Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 The amounts available in the Debt Service Funds to pay general obligation bonds, revenue bonds, notes and commercial paper are $14,143 for general obligation bonds, $789,883 for revenue bonds $1,556,359 for notes and $372,101 commercial paper. 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, 2019, there were six series of Industrial Revenue Bonds outstanding, with an aggregate principal amount payable of $52,709,826. 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 Commissions is required prior to the creation of any indebtedness by the Authority. On September 30, 2019, there were six series of Health Facilities Authority Bonds outstanding, with an aggregate principal amount payable of $197,722,148. 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. Business-type Activities Enterprise Enterprise Enterprise Total Year Ended Notes and loansCommercial Revenue Total Long-term September 30 payable Paper Bonds Interest Debt 2020 $ 15,113,394 $ 3,000,000 $ 1,870,000 $ 8,759,937 $ 28,743,331 2021 15,306,757 3,000,000 1,950,000 8,347,564 28,604,321 2022 15,247,606 3,000,000 2,440,000 7,924,986 28,612,592 2023 11,091,008 3,000,000 4,035,000 7,469,778 25,595,786 2024 8,347,037 - 4,130,000 6,991,940 19,468,977 2025-2029 13,148,556 - 24,310,000 29,838,421 67,296,977 2030-2034 5,426,655 - 28,870,000 22,484,959 56,781,614 2035-2039 1,668,307 - 41,470,000 14,283,476 57,421,783 2040-2044 - - 37,485,000 3,632,925 41,117,925 85,349,320 12,000,000 146,560,000 $ 109,733,986 $353,643,306 Plus: Unamortized bond premium - - 17,309,188 Net debt $ 85,349,320 $ 12,000,000 $ 163,869,188 117