HomeMy WebLinkAboutItem C18 C18
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE Mayor James K.Scholl,District 3
The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2
Craig Cates,District 1
David Rice,District 4
Holly Merrill Raschein,District 5
Board of County Commissioners Meeting
January 15, 2025
Agenda Item Number: C 18
2023-3516
BULK ITEM: Yes DEPARTMENT: Budget and Finance
TIME APPROXIMATE: STAFF CONTACT: John Quinn
N/A
AGENDA ITEM WORDING: Approval to establish a new Capital Projects fund, Fund 318
"Infrastructure Sales Surtax Revenue Bonds, Series 2025".
ITEM BACKGROUND:
In February 2025, the County is scheduled to issue a series of Infrastructure Sales Surtax Revenue
Bonds to fund various capital projects including the Sugarloaf Fire Station, Rockland Key Fleet Garage
Facility, Monroe County Sheriffs Office Generator Building, Conch Key Road Elevation, Twin Lakes
Road Elevation, Sands Subdivision Road Elevation, and Sugarloaf Boulevard Bridge Replacement.
This item requests approval to establish a new dedicated capital projects fund for the Infrastructure
Sales Surtax Revenue Bonds, Series 2025. The new fund will allow for the receipt and expenditure of
the bond proceeds on capital improvement projects.
PREVIOUS RELEVANT BOCC ACTION:
On December 11, 2024, the BOCC approved Item C23 amending and supplementing resolution NO.
077-2003 adopted by the Board on February 19, 2003: as amended and supplemented, authorizing the
acquisition, construction and equipping of various capital improvements within the county; authorizing
the issuance of not to exceed $60,000,000.00 in aggregate principal amount of Monroe County, Florida
Infrastructure Sales Surtax Revenue Bonds, Series 2025, in order to finance costs of such capital
improvements; making certain covenants and agreements in connection with the issuance of such series
2025 bonds; authorizing the awarding of said series 2025 bonds pursuant to a public bid; delegating
certain authority to the county administrator for the award of the series 2025 bonds and the approval of
the terms and details of said series 2025 bonds; authorizing the publication of an official notice of sale
for the bonds or a summary thereof, appointing the paying agent and registrar for said series 2025
bonds; authorizing the distribution of a preliminary official statement and the execution and delivery of
an official statement with respect thereto; establishing a book-entry system of registration for the series
2025 bonds; authorizing the execution and delivery of a continuing disclosure certificate;providing
certain amendments to resolution NO. 077-2003; and providing effective date.
573
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
FINANCIAL IMPACT:
N/A
574