|Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - March 6, 2018|
Agenda Item #39
Transportation Revenue Improvement Note Series 2016 - Extension
Contact and/or Presenter Information
Jan Brewer, Director , Financial Management Department, ext.3726
Motion to Approve a one year maturity extension to March 28, 2019 on the Transportation Revenue Improvement Note, Series 2016 by Bank of America, N.A, which was issued on April 12, 2016 for the 44th Avenue Transportation Project. Also, authorizes the execution of the summary of terms and conditions included in the agenda, as per the recommendation of Public Resources Advisory Group (PRAG), the County's Financial Advisor.
The Capital Improvement Program for FY19-23 is anticipating an increase funding requirement in order to finance additional phases of 44th Avenue Transportation Project.
The Line of Credit as established in the original approved Loan document is to expire on March 28, 2018, and be replaced with a new bond issuance. However, the Construction phase of the 44th Avenue Project has been extended to fiscal year 2019 due to land acquisition delays. As a result, it is the recommendation of the County Administration to do the following:
On April 12, 2016, the Board of County Commissioners approved in open session the Issuance of the Transportation Revenue Improvement Note, Series 2016 not to exceed $36,000,000 for a term of one year, with the intention, at the end of the term, to replace it with a New Bond Issuance that will cover the construction phase of 44th Avenue Transportation Project towards completion.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
Loan Documents will be prepared by Bond Counsel and reviewed by William Clague, Assistant County Attorney
Instructions to Board Records
Copies of approved agenda item to:
Jan Brewer, Financial Management Director, email@example.com
William Clague, County Attorney's Office. William.firstname.lastname@example.org
Sheila Ballesteros, Interim Budget Division Manager. Sheila.email@example.com
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: R-16-054 _Note Resolution - Transportation Revenue Improvement Notes, Series 2016.pdf