Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - March 6, 2018
REVISED March 6, 2018 - Regular Meeting
Agenda Item #39

Transportation Revenue Improvement Note Series 2016 - Extension


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

Action Requested
  • 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; and
  • Authorize the preparation of documents with 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, and authorize County’s professional staff to bring back all necessary documentation for Board approval.

Enabling/Regulating Authority

Background Discussion

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:

  • Request an extension for an additional year through March 28, 2019.  

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

Reviewing Attorney

Instructions to Board Records

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

Sheila Ballesteros, Interim Budget Division Manager. Sheila.ballesteros@mymanatee.org

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
Attachment:  Manatee County Series 2016 Revenue Improvment Note Renewal - Summary of Terms and Conditions.pdf