Sarasota County, Florida Notes to Financial Statements September 30, 2021 B. Debt Issuance $61,295,000 Utility System Revenue Bonds, Series 2020A In December 2020, the County issued Utility System Revenue Bonds, Series 2020A in the principal amount of $61,295,000, at a premium of $19,947,169, to finance the design, acquisition and construction of facilities expanding and improving the County’s Utility System and to refinance a loan from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. The Series 2020A Bonds are secured by a lien upon and pledge of net revenues derived from operation of the Utility System and lawfully available impact fees and have an interest rate of 5.00%. $44,740,000 Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable) In December 2020, the County issued Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable) in the principal amount of $44,740,000 to advance refund all or a portion of the County’s Utility System Revenue Refunding Bonds, Series 2011A, maturing on or after October 1, 2022 and to advance refund 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. The Series 2020B Bonds are secured by a lien upon and pledge of net revenues derived from operation of the Utility System and lawfully available impact fees and have an interest rate ranging from 0.348% to 2.714%. $36,740,000 Subordinate Utility System Revenue Refunding Note, Series 2021 In March 2021, the County issued Subordinate Utility System Revenue Refunding Note, Series 2021 in the principal amount of $36,740,000 to refinance the County’s outstanding loans from the State of Florida Department of Environmental Protection related to the County’s water and sewer Utility System and to refund the County’s Subordinate Utility System Revenue Refunding Note, Series 2012. The 2021 Note is secured by a lien upon and pledge of net revenues derived from operation of the Utility System and lawfully available impact fees and has an interest rate of 1.54%. $31,975,000 Solid Waste System Revenue Note, Series 2021 In July 2021, the County issued a Solid Waste System Revenue Note, Series 2021 in the principal amount of $31,975,000 to finance the acquisition and construction of the County’s Central Solid Waste Phase III Landfill and other improvements to its Solid Waste System. The 2021 Note is secured by a lien upon and pledge of net revenues derived from operation of the Solid Waste System and has an interest rate of 2.15%. Commercial Paper In fiscal year 2021, the County issued the following three Florida Local Government Finance Commission Pooled Commercial Paper Revenue Notes totaling $15,085,000: (1) Draw No. A-29-1 for $6,983,000 to finance costs of the West Dearborn Street Low Impact Design and Associated Improvements Project. (2) Draw No. A-3-3 for $2,986,000 to refinance costs of the West Dearborn Street Low Impact Design and Associated Improvements Project. (3) Draw No. A-30-1 for $5,116,000 to finance costs of various capital improvements to Fire Station #21 and the acquisition of certain fire/EMS equipment. 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. 112
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