Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 3B NOTE 7. LONG-TERM DEBT Governmental Activities General long-term debt at year-end was composed of the following: 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 have been issues for governmental type activities, are direct obligations and pledge the full faith and credit of the County. General obligation bonds outstanding at year-end was as follows: 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. Revenue bonds outstanding at year-end were as follows: Interest Original Outstanding Issue Purpose/Revenue Pledged Maturity Rate Amount 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. Secured by the full faith, credit and taxing power of the County 2038 2.00% to 5.00% 32,455,000 $ 36,384,825 $ 36,384,825 $ Total General Obligation Bonds Issue Purpose/ Revenue Pledged Maturity Interest Rate Original Amount Outstanding 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. Secured by the Second Guaranteed Entitlement funds portion of the Revenue Sharing Trust Fund 2043 3.00% to 5.00% 17,245,000 $ 15,064,636 $ Infrastructure Sales Surtax Revenue Refunding Bonds, Series 2014 To advance refund all or a portion of the County's Infrastructure Sales Surtax Revenue Bonds, Series 2008B maturing on or after October 1, 2018. Secured by a pledge of the Infrastructure Sales Surtax Revenues 2024 5.00% 37,355,000 30,308,204 108