www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - September 24, 2013
REVISED September 24, 2013 - Regular Meeting
Agenda Item #28


Subject
Refunding of General Obligation Bonds

Briefings
Briefing Provided Upon Request

Contact and/or Presenter Information
Jim Seuffert, Director, Financial Management Department, x3730

Action Requested

Authorize staff to proceed with refunding of County General Obligation Bonds, subject to realization of 3 percent savings threshold.



Enabling/Regulating Authority

N/A



Background Discussion
  • In the County Debt Report presented on August 20, 2013, the county's outstanding General Obligation Bonds were identified as being eligible for refunding as of October 1, 2013.
  • The General Obligation Bonds were authorized by voters in 1988 in order to fund acquisition of properties in the Lake Manatee Watershed that were owned by phosphate mining companies.
  • The refunding would most likely be accomplished by seeking bids on interest rates from banks, and the bond would be placed with the bank offering the lowest rates.
  • In order to proceed with the refunding, net present value savings of three percent would have to be realized.


County Attorney Review
Other (Requires explanation in field below)

Explanation of Other

Not required at this time, however County Attorney Office will review before final action is taken.



Reviewing Attorney
N/A

Instructions to Board Records

Copy of approved agenda item to jim.seuffert@mymanatee.org, candice.cruz@mymanatee.org.

 



Cost and Funds Source Account Number and Name
N/A

Amount and Frequency of Recurring Costs
N/A