SUBJECT
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Consider adoption of a Resolution authorizing the issuance of Public Facilities Revenue Refunding Bonds to refinance outstanding debt for annual interest savings.
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DESCRIPTION
On April 1, 2014, the Board adopted Resolution 14-022 which authorized the issuance of Public Facilities Revenue Refunding Bonds, Series 2014. Tax-exempt interest rates have now declined; making a refunding of these bonds economical to the County. The Resolution presented for consideration is to authorize the issuance of Public Facilities Revenue refunding Bonds, Series 2025, in an aggregate principal amount not to exceed $50,000,000 to refund all or a portion of the outstanding Series 2014 Bonds and pay the costs associated with the issuance of these bonds.
RECOMMENDATION
Adopt Resolution authorizing the issuance of Public Facilities Revenue Refunding Bonds, Series 2025, at lower interest rates.
FISCAL IMPACT
The bonds being refunded will not be extended, so the fiscal impact to the County will be a reduction in annual interest expense associated with the Public Facilities Revenue Bonds, Series 2014.
CONTACT INFORMATION
Tanra-Lee Milson, Senior Accounting Manager
Comptroller Division
863-534-6598