Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy E. UNDERWRITERS The County selects Underwriters for competitive and negotiated sales. The Underwriters will provide ideas and suggestions with respect to structure, timing, and marketing of the bonds being sold. F. UNDERWRITER'S COUNSEL On negotiated public offerings, the senior managing Underwriter may select their Underwriter's Counsel, who will be compensated as an expense item and negotiated as part of the gross underwriting spread. The County maintains no involvement in selection of Underwriter's Counsel as the Underwriter bears responsibility for its own counsel. G. PAYING AGENT The Board may utilize a Paying Agent on all County indebtedness. The fees and expenses for servicing outstanding bonds are paid from the appropriate debt service fund, unless specified otherwise by the Board. H. OTHER SERVICE PROVIDERS The Board may periodically select other service providers (e.g., escrow agents, verification agents, trustees, arbitrage consultants, etc.) as necessary to meet legal requirements and minimize net County debt costs. These services can include debt restructuring services and security or escrow purchases. The Board may select firm(s) to provide such financial services related to debt without an RFP or RFQ, consistent with County and State legal requirements. VI. DEBT ISSUANCE PROCESS A. BOND AND NOTE SALES All proposed borrowings require the Board's final approval, which includes the adoption of appropriate Resolutions drafted by Bond Counsel and reviewed by the Debt Management Team. Before the sale of bonds or notes the Debt Management Team will identify the source and use of bond proceeds, Funds, Organization (Org) Codes and Object Codes for deposit of all bond proceeds, and Funds and Org Codes for payment of debt service. The preparation of an appropriate Budget Amendment may also be required. No bonds, notes or other forms of indebtedness shall be incurred by the Board without the Debt Management Team's review. 14