A-19-2 for $3,102,000 to refinance a portion of a loan previously made to refinance the costs of the Cattleman Road Land Acquisition. (5) Draw No. A-32-2 for $23,686,000 to refinance a loan previously made to finance the costs of the Bee Ridge Water Reclamation Facility (WRF) Expansion and Advanced Wastewater Treatment (AWT) Conversion Project. C. Governmental Activity Debt Governmental activity debt at year-end consisted of general obligation bonds, non-self-supporting revenue bonds, commercial paper, notes payable from direct borrowings and notes payable from direct placements. General Obligation Bonds The County issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds, which are direct obligations secured by a pledge of the full faith, credit and taxing power of the County, outstanding at year-end were as follows: 116
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