Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy b. Lease and Subleases After initial review by the County Attorney, the Debt Management Team shall monitor all leases and subleases that involve the use of debt-financed property, including the name of the lessee or sub-lessee, the term of the lease or sub- lease, the amount of the rent paid by the lessee or sub-lessee, and the square footage of space used by the lessee or sub-lessee relative to the square footage of the debt-financed property. c. Naming Rights Agreements After initial review by the County Attorney and consultation with Bond Counsel, the Debt Management Team shall monitor all naming rights agreements that involve debt-financed property, including the term of the arrangement and the amount paid by the naming party. d. Joint Ventures and Partnership Arrangements After initial review by the County Attorney and consultation with Bond Counsel, the Debt Management Team shall monitor all joint ventures, partnerships, or other cooperative agreements that involve the use of debt-financed property. 3. Sales of Debt-Financed Property It is the County's policy to use debt proceeds to finance property that the County intends to own for the entire term of the debt issued to finance the projects. Prior to selling or otherwise disposing of any debt-financed project for which debt remains outstanding, the County shall consult with its Bond Counsel to determine the impact, if any, such sale or disposition would have on the tax status of the County's outstanding debt. 4. Remedial Actions The County is aware of the remedial action rules contained in Treasury Regulations Section 1.141-12, providing the County with the ability, in certain circumstances, to voluntarily remediate violations of the private business tests or private loan financing test. Although the County intends that none of its debt issuances will require the application of the remedial action rules, prior to taking any action that would cause one or more of its outstanding debt issuances to, absent a remedial action, violate the private business tests or private loan financing test, the County shall consult with its Bond Counsel regarding the applicability of the remedial action rules to such action and the ability to remediate the impacted debt issuance. 19