Sarasota County, Florida Notes to Financial Statements September 30, 2021 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: Outstanding Principal Annual and Principal Original Unamortized Interest Installment Principal Premium Issue Purpose Maturity Rate Range Amount Amount General Obligation Bonds, Series 2019 To finance a portion of the acquisition and improvement of the Legacy Trail Extension railroad 2038 2.00% to 5.00% $ 1,240,000 to 2,345,000 $32,455,000 $ 33,718,497 corridor within the County. General To finance the 2039 1.50% 915,000 24,925,000 27,311,065 Obligation Bonds, Series 2020 acquisition and improvement of the Legacy Trail to 5.00% to 1,720,000 Extension. Total General Obligation Bonds – Governmental Activities $ 61,029,562 Non-self-supporting Revenue Bonds The County issues bonds where the government pledges income derived from the acquired or constructed assets to pay debt service. There were three types of non-self-supporting revenue bonds outstanding at year-end: Second Guaranteed Entitlement Revenue Bonds, Infrastructure Sales Surtax Revenue Bonds and Capital Improvement Revenue Bonds. Second Guaranteed Entitlement Revenue Bonds, which are secured by the Second Guaranteed Entitlement funds portion of the Revenue Sharing Trust Fund, outstanding at year-end were as follows: Outstanding Principal Annual and Principal Original Unamortized Interest Installment Principal Discount Issue Purpose Maturity Rate Range Amount Amount Second Guaranteed Entitlement Revenue Bonds, Series 2013 To finance the planning, engineering, constructing, reconstructing and equipping of an emergency operations center for the County. 2043 3.00% to 5.00% $ 410,000 to 1,025,000 $17,245,000 $ 14,296,870 Total Second Guaranteed Entitlement Rev. Bonds – Governmental Activities $ 14,296,870 113
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