Sarasota County Consolidated Major Revenue and Debt Report 2019

36 Consolidated Major Revenue & Debt Report 2019 2019 INDEBTEDNESS $18,590,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2016A Amount Outstanding: $18,590,000 FY2020 Debt Service: Principal - $0 Interest - $743,600 Maturity Date: October 1, 2043 Interest Rate: 4.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $18,590,000 Utility System Revenue Bonds, Series 2016A dated June 21, 2016 were issued for the purpose of financing the design and construction of facilities expanding and improving the County’s Utility System. Pledge: The Series 2016A Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2016A Bonds are on parity with the Series 2011A, 2011B, and 2013 Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. $43,015,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2016B Amount Outstanding: $43,015,000 FY2020 Debt Service: Principal - $0 Interest - $1,943,750 Maturity Date: October 1, 2037 Interest Rates: 4.00-5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $43,015,000 Utility System Revenue Refunding Bonds, Series 2016B dated June 21, 2016 were issued for the purpose of advance refunding all of the County’s Utility System Revenue Bonds, Series 2007. The refunding resulted in an economic gain in present value savings of $9,844,277 over the life of the issue. Pledge: The Series 2016B Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2016B Bonds are on parity with the Series 2011A, 2011B, 2013 and 2016A Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. $38,725,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2019A Amount Outstanding: $38,725,000 FY2020 Debt Service: Principal - $0 Interest - $1,936,250 Maturity Date: October 1, 2040 Interest Rate: 5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $38,725,000 Utility System Revenue Refunding Bonds, Series 2019A dated April 23, 2019 were issued for the purpose of advance refunding all of the County’s Utility System Revenue Bonds, Series 2010, maturing on or after October 1, 2020. The refunding resulted in an economic gain in present value savings of $10,026,860 million over the life of the issue. Pledge: The Series 2019A Bonds are secured by a prior lien and an irrevocable pledge of net revenues derived from the operation of the Utility System, including income from investment of such net revenues and impact fees imposed by the County on new users connecting to the System. The Series 2019A Bonds are on parity with the Series 2011A, 2011B, 2013, 2016A, and 2016B Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015.