Sarasota County, Florida Notes to Financial Statements September 30, 2023 Commercial Paper Commercial paper loans are borrowed for a period of up to five years. The principal payments are set by Resolution for each loan during the financing process. Each note is issued defining the principal repayment dates and amounts. The variable interest rate is paid based on the sales of taxable commercial paper and is reset on a monthly basis. Notes Payable from Direct Borrowings Governmental Activities Notes Payable from Direct Placements Governmental Activities There were five types of non-self-supporting revenue notes payable from direct placements outstanding at year-end: Communications Services Tax Revenue Refunding Notes, a Five-Cent Local Option Fuel Tax Revenue Refunding Note, an Infrastructure Sales Surtax Revenue Note, a Limited Ad Valorem Tax Refunding Bond (Bank Term Loan) and Revenue Notes (Bank Term Loans). Communications Services Tax Revenue Refunding Notes, which are secured by a pledge of the Communications Services Tax Revenues, outstanding at year-end were as follows: Issue Purpose Maturity Interest Rate Annual Principal Installment Range Original Principal Amount Outstanding Principal Amount Florida Local Government Finance Commission, Pooled Commercial Paper Program General government capital projects, including buildings, roads and environmental lands. 2027 Variable $2,765,000 to 14,350,000 $ 29,418,000 22,583,000 $ Total Commercial Paper Debt - Governmental Activities $ 22,583,000 Issue Purpose Maturity Interest Rate Annual Principal Installment Range Original Principal Amount Outstanding Principal Amount Five Points Property Note Five Points property purchased for the new library to be paid from General Government Revenues. 2025 5.00% $90,832 to 97,514 $ 1,135,188 $223,622 Total Notes Payable from Direct Borrowings - Governmental Activities $223,622 122
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