TITLE
title
Resolution Supplementing Resolution No. 2013-74, Adopted May 14, 2013, Authorizing Issuance of Water and Sewer Revenue Bonds, Series 2026, to Finance and Reimburse Costs of Various Capital Improvements to County Water and Sewer Utility System and to Pay Costs of Issuing Bonds
body
BRIEF OVERVIEW
Hernando County Utilities Department has several infrastructure and capital projects planned in the near future to meet current demand and future growth. Approval of the Series 2026 Bond Resolution will allow HCUD to issue debt to acquire the funds needed for these projects. The current estimated costs for the projects to be funded with this bond issuance are attached.
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 the 30-year Water and Sewer Revenue Bonds, Series 2026.
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 Water and Sewer Revenues.
LEGAL NOTE
The Board is authorized to take this action pursuant to § 125.013, F.S.
recommendation
RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Bond Resolution and associated documents which authorize the issuance of the Water and Sewer Revenue Bonds, Series 2026 to finance and reimburse costs of various capital improvements within the County and to pay the costs of issuing the Bonds.