Sarasota County, Florida Notes to Financial Statements September 30, 2021 As of September 30, 2021, the Debt Service Funds had the following amounts available to pay general obligation bonds ($215,034), revenue bonds ($221,132), notes and loans ($1,619,059) and commercial paper ($442,397). Business-type Activities Enterprise Year Ending September 30 Notes and Loans Payable Enterprise Revenue Bonds Total Interest Total Principal and Interest 2022 $ 15,425,000 $ 3,150,000 $ 10,262,910 $ 28,837,910 2023 11,230,000 4,695,000 9,894,649 25,819,649 2024 10,005,000 4,740,000 9,507,007 24,252,007 2025 6,045,000 6,700,000 9,187,778 21,932,778 2026 4,440,000 6,540,000 8,866,336 19,846,336 2027-2031 16,835,000 36,445,000 39,673,768 92,953,768 2032-2036 14,470,000 45,275,000 30,011,292 89,756,292 2037-2041 8,595,000 51,615,000 18,452,967 78,662,967 2042-2046 - 32,660,000 7,454,005 40,114,005 2047-2051 - 16,110,000 2,062,500 18,172,500 87,045,000 207,930,000 $145,373,212 $440,348,212 Plus: Unamortized - 32,543,816 bond premium Net Debt $ 87,045,000 $240,473,816 F. Conduit Debt Obligations Conduit debt obligations are certain limited-obligation revenue bonds or similar debt instruments issued for the specific purpose of providing capital financing for a specific third party that is not a part of the County’s financial reporting entity. To provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest, the County has issued Industrial Development Bonds. The County is authorized by the provisions of Chapter 159, Part II, Florida Statutes to make and execute financing agreements, contracts, deeds and other instruments to finance the acquisition, construction and equipping of projects that may be able to promote effective and efficient pollution control in the County by issuing revenue bonds. On September 30, 2021, there were four series of Industrial Revenue Bonds outstanding, with an aggregate principal amount payable of $39,252,263. The Sarasota County Health Facilities Authority was created by County Ordinance No. 77-52, enacted by the Board of County Commissioners of Sarasota County on June 21, 1977, pursuant to the provisions of the Health Facilities Authorities Law, Section 154.201 et seq., Florida Statutes. Pursuant to the Act, the Authority is authorized to acquire, construct and equip projects suitable for use by not-for-profit health facilities in the provision of nursing and like care services; to issue its revenue bonds to finance and refinance the cost of such projects; and to secure such revenue bonds by a pledge of the revenues derived from the projects and by mortgages and security interests in such projects. The Authority has no taxing power and approval by the Board of County Commissioners is required prior to the creation of any indebtedness by the Authority. On September 30, 2021, there were five series of Health Facilities Authority Bonds outstanding, with an aggregate principal amount payable of $177,870,560. The Industrial Revenue Bonds and the Health Facilities Authority Bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership for the acquired facilities transfers to the private-sector entity served by the bond issuance. Neither the County, the State, nor any political subdivision thereof is obligated in any manner to repay the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. 123
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