www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - March 22, 2016
March 22, 2016 - Regular Meeting
Agenda Item #38


Subject
Manatee County Revenue Improvement Bonds, Series 2016

Briefings
None

Contact and/or Presenter Information
Jan Brewer, Director, Financial Management Department , ext.3726.

Action Requested
Adoption of  Resolution R-16-042 authorizing the issuance of  Manatee County Revenue Improvement Bonds, Series 2016, not to exceed $36,000,000.

Enabling/Regulating Authority
N/A

Background Discussion

The Capital Improvement Program for FY16-20 anticipates issuance of debt to finance a portion of the General Government projects.

A work session with the Board was held on October 13, 2015, to identify the projects in need of debt issuance. The recommendation by staff was to issue debt to provide funds for eight General Government projects adopted within the FY16-20 Capital Improvement Plan and one completed project for reimbursement of advanced funding, as indicated  in Attachment A.

At the Board meeting on November 3, 2015, the Board approved the authorization of our Financial Advisor and staff to determine the most cost effective financing option for the transaction. It was determined that due to the short amortization of the debt and other market factors, the most cost effective alternative was a direct placement to a bank.

At the Board meeting on March 8, 2016, the Board approved acceptance of the proposal for a term loan by Bank of America N.A. in an amount not to exceed $36,000,000. The proposed financing was recommended for approval due to the rate offered, which was set at 1.57% with final rate to be set within two business days before closing.

Current recommendation by staff is approval of the attached resolution which provides for the following:

  • Authorize the issuance of  Manatee County, Florida, Revenue Improvement Bonds, Series 2016, in an amount not to exceed $36,000,000.
  • Based on a request for proposals, award the sale of the 2016 Bonds to Banc of America Preferred Funding Corporation (the Bond purchaser - the Bond purchaser who has been recommended by MBS Capital, the County's Financial Advisor, as providing the best overall proposal.) The interest rate will be a fixed rate for 9.5 years.
  • Approve the form of  Bond Purchase Agreement with the Bond Purchaser. 

To finalize the Authorization for the financing of the bonds, Bond Counsel for Manatee County,  Stephen D. Sanford of Greenberg Taurig, P.A., has prepared for review of the Bond Resolution (R-16-042) and certain other documents for approval, along with approval of the underwriting documents prepared by counsel to the underwriters. The Resolution also authorizes subsequent execution of closing bond documents and provides for certain other details related to issuance of bonds. In addition, parameters are established in the Resolution that would rescind authorization to issue bonds if market changes affect the financial feasibility of the transaction.

Due to extensive review from numerous parties, updated versions  of these documents may be provided to the Commission prior to the meeting, but the basic terms and conditions will not change.



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other
Documents prepared by Bond Counsel and reviewed by William Clague.

Reviewing Attorney
Clague

Instructions to Board Records

One certified copy of R-16-042 to County Attorney for delivery to Stephen D. Sanford

Copies of approved agenda item to:
Jan Brewer, Financial Management Director, jan.brewer@mymanatee.org 
William Clague, County Attorney's Office, william.clague@mymanatee.org
Debbie Underwood, Financial Management Department, debbie.underwood@mymanatee.org



Cost and Funds Source Account Number and Name
N/A

Amount and Frequency of Recurring Costs
N/A


Attachment:  R-15-058 Reimbursement Resolution Building Renovations.pdf
Attachment:  R-15-098 Reimbursement Resolution P25 Project.pdf
Attachment:  R-14-020 Reimbursement Resolution Capital Projects.pdf
Attachment:  #383703687v5_WPB_ - Bond Resolution - Manatee County 2016.pdf
Attachment:  #383703769v5_WPB_ - BOND PURCHASE AGREEMENT - Manatee County 2016.pdf
Attachment:  #383703771v5_WPB_ - Loan Agreement - Manatee County - 2016.pdf
Attachment:  Attachment A Gen Govmnt Debt.pdf