Sarasota County, Florida Notes to Financial Statements September 30, 2024 $25,945,000 Capital Improvement Revenue Bonds, Series 2024C In July 2024, the County issued Capital Improvement Revenue Bonds, Series 2024C in the principal amount of $25,945,000 to finance the acquisition, construction and equipping of a Sarasota County Regional Fire Training Academy. The Series 2024C Bonds are secured by a lien upon and pledge of Half-Cent Sales Tax revenues and have an interest rate of 5% $15,770,000 Solid Waste System Revenue Bonds, Series 2024 In August 2024, the County issued Solid Waste System Revenue Bonds, Series 2024 in the principal amount of $15,770,000 to finance the acquisition of real property to be used for excavating soils and to meet the long term needs of the System. The Series 2024 Bonds are secured by a lien upon and pledge of the Net Revenues derived by the County from the operation of it’s Solid Waste System, Subsidy Payments (if any), and from any lawfully available Impact Fees and have an interest rate of 5%. $12,000,000 State Infrastructure Bank Loan (SIB) In May 2020, the County entered into a financing agreement with the State of Florida Department of Transportation for a loan of $12,000,000 to fund the improvements necessary to widen and reconstruct River Road, located in Sarasota County. The State owns and controls the project as well as manages it’s funding needs. The State drew down on the debt proceeds in December 2023. The SIB loan is secured by a pledge of County Road Impact Fees and South County Mobility District Fees. Commercial Paper In fiscal year 2024, the County issued the following two Florida Local Government Finance Commission Pooled Commercial Paper Notes totaling $4,102,000: (1) Draw No. A-34-1 for $2,991,000 to finance portable mobile radio and ballistic gear projects. (2) Draw No. A-25-2 for $1,111,000 to rollover a portion of A-25-1 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: 120
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