SARASOTA COUNTY INDUSTRIAL DEVELOPMENT REVENUE BONDS AND RECOVERY ZONE FACILITY BONDS Sarasota County is authorized by the provisions of Chapter 159, Part II, Florida Statutes (the “Act”) to provide and execute financing agreements, contracts, deeds and other instruments to finance the acquisition, construction and equipping of projects that may be able to promote the industrial economy of the County and the State of Florida by issuing revenue bonds. Industrial development revenue bonds do not constitute a lien upon any property owned by or situated within the County except for the specific project property. Section 1401 of Title I of Division B of the American Recovery Reinvestment Act of 2009 (ARRA) added Sections 1400‑1 through 1400U‑3 to the Internal Revenue Code (the “Code”), authorizing state and local governments to issue Recovery Zone bonds through December 31, 2010 which provide tax incentives to state and local governments by lowering borrowing costs as a means to promote job creations and economic recovery to targeted areas particularly affected by employment declines. Sarasota County was designated a Recovery Zone on July 21, 2009 by Ordinance No. 2009‑040. Recovery Zone Facility bonds are private activity bonds that may be used to finance certain property located with a designated Recovery Zone. Sarasota County is not obligated to pay these bonds, interest, or any related issuance expenses. The following Industrial Development Revenue Bond issues were outstanding as of September 30, 2023: Planned Parenthood $7,690,000 issued 07/24/07 Maturity date: 10/01/41 Sarasota Military Academy $5,565,000 issued 07/18/12 Maturity date: 07/01/37 $8,554,540 issued 03/25/16 Maturity date: 04/15/36 Out‑Of‑Door Academy $23,750,000 issued 07/19/18 Maturity date: 07/01/33 SarasotaClerk.com 45 2023 INDEBTEDNESS
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