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Resolution Amending Resolution No. 2026-53, Adopted on March 10, 2026, Authorizing Issuance of Non-Ad Valorem Revenue Bonds, Series 2026, to Finance and Reimburse Costs of Various Capital Improvements Within County and to Pay Costs of Issuing Bonds
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BRIEF OVERVIEW
On March 10, 2026, the Hernando Board of County Commissioners adopted Resolution No. 2026-53 authorizing the issuance of Not to Exceed $100,000,000 in Bonds to finance costs of various capital improvements. The County is also working to finance its annual fleet replacements as well as a Septic to Sewer MSBU project. Typically, these would be funded with a 10-year Note.
Due to the timing of these two financing needs for the County, and per Debt Management Policy 41-01, the County Department, County Administration, Budget Director, the Clerk of Court's Financial Services Department, and the County's Financial Advisor have determined that the best instrument for these borrowings is to combine them all as the 30-year Non-Ad Valorem Revenue Bonds, Series 2026. The combining of these does not change the amortization period for any of the financed items within the issuance. Including these additional projects will raise the Bond’s Not to Exceed amount to $112,500,000 by adoption of the attached resolution.
FINANCIAL IMPACT
All fees and costs associated with the resulting bond transaction will be paid from the proceeds of the bonds. Future years’ debt service payments will be budgeted for using legally available Non-Ad Valorem Revenues.
LEGAL NOTE
The Board is authorized to take this action pursuant to § 125.013, Fl. Stat.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Amendatory Resolution.