Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy SARASOTA COUNTY DEBT MANAGEMENT POLICY Table of Contents I. DEBT RESPONSIBILITIES ..................................................................................................... 4 A. POLICY ..................................................................................................................................... 4 B. AUTHORITY.............................................................................................................................. 4 C. PURPOSES AND USES ........................................................................................................... 5 II. CREDITWORTHINESS ........................................................................................................... 5 A. CREDIT RATINGS .................................................................................................................... 5 B. FINANCIAL DISCLOSURE........................................................................................................ 5 C. CAPITAL PLANNING ................................................................................................................ 6 D. DEBT LIMITS ........................................................................................................................... 6 Ill. DEBT STRUCTURE ................................................................................................................ 6 A. DEBT STRUCTURE .................................................................................................................. 6 B. TYPES OF DEBT INSTRUMENTS AND PLEDGES/SECURITY ......................................... 6 C. DEBT STRUCTURING .............................................................................................................. 8 D. TAXABLE VERSUS TAX-EXEMPT DEBT................................................................................. 8 E. REFUNDINGS ........................................................................................................................... 9 F. CREDIT ENHANCEMENTS ...................................................................................................... 9 G. VARIABLE RATE DEBT ............................................................................................................ 9 H. SHORT-TERM NOTES ............................................................................................................. 9 I. STATE AND FEDERAL LOAN PROGRAMS........................................................................... 10 J. CERTIFICATES OF OFFICIAL INTENT TO REIMBURSE ...................................................... 10 K. LEASE AGREEMENTS ........................................................................................................... 10 L. USE OF DERIVATIVES........................................................................................................... 10 IV. DEBT ADMINISTRATION ..................................................................................................... 10 A. ANNUAL DEBT REPORT........................................................................................................ 10 B. REPORT TO DEBT HOLDERS ............................................................................................... 11 C. ARBITRAGE COMPLIANCE ................................................................................................... 12 D. TAX-EXEMPT DEBT POST ISSUANCE COMPLIANCE ......................................................... 12 E. FINANCING PROPOSALS ...................................................................................................... 12 F. CONDUIT BOND FINANCING ................................................................................................ 12 V. FINANCING TEAM ................................................................................................................ 13 A. FINANCING TEAM SELECTION PROCESS .......................................................................... 13 B. FINANCIAL ADVISOR............................................................................................................. 13 C. BOND COUNSEL .................................................................................................................... 13 D. DISCLOSURE COUNSEL ....................................................................................................... 13 E. UNDERWRITERS ................................................................................................................... 14 F. UNDERWRITER'S COUNSEL ................................................................................................ 14 G. PAYING AGENT...................................................................................................................... 14 H. OTHER SERVICE PROVIDERS ............................................................................................. 14 VI. DEBT ISSUANCE PROCESS ............................................................................................... 14 A. BOND AND NOTE SALES ...................................................................................................... 14 B. INVESTMENT OF BOND AND NOTE PROCEEDS ................................................................ 15 C. USE OF BOND AND NOTE PROCEEDS................................................................................ 15 2