Sarasota County, Florida Notes to Financial Statements September 30, 2023 B. Debt Issuance $24,575,000 Capital Improvement Revenue Bonds, Series 2023A In June 2023, the County issued Capital Improvement Revenue Bonds, Series 2023A in the principal amount of $24,575,000 to fund the design and construction of a (i) new Mosquito Management Facility which will include, among other things, labs and associated functions, aqua culture, fabrication and workshop, and administrative and staff accommodations and (ii) a new Emergency Services Administration Building. A portion of the proceeds were also used to refinance certain loans from the Commercial Paper Loan Program of the Florida Local Government Finance Commission. The Series 23A Bonds are secured by a lien upon and pledge of Half-Cent Sales Tax revenues and have an interest rate of 5% $39,020,000 Utility System Revenue Bonds, Series 2023 In July 2023, the County issued Utility System Revenue Bonds, Series 2023 in the principal amount of $39,020,000 to provide funds, to design, acquire and construct certain water utility assets of the Utility System including but not limited to, the following: Home Depot Lift Station Improvements; Pump Station #5 and Proctor Road Transmission Main; Pump Station #1 Tank Fill Improvements; Lorraine Road RWM Extension (Phase 1 only); Venice Gardens WRF DIW and such additional projects as may be approved by the Board. 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 and have an interest rate of 5% 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: Issue Purpose Maturity Interest Rate Annual Principal Installment Range Original Principal Amount Outstanding Principal and Unamortized Premium Amount General Obligation Bonds, Series 2019 To finance a portion of the acquisition and improvement of the Legacy Trail Extension railroad corridor within the County. 2038 2.00% to 5.00% $1,365,000 to 2,345,000 $ 32,455,000 29,882,711 $ 117
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