Agenda Item Name:
Title
Tourist Development Tax Revenue Bonds, Series 2021A and 2021B
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Presenter:
Todd Hutchison
Description:
Resolution 2021-99 authorizing issuance of Tourist Development Tax Revenue Bonds, Series 2021A and 2021B
Recommended Action:
Recommended Action
Adopt the attached resolution # 2021-99, including any revisions approved by Bond Counsel or the County Attorney and authorize the Chair and Clerk to sign all closing documents. Also, approve the attached budget amendment to recognize the three TDT pennies revenue in the debt service fund as well as debt service reserves.
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Prior Board Motions:
On April 13, 2021, the BOCC adopted Resolution 2021-29 authorizing the issuance of tax-exempt debt not to exceed $30,000,000 and Resolution 2021-28 authorizing reimbursement of various costs related to capital costs associated with capital improvements within the County. At the same meeting the BOCC also authorized Bond Counsel to initiate the bond validation process. On July 13, 2021, the BOCC adopted Resolution 2021-86 approving the Sports Center Development Agreement, Operations & Maintenance Agreement, and Donation of Property to the County. Also, on July 13th the BOCC approved a $30 million interfund loan from the General Fund to be paid back from draws of the previously approved $30 million tax exempt debt financing.
Fiscal Consideration:
Fiscal Consideration
Approve $30 million in tax exempt financing in accordance with terms submitted by SunTrust now Truist through STI Institutional & Government Inc.
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Background:
The County engaged PFM Financial Advisors to serve as the County's FA for the proposed issuance of the Tourist Development Tax Revenue Bonds, Series 2021A and 2021B to finance the Alachua County Sports Center Complex. Based on the desire to receive proposals based on multiple repayment terms (15, 20, 25 & 30 years), PFM recommended the County pursue a privately placed direct bank loan, which in today'...
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