Title:
title
Approve and authorize the Chairman to execute a Resolution implementing the Budget Amendment Request (BAR) #25-050 in the Water & Sewer Refunding Bond, Series 2025A Fund to appropriate funding in the amount of $668,114.30 for the Bond Issuance Costs and Underwriter’s Discount. Countywide (Timothy Jecks, Management & Budget Director) - Requesting Department - Resource Management
end
Division:
division
Management and Budget
body
Authorized By:
Timothy Jecks, Management & Budget Director
Contact/Phone Number:
Wendy Aviles/407-665-7182
Background:
On June 10, 2025, the Board approved a Resolution authorizing the issuance of the Water & Sewer Revenue Refunding Bond, Series 2025A. The bond was issued to refund the Water & Sewer Revenue Bond, Series 2010A and the Water & Sewer Revenue Refunding Bond, Series 2015A.
Preclosing (signing of all official documents) for the Series 2025A Bonds was held on July 23, 2025. The final closing and disbursement of funds for the Series 2025A Bonds was held on July 24, 2025. Bond proceeds include a par amount of $96,055,000 and premium of $10,515,921.30 for a total of $106,570,921.30.
Other Sources of Funds include Accrued Principal and Interest of $9,395,000 and the release of debt service reserve funds totaling $14,008,275, which was transferred from the reserve fund to the Paying Agent/Escrow Agent.
The Underwriters discount totaling $253,526.26 and a Good Faith Deposit of $971,550 was withheld from the amount transferred to the Paying Agent/Escrow Agent (the County will retain $414,588.04 to cover Costs of Issuance, representing the remaining balance of the Good Faith Deposit after the transfer of $556,961.96 to the Paying Agent/Escrow Agent).
The net amount transferred to the Paying Agent/Escrow Agent from the Underwriters discount is 105,345,845.04 to be held in Escrow until the 2025A Bond series become callable on October 21, 2025.
The Net Present Value Savings is $5,713,495.44.
Staff is requesting authorization of the attached Budget Amendment Request (BAR) #25-050 to recognize the Water and Sewer Revenues Refunding Bond, Series 2025A transaction. The BAR reflects the Costs of Issuance totaling $414,588.04 and the Underwriters Discount.
The remaining transaction will be recorded on the balance sheet in accordance with Governmental Accounting and Financial Reporting for Enterprise Fund Refunding of Bonds.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Resolution implementing the Budget Amendment Request (BAR) #25-050 in the Water & Sewer Refunding Bond, Series 2025A Fund to appropriate funding in the amount of $668,114.30 for the Bond Issuance Costs and Underwriter’s Discount.