Sarasota County Comprehensive Annual Financial Report 2020

3B Sarasota County, Florida Notes to Financial Statements September 30, 2020 NOTE 7. LONG-TERM DEBT Governmental Activities General long-term debt at year-end was composed of the following (outstanding amounts includes premiums and discounts): 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 issued for governmental type activities, are direct obligations and pledge the full faith and credit of the County. General obligation bonds outstanding at year-end were as follows: Issue Purpose/ Maturity Interest Original Outstanding Revenue Pledged 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 $ 35,237,379 General Obligation Bonds, Series 2020 To finance the acquisition and improvement of the Legacy Trail Extension. Secured by the full faith, credit and taxing power of the County. 2039 1.50% to 5.00% 24,925,000 28,274,919 Total General Obligation Bonds-Governmental Activities $ 63,512,298 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: Purpose/ Interest Original Outstanding Issue Revenue Pledged Maturity Rate Amount 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% $ 17,245,000 $ 14,685,832 to 5.00% 111