Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy I. STATE AND FEDERAL LOAN PROGRAMS These programs provide funds for projects such as water supply and distribution facilities, stormwater control and treatment projects, air and water pollution control, solid waste disposal facilities, infrastructure, etc. In programs like the State of Florida Revolving Loan Fund (SRF), local governments benefit from the strength of the state's credit and costs are traditionally low. Other programs, like the Water Infrastructure Finance and Innovation Act (WIFIA), provide partial funding for large water and wastewater related projects and others like the State Infrastructure Bank (SIB) Loan provide funding for infrastructure type projects. Whenever possible, these types of programs shall be considered if the implementation costs are not excessive, interest costs are below prevailing open market conditions and legal terms are acceptable. J. CERTIFICATES OF OFFICIAL INTENT TO REIMBURSE In developing the funding plan for a project, an operating department may decide to advance cash towards the initial funding of the project, with the expectation that such cash outlay will be recaptured from a subsequent issuance of tax-exempt debt. Before any such cash outlays are made (or in no event later than 60 days after the cash outlay is made), the operating department must file a Certificate of Official Intent to Reimburse with the OFM in accordance with Treasury Regulation Section 1.150-2. The County Administrator or designee will approve such Certificates and place them on file with Board Records. When the subsequent tax-exempt debt is issued, Bond Counsel will be provided with a copy of the Certificate so that the reimbursement from tax-exempt proceeds can be processed. K. LEASE AGREEMENTS Financing leases in general do not provide an economic advantage and their use is not recommended unless it can be demonstrated to be beneficial to the County. L. USE OF DERIVATIVES The use of derivative instruments in general is not recommended by the County. IV. DEBT ADMINISTRATION A. ANNUAL DEBT REPORT The Clerk and Comptroller is responsible for preparing and delivering an Annual Debt Report to the Board as part of its annual review of the Annual Comprehensive Financial Report. This report, known as the Consolidated Major Revenue and Debt Report, shall pertain to the prior Fiscal Year and may include the following elements: 10