PLACEMENT: Departmental
TITLE:
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APPROVAL OF RESOLUTIONS TO ACCEPT, AS TO FORM, THE PRELIMINARY OFFICIAL STATEMENT AND ASSOCIATED DOCUMENTS AND APPROVAL FOR A CAPITAL IMPROVEMENT 2019 BOND ISSUE PLEDGING STATE SHARED HALF-CENT SALES TAX
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EXECUTIVE SUMMARY:
executive summary
On February 12, 2019 the Board of County Commissioners (Board) authorized staff to proceed with obtaining financing for various capital projects which totaled roughly $45 million. The most cost-effective approach is through the issuance of a bond. The debt service for most of the projects had been previously approved in Martin County's (County) FY19 adopted budget.
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DEPARTMENT: Administration
PREPARED BY: Name: Taryn G. Kryzda
Title: County Administrator
REQUESTED BY:
PRESET: 11:30 AM
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
At the February 12, 2019 Board meeting, approval was given for staff to proceed with numerous capital projects: Replacement of Fire Station 14 on Hutchinson Island, Replacement of Fire Station 33 in Ridgeway, Renovation of Fire Station 36 on County-Line Road, Renovation of Fire Station 18 on Britt Road, Building a Public Safety Training, Burn, and Tower Facility, Relocation of Public Works & General Services Facilities, Golf Course Clubhouse & Course Modifications, Facility for K-9s, Generators, Jail Pod Renovation and a Warehouse for the Sheriff. The only way that the projects could proceed was to secure financing for them, which the Board approved moving forward with.
The County determined the most cost-effective financing would be to issue a Capital Improvement Revenue Bond pledging the State Shared Half-Cent Sales Tax. When issuing a bond for debt service, a dedicated revenue source is to be identified. The main reason for this is to demonstrate that the revenue source identified is sufficient to cover the debt service for the life of the loan, similar to when you finance your home, and the banks require the buyer to...
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