Sarasota County, Florida Notes to Financial Statements September 30, 2022 Notes Payable from direct placements – Business-type Activities There were two types of self-supporting revenue notes payable from direct placements outstanding at year-end: Utility System Revenue Refunding Notes and Solid Waste System Revenue and Refunding Notes. The Utility System Revenue Refunding notes, which are secured by a lien upon and pledge of net revenues derived from operation of the County’s Utility System and lawfully available impact fees, outstanding at year-end were as follows: Issue Purpose Maturity Interest Rate Annual Principal Installment Range Original Principal Amount Outstanding Principal Amount Utility System Revenue Refunding Note, Series 2015 To refund the County’s Utility System Revenue Refunding Bonds, Series 2005A, maturing on or after October 1, 2016. 2024 2.62% $ 3,335,000 to 3,415,000 $ 28,000,000 $ 6,750,000 Subordinate Utility System Revenue Refunding Note, Series 2021 To refinance the County’s loans from the State of Florida Department of Environmental Protection related to the County’s water and sewer Utility System and to refund the outstanding County Subordinate Utility System Revenue Refunding Note, Series 2012. 2036 1.54% 780,000 to 5,010,000 36,740,000 29,945,000 Total Utility System Revenue Notes – Business-type Activities $ 36,695,000 126
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