Agenda

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County Administrator's Report 10. 8.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/10/2019
Issue: Supplemental Budget Amendment #038 - Series 2018 Capital Refunding Revenue Bonds
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #038 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget Amendment #038, Debt Service Fund (203), in the amount of $46,863,883, to recognize proceeds from the issuance of the Series 2018 Capital Refunding Revenue Bonds, and to appropriate these funds to be used to redeem three current bond issues; the Series 2011 Capital Improvement Bonds, Series 2013 Capital Improvement Bonds, and Series 2011 Sales Tax Bonds. This was necessary due to the recent Federal Tax Law changes that increased the interest rates associated with these bond issues. This new bond issue will save the County approximately $1.9M through the final maturity of the bond.

BACKGROUND:

Escambia County has issued the Series 2018 Capital Refunding Revenue Bonds with funding provided by RBC Capital Markets.
These funds will be used to pay off three older bonds: The Series 2011 Capital Improvement Bonds, Series 2013 Capital Improvement Bonds, and Series 2011 Sales Tax Bonds. The Bond refunding issue should save the County approximately $1.9M thru the maturity of the bond. This represents about $200,000 a year through 2028 (when two of the old loans matured) and about $145,000 a year through the final maturity of 2031.

BUDGETARY IMPACT:

This amendment will increase Fund 203 by $46,863,883.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

n/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policy requires increases and decreases in revenue to be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Series 2018 Bond Backup
SBA#038