Sarasota County Comprehensive Annual Financial Report 2020

Sarasota County, Florida Notes to Financial Statements September 30, 2020 $9,070,000 Infrastructure Sales Surtax Revenue Note, Series 2020 In September 2020, the County issued an Infrastructure Sales Surtax Revenue Note, Series 2020 in the principal amount of $9,070,000 to finance the acquisition, construction and equipping of the improvements to the South County Courts and R.L. Anderson Building Remodel. The 2020 Note is secured by a pledge of the Infrastructure Sales Surtax Revenues and has an interest rate of 0.82%. Commercial Paper In fiscal year 2020, the County issued Florida Local Government Finance Commission Pooled Commercial Paper Revenue Notes: Draw No. A-24-1 in the amount of $2,129,000 to finance costs of the Manasota Key Beach Nourishment Project; Draw No. A-25-1 in the amount of $2,340,000 to finance costs of the Manasota Key Beach Nourishment Project; Draw No. A-26-1 in the amount of $6,234,000 to finance costs of the Emergency Services Warehouse Project and the Fire Station Siesta Key Project; Draw No. A-27-1 in the amount of $7,929,000 to finance costs of the Fire Station Bee Ridge Road Project and the Bee Ridge Road Fuel Site Replacement Project, and Draw A-28-1 in the amount of $2,745,000 to finance costs of the Pinkney Avenue Fuel Site Replacement Project. Legal Debt Margin The County has no legal debt limit as set forth in the constitution of the State of Florida, Florida Statute 200.181. Debt Agreements Terms specified in debt agreements entered into by the County includes provisions related to remedies available to the lender in the event of default. A summary of the default remedies expressed in the County’s debt agreements, summarized by type of borrowing include the following: Issue Type Default Remedy General obligation bonds Enforcement of pledge of the general tax power of the County. Revenue bonds Lender may protect and enforce any and all rights under the Laws of the State of Florida or granted and contained in the Bond Resolution. Notes payable Note shall bear interest at the Default Rate and the Lender may seek enforcement of and exercise all remedies available to it under any applicable law. State of Florida revolving fund loans By action or suit, various remedies, including full accounting, apply to court of competent jurisdiction, appoint receiver, sue for amounts due, and accelerated repayment schedule. Commercial paper Lender may seek enforcement of and exercise all remedies available to it under the loan agreement or any applicable law. Other that the standard default remedies listed above, there are no terms specified in the County’s debt agreements relating to significant events of default with finance-related consequences, termination events with finance-related consequences, or subjective acceleration clauses. 121