www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - November 3, 2015
November 3, 2015 - Regular Meeting
Agenda Item #25


Subject
General Government and Transportation Debt - Financial Advisor & Financing Team

Briefings
None

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

Action Requested
Authorize Financial Advisor to begin negotiations with a potential financing team to accomplish debt issuances for General Government and Transportation capital projects.   

Enabling/Regulating Authority
F.S. 125

Background Discussion

The Capital Improvement Program for FY16-20 anticipates issuance of debt to finance a portion of the General Government and Transportation projects.  Based on current low interest rates, staff believes it is prudent to proceed with debt issuances.  Staff, attorneys, the Clerk's Office, and our Financial Advisor are working on a plan for the debt issuances. 

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. In addition, a Line of Credit is recommended for seven Transportation projects. As explained during the work session, the Transportation Line of Credit would be in existence until construction begins and the Line of Credit would be replaced by a long term bond issuance. By using the Line of Credit, the County will take advantage of paying minimal interest during the design stages of the projects.

It is recommended that Ed Bulleit of MBS Capital, Financial Advisor for the Port and for the County, with support from County staff and legal counsel, be authorized to negotiate with the proposed financing team to accomplish the issuances or negotiate with banking institutions, whichever is evaluated to provide the best financing option.  It is also recommended that the Financial Advisor, with support from County staff, determine the proposed financing team during the preliminary debt issuance process.

As details are developed, the best financial option will be presented to the County Commission for approval.  The Financial Advisor, the Clerk of the Circuit Court, and County staff recommend the debt issuances be completed as soon as possible to take advantage of the current market.  All documents will be reviewed and approved by Bond Counsel and the County Attorney prior to issuance of debt.



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other
The County’s bond counsel, Steve Sanford of Greenberg Traurig, P.A., and Assistant County Attorney William Clague have been consulted regarding this matter.

Reviewing Attorney
Clague

Instructions to Board Records

Executed copies to:  Debbie.underwood@mymanatee.org; budget@mymanatee.org



Cost and Funds Source Account Number and Name
N/A

Amount and Frequency of Recurring Costs
N/A


Attachment:  Attachment A from Debt Worksession.pdf