2020 Consolidated Major Revenue and Debt Report

5 - Commercial Paper Loan Program And Bank Term Loans COMMERCIAL PAPER LOAN PROGRAM The Florida Local Government Finance Commission was formed in February 1991 pursuant to an Interlocal agreement between Brevard County, Collier County and Sarasota County. In 1995, the Commission was expanded to include Lee County and Osceola County. In 2006, the Commission expanded to include Charlotte County. The Commission is a legal entity created pursuant to Chapter 163, Florida Statutes. The commercial paper notes are issued pursuant to an indenture of trust between the Commission and the Trustee bank to the loan program. The program was established to allow for short-term borrowing for less than fve years using short-term variable interest rates, made to participating counties, cities, school boards and special districts in the State of Florida. Since April 1991, the County has made 105 draws totaling $635.7 million for General Government, Utilities and Stormwater projects. The variable interest rates including all fees during the fscal year were 0.15% to 1.38%. OUTSTANDING BALANCES, UNDER THE FLORIDA LOCAL GOVERNMENT FINANCE COMMISSION POOLED COMMERCIAL PAPER LOAN PROGRAM AS OF SEPTEMBER 30, 2020. GENERAL GOVERNMENT COMMERCIAL PAPER DEBT West Dearborn Street $ 3,317,000 Mobile Radio Upgrade/800 MHz System Update 111,000 Cattleman Road Land Acquisition 3,258,000 Fire Station Apex Road Project 5,586,000 Manasota Key Beach Nourishment Project 2,129,000 Manasota Key Beach Nourishment Project 2,340,000 EMS Warehouse/Fire Station/Siesta Key 6,234,000 Fire Station Bee Ridge Road Project 7,929,000 Pinkney Avenue Fuel Site Replacement Project 2,745,000 Total General Government Commercial Paper Debt $ 33,649,000 ENTERPRISE FUNDS COMMERCIAL PAPER DEBT Carlton Water Treatment Facility and EDR Project $ 9,000,000 Total Enterprise Funds Commercial Paper Debt $ 9,000,000 BANK TERM LOANS Sarasota County and its advisors are constantly monitoring market conditions. When debt is issued, the County determines the most cost efective way to issue the debt. Based on recent market conditions, Bank Term Loans have ofered lower interest rates and have been used to issue new debt and to refund existing debt. The County has the following bank term loans outstanding. $12,543,000 BANK TERM REVENUE NOTE, SERIES 2013A Amount Outstanding: $4,938,000 FY2021 Debt Service: Principal - $1,193,000 Interest - $137,435 Maturity Date: October 1, 2024 Interest Rate: 2.78% Purpose: The $12,543,000 Bank Term Revenue Note, Series 2013A dated October 11, 2013 was issued to fnance or refnance all or a portion of the costs of the acquisition and construction of certain improvements to Siesta Public Beach. Pledge: The Series 2013A Note is secured by a lien upon and a pledge of the Non-Ad Valorem Revenues actually budgeted and appropriated, including income from investment of net revenues. $10,044,000 BANK TERM REVENUE NOTE, SERIES 2014A Amount Outstanding: $4,051,000 FY2021 Debt Service: Principal - $980,000 Interest - $107,352 Maturity Date: October 1, 2024 Interest Rate: 2.55% Purpose: The $10,044,000 Bank Term Revenue Note, Series 2014A dated February 14, 2014 was issued to fnance or refnance all or a portion of the costs of the acquisition and construction of certain improvements to Bee Ridge Road. Pledge: The Series 2014A Note is secured by a lien upon and a pledge of the Non-Ad Valorem Revenues actually budgeted and appropriated, including income from investment of net revenues. 40 Consolidated Major Revenue & Debt Report 2020