Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy The basis for the sound administration of a debt program incorporates an integral policy that establishes boundaries to manage outstanding debt or issuance of new debt with fiscal and financial discipline. It is important to maintain and adhere to a long-term financial plan and the established policy to protect the credit quality and the financial position of the County. I. DEBT RESPONSIBILITIES A. POLICY This Policy provides general guidance to Sarasota County Administration (County Administration), Office of the County Attorney (OCA) and the Clerk of the Circuit Court and County Comptroller (Clerk and Comptroller) in the capacity as Comptroller, with respect to the desires of the Sarasota County Board of County Commissioners (Board), for the issuance and management of all debt issued by Sarasota County, Florida (the County). However, nothing in this Policy shall be viewed as limiting the lawful authority of the Board to pursue the issuance of debt through all lawful means even in circumstances that may deviate from the general guidance of this Policy. All references herein to the term Debt Management Team shall refer to the professional staff from the County Administration, the OCA, and the Clerk and Comptroller assigned to assist in the management of the County's debt and that apply their individual professional judgment within their own areas of expertise but do not legally operate as a collective body. Under the guidance of federal and state laws, the County's Charter, Ordinances and Resolutions, the County may periodically enter into debt obligations to finance the construction or acquisition of infrastructure, buildings and other assets or to refinance existing debt and unfunded liabilities for the purpose of meeting its governmental obligations to its citizens. All debt will be issued and administered to obtain the best long- term financial advantage to the County while making every effort to maintain and improve the County's bond ratings and reputation within the investment community. It is the policy of the County to comply with all applicable federal tax rules related to its tax-exempt or tax advantaged debt issuances. References to "tax-exempt" debt herein, include any federally tax advantaged debt subject to Section 103 of the Internal Revenue Code, or other related provisions, including, without limitation tax credit bonds and "direct pay" tax credit debt. B. AUTHORITY Debt of Sarasota County is subject to the Internal Revenue Code, Florida Statutes, the County Charter, County Ordinances, and County Resolutions which outline legal borrowing authority, restrictions, limits and compliance requirements. While the Florida Constitution and Statutes authorize the issuance of bonds by counties, these debt policies are established to provide supplemental guidance consistent with the existing statutory authority. 4