Purpose: The $44,740,000 Utility System Revenue Refunding Bonds, Series 2020B dated December 17, 2020 were issued for the purpose of advance refunding all or a portion of the County’s Utility System Revenue Refunding Bonds, Series 2011A, maturing on or after October 1, 2022 and advance refunding all or a portion of the County’s Utility System Revenue Bonds, Series 2013, maturing on or after October 1, 2024. The refunding resulted in an aggregate difference in debt service of $7.9 million and a net present value savings to the County of $6.4 million. Pledge: The Series 2020B Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2020B Bonds are on parity with the Series 2013, 2016A, 2016B, and 2020A Bonds and the Utility System Revenue Refunding Notes, Series 2015. $135,730,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2022 Amount Outstanding: $135,730,000 FY2024 Debt Service: Principal – $0 Interest – $7,095,588 Maturity Date: October 1, 2052 Interest Rate: 5.00‑5.25% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $135,730,000 Utility System Revenue Bonds, Series 2022 dated September 28, 2022 were issued for the purpose of refinancing 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. Pledge: 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. The Series 2022 Bonds are on parity and equal status with the Utility System Revenue Bonds, Series 2013, the Utility System Revenue Refunding Note, Series 2015, the Utility System Revenue Bonds, Series 2016A, the Utility System Revenue Refunding Bonds, Series 2016B, the Utility System Revenue Refunding Bonds, Series 2019A, Utility System Revenue Bonds, Series 2020A, Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable), the Utility System Revenue Bond (WIFIA Bond), Series 2021 and all other “Additional Parity Bonds” hereafter issued under the Resolution. $39,020,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2023 Amount Outstanding: $39,020,000 FY2024 Debt Service: Principal – $0 Interest – $1,951,000 Maturity Date: October 1, 2053 Interest Rate: 5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $39,020,000 Utility System Revenue Bonds, Series 2023 dated July 18, 2023 were issued 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 2023 Bonds. Pledge: The Series 2023 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. The Series 2023 Bonds are on parity and equal status with the Utility System Revenue Refunding Note, Series 2015, the Utility System Revenue Bonds, Series 2016A, the Utility System Revenue Refunding Bonds, Series 2016B, the Utility System Revenue Refunding Bonds, Series 2019A, Utility System Revenue Bonds, Series 2020A, Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable), the Utility System Revenue Bond (WIFIA Bond), Series 2021, the Utility System Revenue Bonds, Series 2022, and all other “Additional Parity Bonds” hereafter issued under the Resolution. SarasotaClerk.com 37 2023 INDEBTEDNESS
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