Sarasota County Consolidated Major Revenue and Debt Report 2019

34 Consolidated Major Revenue & Debt Report 2019 $18,015,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2018A Amount Outstanding: $17,710,000 FY2020 Debt Service: Principal - $320,000 Interest - $750,400 Maturity Date: October 1, 2047 Interest Rates: 3.50-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $18,015,000 Capital Improvement Revenue Bonds, Series 2018A dated May 8, 2018 were issued to refinance certain loans from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission, the proceeds of which were used to finance the costs of the acquisition, construction and equipping of the Sheriff’s Office and Administrative Headquarters Facility, and to pay certain costs and expenses incurred in connection with the issuance of the Series 2018A Bonds. Pledge: The Series 2018A Bonds are secured by the Half-Cent Sales Tax Revenues. The Series 2018A Bonds are on parity with the Series 2017 Bonds. $16,215,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2018B Amount Outstanding: $14,555,000 FY2020 Debt Service: Principal - $1,315,000 Interest - $667,469 Maturity Date: October 1, 2034 Interest Rates: 3.00-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $16,215,000 Capital Improvement Revenue Bonds, Series 2018A dated June 12, 2018 were issued to refinance certain loans from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission and to pay certain costs and expenses incurred in connection with the issuance of the Series 2018B Bonds. Pledge: The Series 2018B Bonds are secured by the Half-Cent Sales Tax Revenues. The Series 2018B Bonds are on parity with the Series 2017 and 2018A Bonds. $15,085,000 CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2019A Amount Outstanding: $15,085,000 FY2020 Debt Service: Principal - $460,000 Interest - $711,800 Maturity Date: October 1, 2039 Interest Rates: 4.00-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $15,085,000 Capital Improvement Revenue Bonds, Series 2019A dated May 7, 2019 were issued 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, and to pay certain costs and expenses incurred in connection with the issuance of the Series 2019A Bonds. Pledge: The Series 2019A Bonds are secured by the Half-Cent Sales Tax Revenues. The Series 2019A Bonds are on parity with the Series 2017, 2018A and 2018B Bonds. $19,385,000 CAPITAL IMPROVEMENT REVENUE REFUNDING BONDS, SERIES 2019B Amount Outstanding: $19,175,000 FY2020 Debt Service: Principal - $840,000 Interest - $912,350 Maturity Date: October 1, 2040 Interest Rates: 4.00-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $19,385,000 Capital Improvement Revenue Refunding Bonds, Series 2019B dated June 5, 2019 were issued to advance refund all of the County’s outstanding Capital Improvement Bonds Series, 2010A, maturing on or after October 1, 2020, and all of the County’s outstanding Communications Services Tax Revenue Bonds, Series 2010, maturing on or after October 1, 2020, and to pay certain costs and expenses incurred in connection with the issuance of the Series 2019B Bonds. The refunding resulted in an economic gain in present value savings of $2,647,241 over the life of the issue. Pledge: The Series 2019B Bonds are secured by the Half-Cent Sales Tax Revenues. The Series 2019B Bonds are on parity with the Series 2017, 2018A, 2018B and 2019A Bonds. 2019 INDEBTEDNESS