Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 10, 2015
February 10, 2015 - Regular Meeting
Agenda Item #14

Utilities Capital Expenditure Reimbursement Resolution


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

Action Requested
Adoption of Resolution R-15-023 expressing the County's intent to issue debt obligations to finance all or a portion of certain Public Utilities System projects and refund certain existing debt with future bond proceeds for approximately $80,000,000.

Enabling/Regulating Authority
Internal Revenue Code of 1986, Section 1.150-2(e) of the Regulations

Background Discussion

On October 21, 2014 the Board of County Commissioners authorized negotiations with an underwriting team to provide financing for Utility System capital projects and possible refinancing of certain portions of Manatee County bonded utility debt.   That underwriting team along with the Clerk of the Court, the County Attorney's Office, the Financial Management Department, the Utilities Department and the County's Financial Advisor have been preparing for the issuance of bonds for this purpose which we expect to happen within the next two to three months.

Resolution R-15-023 establishes the County's intent to reimburse certain capital expenditures with proceeds from tax exempt financing.  The Internal Revenue Code of 1986 and applicable "Regulations" require that governments issuing tax exempt debt formally express their intent to reimburse expenditures which occur prior to the closing of the financing, up to 60 days prior to the effective date of the reimbursement resolution. 

The resolution includes the intent to reimburse certain past and future capital expenditures for capital projects relating to the Public Utilities System.

All projects listed are included in the Adopted FY15-19 CIP budget.

The maximum principal amount of the Bonds is approximately $80,000,000.  The future Bonds will be secured by net revenues of the Manatee County Public Utility System.

County Attorney Review
Other (Requires explanation in field below)

Explanation of Other
Deputy County Attorney William Clague has reviewed Resolution R-15-023 and has indicated via email on January 30, 2015, that there are no apparent issues. 

Reviewing Attorney

Instructions to Board Records

Send executed copies of R-15-023 to:

Cassidy.rickrode@mymanatee.org, Debbie.underwood@mymanatee.org


Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  R-15-023 Reimbursement Resolution Utilities Capital Projects.pdf