Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 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. 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 $ 9,000,000 Total Commercial Paper Debt – Business-type Activities $ 9,000,000 Notes Payable from direct borrowings – Business-type Activities Issue Purpose/ Revenue Pledged Interest Maturity Rate Original Amount Outstanding 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 net revenues derived from operation of the utility system (NROUS) and lawfully available impact fees (LAIF). 2025 2.95% to 3.11% $ 34,188,406 $ 7,521,247 State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area F. 2025 2.71% 5,737,905 1,871,011 Secured by a pledge of NROUS and LAIF. State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area K. 2029 2.65% 15,373,965 8,068,545 Secured by a pledge of NROUS and LAIF. State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area N and 2034 2.80% 5,762,351 4,269,585 Phase 2 Vacuum Collection System. Secured by a pledge of NROUS and LAIF. State of Florida - State Revolving Fund Loan To finance the construction for the Phillippi Creek Collection and Transmission Facilities Area O and P 2036 2.19% to 2.55% 13,642,401 11,270,538 Vacuum Collection System. Secured by a pledge of NROUS and LAIF. Total Notes Payable from direct borrowings – Business-type Activities $ 33,000,926 117