DEBT Local government bonded debt is usually divided into three diferent types: general obligation bonds, non-self-supporting revenue bonds, and self-supporting revenue bonds. • General obligation bonds are issued by a governmental entity and pledge the full faith and credit of the County as a method of repayment of the outstanding bonds. The full faith and credit is a pledge of the general taxing powers for the payment of the debt obligation. • Non-self-supporting revenue bonds pledge a specifc revenue source as a method of repayment of the outstanding bonds. This type of bond is a special obligation of the County, and does not constitute a general obligation of the County. • Self-supporting revenue bonds are supported by user revenues generated from operations. In Sarasota County, revenue of the Solid Waste, Stormwater and Utility Systems have been pledged as a method of repayment of outstanding bonds. Additionally, Sarasota County participates in the Florida Local Government Finance Commission’s Pooled Commercial Paper Program, which was established to allow short-term borrowing for less than fve years, using short-term variable interest rates made to participating counties, cities, school boards and special districts in the State of Florida. Sarasota County in recent years has issued Bank Term Loans, which ofered lower interest rates. Bank Term Loans, included in Notes Payable in the chart below, have been used to issue new debt and to refund existing debt. Most bond issues are assigned a rating by a rating agency, such as Moody’s Investment Services, Inc., Standard & Poor’s Ratings Services and/or Fitch IBCA, Inc. Sarasota County has an implied AAA General Obligation Bond rating. The rating is an extremely important factor in determining an issue’s marketability and the interest rate a local government will pay. Ratings are relied upon by investors in making investment decisions and by underwriters in determining whether to underwrite a particular issue. More detailed information about Sarasota County’s debt can be found on the Clerk and Comptroller’s website, SarasotaClerk.com. All of Sarasota County’s bonds and associated ratings can also be found on dacbond.com. Sarasota County’s total debt increased by $58.8 million, or 9.1 percent during the current fscal year. OUTSTANDING DEBT as of September 30 (In thousands) Governmental Activities Business-Type Activities Total 2021 2020 2021 2020 2021 2020 General Obligations $ 61,030 $ 63,512 $ - $ - $ 61,030 $ 63,512 Commercial Paper 42,288 33,649 - 9,000 42,288 42,649 Notes Payable 93,223 107,089 87,045 70,236 180,268 177,325 Non-Self-Supporting Revenue Bonds 182,793 203,710 - - 182,793 203,710 Self-Supporting Revenue Bonds - - 240,474 160,833 240,474 160,833 TOTAL $ 379,334 $ 407,960 $ 327,519 $ 240,069 $ 706,853 $ 648,029 20 Impact Report 2021
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