Sarasota County Comprehensive Annual Financial Report 2019

Sarasota County, Florida Notes to Financial Statements September 30, 2019 Debt Issuance $38,725,000 Utility System Revenue Refunding Bonds, Series 2019A On April 23, 2019 the County issued Utility System Revenue Refunding Bonds, Series 2019A in the amount of $38,725,000 to advance refund all of the County’s Utility System Revenue Bonds, Series 2010 maturing on or after October 1, 2021. The 2019A Bonds are secured by a lien upon and a pledge of the net revenues derived by the operation of the Utility System and from lawfully available Impact Fees and have an interest rate of 5.00%. This transaction had an aggregate difference in debt service of $13,588,219 and a net present value savings to the County of $10,026,860. $15,085,000 Capital Improvement Revenue Bonds, Series 2019A On May 7, 2019 the County issued Capital Improvement Revenue Bonds, Series 2019A in the amount of $15,085,000 to finance the cost of the construction of a new Sheriff’s Office Support Services Facility, to provide for Sheriff’s vehicle maintenance and administrative support functions. The 2019A Bonds are secured by a pledge of the Half-Cent Sales Tax Revenues and have an interest rate of 4.00% to 5.00%. $19,385,000 Capital Improvement Revenue Refunding Bonds, Series 2019B On June 5, 2019 the County issued Capital Improvement Revenue Refunding Bonds, Series 2019B in the amount of $19,385,000 to advance refund all of the County’s outstanding Capital Improvement Bonds, Series 2010A maturing on or after October 1, 2021 and all of the County’s outstanding Communications Services Tax Revenue Bonds, Series 2010 maturing on or after October 1, 2021. The 2019A Bonds are secured by a pledge of the Half-Cent Sales Tax Revenues and have an interest rate of 4.00% to 5.00%. This transaction had an aggregate difference in debt service of $3,273,170 and a net present value savings to the County of $2,647,241. $32,455,000 General Obligation Bonds (Legacy Trail Project), Series 2019 On June 25, 2019 the County issued General Obligation Bonds, Series 2019 in the amount of $32,455,000 to finance a portion of the costs of the acquisition and improvement of the Legacy Trail Extension railroad corridor within the County. The 2019 Bonds are secured by the full faith, credit and taxing power of the County and have an interest rate of 2.00% to 5.00%. $10,215,000 Capital Improvement Revenue Refunding Bonds, Series 2019C On August 22, 2019 the County issued Capital Improvement Revenue Refunding Bonds, Series 2019C in the amount of $10,215,000 to advance refund all of the County’s outstanding Capital Improvement Bonds, Series 2010B maturing on or after October 1, 2021. The 2019C Bonds are secured by a pledge of the Half- Cent Sales Tax Revenues and have an interest rate of 3.00% to 5.00%. This transaction had an aggregate difference in debt service of $1,296,870 and a net present value savings to the County of $1,000,941. Commercial Paper In fiscal year 2019, the County issued Florida Local Government Finance Commission Pooled Commercial Paper Revenue Notes: Draw No. A-20-1 in the amount of $15,000,000 to finance costs of the Carlton Water Treatment Facility & EDR project; Draw No. A-21-1 in the amount of $2,265,000 to finance costs of the East Jail Controls upgrade project; Draw No. A-22-1 in the amount of $2,944,000 to finance costs of the Facilities Energy Conservative Measure project; and Draw No. A-23-1 in the amount of $5,586,000 to finance costs of the Fire Station Apex Road project. Legal Debt Margin The County has no legal debt limit as set forth in the constitution of the State of Florida and the Florida Statutes. 118