Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 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. A Note is issued which defines 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 – Business-type Activities Interest Original Outstanding Issue Purpose Maturity Rate Amount Amount Florida Local Government Finance Commission, Pooled Commercial Paper Program. Utility system capital projects 2023 Variable 15,000,000 $ 12,000,000 $ Total Commercial Paper Debt – Business-type Activities 12,000,000 $ Interest Original Outstanding Issue Purpose Maturity Rate Amount Amount State of Florida - State Revolving Fund Loan To finance the construction for the Bee Ridge Water Reclamation Facility Expansion and the Septic System Replacement Program. Secured by a pledge of the Net Water and Sewer Utility System Revenues and Capacity Fees 2025 2.95% to 3.11% 34,188,406 $ 8,761,755 $ State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area F. Secured by a pledge of the Net Operating Revenues and Impact Fees of the Water and Wastewater Utilities 2025 2.71% 5,737,905 2,182,424 State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area K. Secured by a pledge of the Net Operating Revenues and lawfully available Impact Fees of the Water and Wastewater Utilities 2029 2.65% 15,373,965 8,852,667 State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area N and Phase 2 Vacuum Collection System. Secured by a pledge of Net Operating Revenues and Capacity Fees 2034 2.80% 5,762,351 4,526,607 114