Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy F. ACCOUNTING FOR DEBT PROCEEDS 1. General Except as otherwise described below and in the Tax Certificate entered into by the County in connection with a debt issuance, it is the policy of the County to consistently apply a generally accepted method of accounting for the allocation of its debt proceeds. 2. Investment Proceeds Proceeds of the County's capital borrowings shall be accounted for in a separate fund or account. All proceeds shall be invested at the direction of the Finance Department in accordance with the County's investment policy adopted by the Board. 3. Expenditure of Debt Proceeds on Capital Projects The respective responsible department will initially review and approve invoices related to the debt financed expenditures and forward to OFM and the Finance Department for subsequent review and approval of invoices and cause payments to be made. All invoices and records of payment shall be retained by the County in accordance with the proceeding section G, "Recordkeeping", below. The County shall maintain an active ledger, updated with each payment of an expenditure from debt proceeds that for each outstanding debt issuance shows: a. The name and date of the debt issue to which the proceeds relate, b. The projects financed with the proceeds of the issue, c. The authorized amount of proceeds to be used to finance each project, d. The amount of proceeds of the debt issuance used to date to finance each project, e. The amount of unspent proceeds of the debt issuance to be used to finance each project, and f. The date on which the debt proceeds related to each project were fully expended. 23