$38,725,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2019A Amount Outstanding: $38,725,000 FY2022 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 2011B, 2013, 2016A, and 2016B Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. $61,295,000 UTILITY SYSTEM REVENUE BONDS, SERIES 2020A Amount Outstanding: $61,295,000 FY2022 Debt Service: Principal - $0 Interest - $3,064,750 Maturity Date: October 1, 2050 Interest Rate: 5.00% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $61,295,000 Utility System Revenue Bonds, Series 2020A dated December 17, 2020 were issued for the purpose of financing the design, acquisition and construction of facilities expanding and improving the County’s Utility System and refinancing a loan from the Pooled Commercial Paper Loan Program of the Florida Local Government Finance Commission. Pledge: The Series 2020A 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 2020A Bonds are on parity with the Series 2011B, 2013, 2016A, 2016B and 2019A Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. $44,740,000 UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2020B (FEDERALLY TAXABLE) Amount Outstanding: $44,170,000 FY2022 Debt Service: Principal - $1,850,000 Interest - $772,511 Maturity Date: October 1, 2043 Interest Rate: 0.388-2.714% Insured: No Underlying Ratings: Standard & Poor’s AA+; Fitch AA+ Purpose: The $44,740,000 Utility System Revenue Refunding Bonds, Series 2020B (Federally Taxable) dated December 17, 2020 were issued for the purpose of advance refunding the County’s Utility System Revenue Refunding Bonds, Series 2011A, maturing on or after October 1, 2022 and advance refunding the County’s Utility System Revenue Bonds, Series 2013, maturing on or after October 1, 2024. The refunding resulted in an economic gain in present value savings of $6,429,191 million over the life of the issue. Pledge: The Series 2020B 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 2020B Bonds are on parity with the Series 2011B, 2013, 2016A, 2016B, 2019A and 2020A Bonds and the Utility System Revenue Refunding Notes, Series 2012 and 2015. SarasotaClerk.com 37
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